Stemp & Company provides a full compliment of real estate services regarding both commercial and residential properties as well as the preparation of all documents required for our clients to purchase, sell or mortgage commercial and residential real estate properties. We are able to handle any of our client’s real estate needs from beginning to end.

What is a Real Property Report?

A real property Report is a graphic representation of all the improvements and features of your property. A Real Property Report contains data such as the location of utility right-of-ways and easements. A real property report shows any type of improvement such as swimming pools, hot tubs, etc.

What is Title Insurance and Do I Need it?

Title insurance is an insurance product that provides insurance or indemnity coverage. In other words, the title insurer has no obligation to do anything until a problem actually arises. It is coverage for future fraud for the entire ownership of the property by payment of a one-time premium. Title Insurance covers the gap between submission and registration. It covers deficiencies that would not show on a Real Property Report such as unregistered utility easements, builders liens and deficient corporate status. It covers hidden deficiencies such as underground storage tanks or underground septic tanks and much more. We highly recommend it.

What are Closing Costs?

Closing Costs are the costs incurred, typically by the buyer, when purchasing a home, and may included…

  • Adjustment costs.
    You’ll need to reimburse the previous owner for any utility payments or property taxes that have been paid beyond the closing date.
  • Legal fees.
    Lawyers will need to do paperwork. Make sure you know exactly what they’re charging you for.
  • Title insurance.
    Your mortgage provider will require this. But this is good—it may save you the higher costs of a property survey.
  • Property insurance.
    Your mortgage provider usually requires you to have insurance to cover the replacement value of your home and its contents.
  • Utility service charges.
    Check with your utility providers to find out what your exact fees will be.
  • Property appraisal.
    Sometimes, your mortgage provider will ask you to have the property you’re purchasing appraised at your expense. It costs more if your house is very large, very unique, or very rural.
  • Real Property Report.
    Your mortgage provider may want an up-to-date survey. If the seller doesn’t already have one, you’ll have to pay for it. But before you do that, see if your lender will accept title insurance instead—many do.
  • Home inspection fee.
    It’s a good idea to get your new home inspected before you purchase. This can save you from very costly surprises after you move in.
  • Estoppel certificate fee.
    If you’re buying a condominium or strata unit, an estoppel certificate lets you know if the previous owner has outstanding payments and the amount of interest owing on unpaid condominium contributions.
  • Goods & Services Tax (GST).
    If you’re buying a new home, you will be charged GST. This is usually included in the contract price. But if the new home you’re purchasing is less than $450,000 and will be your primary residence, you may qualify for a partial rebate. Check out the Revenue Canada website or consult with a real estate accountant for more information.
  • New Home Warranty.
    In Alberta, this is mandatory if you’re building a new home.