Curtis Leibel 780-438-2500

From a legal standpoint, a contract that is verbally accepted (ie. both parties have accepted the terms verbally, but have not actually signed the contract yet) is a legally-binding contract.  However, in the real world, no contract is done until both parties have signed and initialled the final contract.

For example, I recently had a client write an offer on a foreclosure.  In this case, all offers are submitted to the bank.  The bank denied it but sent back a counteroffer.   My client accepted, signed the contract where necessary and submitted it back to the bank awaiting their final signature.  The offer had been verbally accepted, the bank just needed to sign off on it.  Of course, this all happens on a friday afternoon, and the bank could not sign off on it before the weekend.  Over the weekend, another offer comes in from a different client, and now the bank wants to entertain both offers. 

In the end, legal action could have been taken, but the time and costs associated are not worth it.  My client has resubmitted a higher offer and now we wait and see what happens….Bottom Line is that no deal is ever done until it is done.

I have just listed my second investment property this month, and have been getting great feedback thus far.  This one is located in Fulton place – East side of Edmonton right next to Capilano Mall with great downtown access.  The seller is motivated and willing to not only sell it furnished, but will pay for condo fees for an entire year.  It is an interesting building, as the builder owned all units about 4 years ago and has slowly foreclosed on all of them.  That being said, this was one of the last ones, and almost all have been renovated already by the new individual owners.  The building has also been fixed up with brand new windows, boilers and more to come.  It is definitely a fantastic investment opportunity.

Not only will I be posting listings on this blog, but I’ll also add some information about real estate as I come across it.  I am currently handling a deal where the purchase of one home is condition on the sale of the purchasers current home.   Alot of people dont know, but this is the only condition that can be waived by the owner of the house being bought – meaning should another offer come in, the seller can choose to accept it, giving the original buyer (often 48 hours) a short period of time to decide whether or not they want to honor the original deal.  If they can’t sell their own house in that time, or can’t risk holding 2 properties, they will have to void the original contract.  It’s a different scenario, because as mentioned, although a legally binding contract, this is the only clause on the sellers behalf that can be included to negate the contract.

Im very excited to announce a new listing in Oxford.  What makes this one really special is the greenspace behind.  The city government just released their updated plan for the year and have indefinitely zoned the land behind as “stormwater management” land meaning it won’t be developed.  The house is only 7 years old, has had one owner and has a completely finished basement as well.  Its a great home for a young family, or a couple looking to have the serenity of nature while still being close to the amenities of the city.

I have just listed my first investment property since starting the new site.   Beautiful renovated 3 bedroom coach home end unit bungalow near West ed.  If you don’t know what a coach home is, basically its a group of about 10 -20 walk up condos that are all identical.  Whats unique about this property is that it is an end unit, meaning not only does it have an extra bedroom, but it also has noone on one side or above, so its the best location in the unit.  Ill be doing an open house there next weekend, so come check it out.

The new website is up and running and I couldnt be more excited!  In the future I will be adding posts relating to listings, sales and just general real estate info that you should be aware of.  Check back often to see whats going on in the world of real estate and feel free to post any questions or comments you  may have.  I look forward to helping you meet all your real estate goals.