NEW & VIEWS
VIEWS FROM TOM
Joining Tradewinds Realty Inc.
Tradewinds has global visibility unmatched by any other real estate company in Nova Scotia. That immediately enhances a property owner's potential for a sale, due directly to the fact that more people, in more locations around the world, are viewing the offerings available from Tradewinds. Not only is there the award winning website at www.seanovascotia.com but there is also world class access to European markets through Mayfair in London, and of course this website, CapeBretonEstates.com.
It is a fact that innovative marketing leads inevitably to greater market penetration, which is the single biggest reason for a client's using a real estate company. A sale or purchase, completed with a minimum of complications or surprises, in as short a time as possible, is the reason that successful real estate companies exist. While active and professional marketing is certainly the most obvious value sought after by a client, I believe that an ethical and thorough approach to the specifics of any property being traded is every bit as important. That is to say that whatever problems arise in completing a transaction, an honest and professional ability to work through those sticky points is mandatory.
The geographic coverage of the province by Tradewinds is also second to none in Nova Scotia. It is therefore my pleasure to be able to refer buyers or sellers to my professional colleagues throughout the province, when the occasion arises.
I have joined a company - Tradewinds - that not only has the awards to decorate their success, but also the key management and business history to prove it. I am very pleased to have made this assocation and couldn't be better equipped to assist both buyers and sellers
NEWS FOR BUYERS
A Message for Buyers about Real Estate Terms & Conditions
Every profession appears to have its own language, it's an 'in' thing, as well as being convenient short hand for practitioners. The problem is that frequently the language is not very clear to the public who are trying to deal with the products or services being marketed.
Real Estate is no different. While one person believes 'offering for sale' suggests (from experience in other areas) a property that is for sale - and decides that he wants the property - he is not then putting a "bid" - against that offer - but in real estate he is actually putting in an "Offer". Inconsistent - would be the reaction of anyone used to dealing in investment instruments, or on the floor of an exchange. There, one would put in a "bid" when trying to negotiate a purchase of a stock, bond or other investment instrument. An "offer" to an investment dealer is strictly a proposal to sell something - not to buy it.
So let's take a more important point. Consider the terms "Under Offer" or "Offer Pending" or "Conditional Offer"- such as are added on to some of our properties listed on this web site. One could easily misconstrue that term to mean that a deal has been struck and no further "offers" would be considered by the vendor of the property. While this may be true if the various criteria of the Agreement for Purchase and Sale are all met, that is - the dates for completion of inspections, the insurance coverage, etc. are all successful - - but it doesn't necessarily mean the property will close as scheduled or - at all. A lot of things could come unstuck. The bank may balk on the level of the mortgage take down, the interest rates could take a jump, or any one of a dozen different variables could derail the completion.
Thus - if a buyer really wants a property, and there is an "Under Offer" designation on the MLS or other web site - it is frequently wise to put in a "Back-Up" offer. Whether one decides to increase the amount to or above the list price; or perhaps increase the deposit to a larger sum than 'normal'; reduce the time frame for completion, or all of the above - if anything shakes the original "Offer", a back-up offer could easily take over, and possibly win the day. Failure to understand the language of Real Estate could cause the loss of an attractive and desirable property that might have been a realistic and sensible purchase.
NEWS FOR SELLERS
New Land Registration Requirements as of March 1, 2005
As of March 1, anyone selling their property (and in some cases, this applies to property transfers as well) in Cape Breton must "migrate" the property first. Conversion (formerly known as "Migration") is an expanded land registration process that provides government guarantee for the validity of a deed.
When you decide to convert your property's title documents - usually a move that is wise the moment you decide that you wish to sell it - keep in mind that attorneys do NOT all charge the same fees.
A recent article in the Oran discusses the pricing practices of legal firms handling the new conversion process. Apparently, some attorneys claim that the "conversion" process HAS to be expensive. Do not be mislead by these claims.
There is no mandate for attorneys to recover their full cost of "education" in the conversion process immediately on the first one or two conversions they perform. We have seen prices that range from under $700 to over $1500 on the island, so there is a great deal of variance.
Keep in mind that legal fees for conversion on the mainland, where conversion requirements were put into place in 2003, have dropped precipitously. A conversion on the mainland can be done for as little as $300. Legal practitioners there have learned that many conversions do not involve a great deal of complexity.
For more information on Conversion (formerly known as "Migration"):
"Migration of Property" Article- Good general article on topic on Trade Winds Real Estate site.
- Migration Issues
- An earlier article written by attorneys on Migration Issues.
- Registry 2000 (migration) System
- Provincial government site explanation of the Registry 2000 (migration) system.
NOTICE
Please feel free to use the toll free number to contact Tom instead of email:
1-866-325-1001
NEW LISTING ALERT
Want to know when we add a new property to the site? SEND US your email address (name optional) and we'll add it to our notification list. Or, periodically check here on this page for new property additions and news about the Cape Breton real estate market.
