Re: Estate agent jargon
 

For the record, I didn't come up with those definitions. My realtor friend emailed them to me :D. ... but kudos to Souvenir who probably came up with his. :)

Re: Estate agent jargon
 

Hi Judy

Thanks for that . In all instances , yes , the term did apply to only Nova Scotia properties .

Cheers
Phil

Re: Estate agent jargon
 

Can i ask? Why is www.grapevine.ca your personal favourite? I like mls, cos you can get in there and actually view the rooms of the house...or am i just nosey?

Re: Estate agent jargon
 

A Schedule A can mean something different in each province. Here in BC, a Schedule A is part of the conveyancing process, for registering the transfer at Land Titles. And it's also a part of the (many) new requirements for realtors in writing a contract, so is an addendum to the contract but seems to be more of a "what I must do for you" statement from the realtor to the client. I only know about BC requirements, so really don't know what it means in your area. The real estate industry can be very different from province to province, and especially east-coast to west-coast. Having worked in conveyancing for years I'd always recommend going through a realtor when buying, as a safety net. It costs you nothing (except in special circumstances) because the seller normally pays all the r.e. fees.

Re: Estate agent jargon
 

As far as Schedule A goes .. "As is where is" and PCDS goes .. this is the explanation sent by a Nova Scotian realtor ..

"As is where is" is just a caveat on a listing meaning they take no responsibilty for the property after it is sold. If something were to happen to the plumbing, electric etc its strictly a buyer beware deal. Any repossessed properties will have this stipulation because the banks have not lived in the property and will not allow themselves to be liable for it. If for instance the back of your bathroom encrouches on someone elses land ( and trust me this often happens in the country) then they dont care, it's for sale and they dont care where it's at, and they won't warrant that it doesn't sit somewhere it shouldnt. The only real way to know is to have a survey. Many times years ago people would erect sheds or add a room onto thier house never asking or realizing they were putting it on someone elses land, or a family member would say , sure go ahead build that garage on my land its ok, and they would do it with no written agreement. A house I listed the other day ,as a matter of fact has their shed and well on someone elses land with no written agreement. The where is part of this old term i believe is carried over from the sale of other things such as cars, where its for sale right as and where it sits. That could come into effect for a mobile home .
The Schedule A is the special form that absolves the bank from any responsibility if something goes wrong with the property after closing. It will also say any chattels left in the property they are not responsible for nor warrant as working. For instance, you buy a house that has been taken back by a bank, it has a fridge and stove in it. The bank only owns the house not ANYTHING in it so if some finance company wants to repossess the appliances then the bank wants it known they arent responsible to replace them. I have been in real estate 9 years and i have never seen this happen though. Many times a house taken back will have a lot of things in it, mostly it's nothing thats of value but whats there has always stayed there.
Estate sales often have an as is where is sale stipulation because the owner has died and the relatives have never lived in the house and know nothing about it.
Other than that, the as is where is sales are usually just pieces of junk that need mega work and the owner just wants to get rid of it.
As is where is are the sales that you often get good deals on and if you are good at looking at houses or have a house inspection then you are fine. Otherwise you need to proceed with caution. You have to make sure the structure is sound and you wont have to end up with a real dud.
PCDS is "property conditions disclosure schedule" It is a two page schedule that the owner makes out when they list a property. It tells all they know about wiring, plumbing and all other aspects of the condition of a house. You will not see this in an as is where is sale. People are liable for what they fill out in a PCDS, if they tell you the wiring is 100 amp and you move in and find its only 60 then they are liable. I will take this time to add that if you are interested in an, as is where is sale, check the wiring. 60 amp is no longer suitable , it has to be 100 amp or the insurance companies will not cover you. If you are getting a great buy and have taken the cost of rewiring into consideration then that's fine, but have an electrician have a look and give you an estimate, it can cost in the latter thousands of dollars.
You may ask to see a PCDS when you ask to look at a house and the realtor will provide you with a copy.It really does tell you the most about the property."

Re: Estate agent jargon
 

Thanks Scotty - that's really helpful.

Re: Estate agent jargon
 

We went over the property condition disclosure schedule on this place whilst viewing, it was left on the table for viewers to peruse. It was all clean.

Then we we made a "subject to inspection" offer, and it turned out ours was the only offer, suddenly, the "are you aware of any leaks" was amended from a "no" into a "err..yes...but we'll get it fixed before we go". How naughty was that?!