Archive for Legal Issues
Have you ever wondered if you’d enjoy being a REALTOR?
Find out this Saturday June 19th at our FREE Realtor Information Session!
Schmidt Realty Group is green and growing! We have big plans to help more buyers and sellers than ever this year and are looking for the right people to join us. If you or someone you know is considering real estate as a career, please talk to us. We’ll help you discover if the real estate industry is what you are looking for and if we are the right group to help you succeed. Take our real estate quiz below and see how you do!
- I get my satisfaction in life by helping others succeed.
- My honesty and integrity are prized possessions.
- People describe me as “high energy”.
- I get bored easily and love variety.
- I know a lot of people and am involved in my community.
- I desire a good income based on my personal efforts.
- I rise to the occasion when faced with a challenge.
- I thrive on change!
- Making friends comes easily to me.
- I love to learn something new every day.
- At the end of each day I want to know I made a difference to someone!
If you answered YES to most of the questions above, you might want to learn more about our industry. Plan to attend our REAL ESTATE INFORMATION SESSION on Saturday June 19th at our office from 10am to noon. Kathy Schmidt, our broker, will be there along with Sabrina Bright, our sales manager. Bring your questions and we’ll bring the answers and the coffee! Hope to see you there!
Do I need mortgage insurance???
Mortgage insurance protects both you and the lender in the event you can’t make the mortgage payments. Lenders are aware that lives can change significantly over the typical 25-year mortgage term. Ours lives are unpredictable. Sometimes we are thrown curve ball, like an illness or injury that you may not recover from or are unable to return to work. The right insurance or combination of insurance offers you peace of mind that your expenses, like a mortgage, are covered if you experience such a challenge.
This differs from the insurance a lender typically requires you to purchase, if you down payment is less than 20% of the properties purchase price. Most commonly this is purchased through Canadian Mortgage and Home Company (CMHC). The purpose of this insurance is to protect the lender (not you!) if you are unable to make your mortgage payments.
1. Lender provided Life Insurance through (CMHC) which has the lender as the beneficiary;
2. Personal Disability Insurance which is a form of income replacement for the wage earners; or
3. Personal Life Insurance on the wage earners, which names their spouse and/or family as the beneficiary.
Submitted by Warren Turner B.Sc., B.Ed. TurnerKEY FINANCIAL Services Phone: 780.885.4572
Important Information for Edmonton Renters and Landlords
Condsidering becoming a landlord? Wondering what your rights are as a tenant? The Residential Tenancies Act is a resource you can’t do without. Everything from giving Notice to Vacate, to Security Deposits and resolving Disputes – it’s all here and it’s the law. Visit the Queen’s Printer online to read this document.
If you are a property owner you’ll be interested to learn that the City of Edmonton is relaxing their suite regulations. Read this previous post for more info.
City of Edmonton Allows More Secondary Suites
We are frequently asked what is permitted in terms of suites in Edmonton. While many suites in the city are not “city approved”, some have existed for years, especially near the university, community colleges and NAIT. Thanks to a new initiative from the City of Edmonton, property owners can apply for funds to upgrade illegal suites to meet current building and fire code. Homeowners wishing to add a suite to an existing home or to create a suite in a home under construction can also apply for funding. The Secondary Suites Grant Program is intended to improve the availability of affordable housing in Edmonton. The result will be a significant increase in the number of homes where secondary suites, including garage suites, would be allowed. Details are available in a helpful brochure put out by the city. For more information on secondary suites in Edmonton, visit the city’s website on secondary suites.
Contributed by Broker Owner of Schmidt Realty Group, Kathy Schmidt
