Edmonton Real Estate Investors Association Message Board › ERPIA October 13, 2009 minutes
Sherwood Park, AB
Edmonton Revenue Property Investors Association
October 13, 2009
Ivan welcomed everyone and gave us a one minute real estate market update. Things are booming and sales are up.
New guests introduced themselves, followed by “Buy / Sell.”
Brandon is planning a tour of investment properties viewings.
Les welcomed Bhavna Chavda. She is an account manager with First Canadian Title Insurance.
Title insurance protects the title to your property from the day of closing until the day you sell your home. Some reasons for this insurance are to protect against fraud, encroachments, missing survey, or a lack of building permits when last renovated.
It is useful as a form of gap insurance. No mortgage money will be advanced until the title is in your name. With title insurance, you are protected, and can close the deal on time. You can supply title insurance to a buyer in lieu of a Real Property Report (RPR). Just cross out RPR on the purchase agreement and add “title insurance.”
Les gave us a market and economic update. Our dollar is high and Australia is increasing their interest rates. Very strong real estate sales and the “Days on Market” have dropped to 44 days. The famous saying, “The trend is your friend” is still worth remembering.
The evening ended with a visit by wee Karlin and draws at 9:30 p.m.