Looking to Buy?
Buying in St. Albert and Edmonton: common questions
How much do I need for a down payment?
The minimum depends on the purchase price and whether the home is owner-occupied, and the rules change from time to time. Speak with a mortgage broker or your lender before you start looking so you know your actual number rather than a rule of thumb. I can recommend people locally if you need a starting point.
What is the difference between pre-qualification and pre-approval?
A pre-qualification is an estimate based on information you provide. A pre-approval means a lender has reviewed your documents and committed, usually with a rate hold. Sellers take pre-approved buyers more seriously, and it tells you what you can actually offer.
Who pays the REALTOR when I buy?
Compensation arrangements are set out in writing before we work together, and I will walk you through exactly how it works in your situation before you sign anything. Nothing about it should be a surprise later.
What happens after my offer is accepted?
You move into the condition period: financing, home inspection, and condominium document review if it applies. Once conditions are removed the sale is firm, your lawyer handles the closing, and you take possession on the agreed date.
How long does the buying process take?
The search varies enormously depending on how specific your requirements are. Once an offer is accepted, condition periods are typically short and possession is negotiated between the parties, often several weeks out.
Should I buy before I sell?
It depends on your finances and how much uncertainty you are comfortable with. Buying first secures the home you want but may require bridge financing; selling first gives you a firm budget. We work through which fits your circumstances.
Do I need a REALTOR to buy a new build?
You are not required to have one, but builder contracts differ substantially from resale agreements and the site representative works for the builder. Independent representation costs you nothing extra in most cases and means someone is reviewing the contract on your side.
Have a question that is not here? Call or text 780-996-0208, or browse St. Albert homes for sale and Edmonton homes for sale.