As your REALTOR®, it’s my responsibility to guide you through every aspect of buying or selling a home with full transparency, and thorough explanations. Let me explain a few terms that, despite being important to a transaction, may be unknown or misunderstood by home buyers and sellers. Comparative Market Analysis (CMA) This is a detailed report that a REALTOR® creates to help sellers price their homes accurately, and gives buyers insights to make competitive offers. Factors such as location, age, size, construction, style, condition, and the current local real estate market are carefully considered for accurate results. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) FINTRAC's purpose is to combat money laundering and terrorist financing. To comply with FINTRAC legislation, REALTORS® must complete a Client Identification form for all financial transactions, regardless of the amount. Chattel Chattel refers to movable property that is not fixed to the land or building, making it personal property that can be easily relocated. For example, chattel includes things like furniture, appliances, and window coverings. Alternatively, anything in the home that is attached and cannot be removed is considered a fixture. Property Condition Disclosure Statement (PCDS) This is a disclosure document that home sellers provide to home buyers. It forms part of the purchase agreement, giving buyers important information about the property's condition and any potential issues. Sellers are obligated to disclose key details and any defects, so buyers can make an informed decision. Conditional Offer In a conditional offer, the buyer and seller agree that the sale of a house will only happen if specific conditions are met. If the conditions are fulfilled within the agreed timeframe, the transaction goes through. If the conditions are not met, the offer becomes invalid, and the buyer retains the deposit without penalty. Common conditions include mortgage financing, a home inspection, and addressing fixtures and chattels. Mortgage Loan Insurance Mortgage loan insurance is required for home buyers who put down less than a 20% down payment. This insurance protects lenders from default, allowing buyers to purchase a home with a smaller upfront cost. Lenders cover the premium, which is then passed on to the buyer, usually as an addition to their monthly mortgage payment. If you have questions about real estate, or there's a term you'd like explained, I'd love to hear from you. Home Seller Resources Home Buyer Resources | 
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