I don’t know anyone who wouldn’t want to save money where and when they can. We clip coupons, sign up for store memberships, watch for sales and who doesn’t take advantage of Black
Dated: October 20 2022
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In October our thoughts turn to all things ‘spooky’ so if you’re looking to buy or sell a home now, what better time to learn more about stigmatized properties.
A stigmatized property has a perceived condition attached to it rather than an actual structural issue associated with the property itself. Some of the most common factors that can create a stigma are:
In Alberta, stigmatized homes do not have to be disclosed by law and there is no obligation to put that information on the MLS system. This is because a stigma is subjective and therefore doesn’t have a structural impact on the home as a material latent defect would.
What does this mean to a buyer? It’s important that a buyer share any concerns they may have over possible stigmas with their agent. By doing so, the agent has a duty to ask the seller’s agent whether a property of interest is free from any buyer-identified stigmas. A buyer and their agent can also search the property online for events associated with the address. One example of this is House Creep. https://www.housecreep.com/directory/ca/alberta/calgary
On the other side of the transaction, it is highly recommended that the seller tells the truth and not provide misleading information about their property. The seller’s representative is required to provide truthful answers to the buyer’s questions or to indicate that the Seller has instructed them not to answer, which will be indicative of the actual answer anyway.
One final note on stigmas and property values. Although you can likely purchase a stigmatized property at a discount and stigmas tend to decrease with the passage of time, it might always be an issue when it’s time to sell compared to a ‘normal’ property.
For more information, check out https://www.creb.com/News/CREBNow/
CHERYLI’m proud to have spent almost 3 decades in the Real Estate industry and to have helped hundreds of people sell their current properties and find their dream homes. My career is a culminat....
I don’t know anyone who wouldn’t want to save money where and when they can. We clip coupons, sign up for store memberships, watch for sales and who doesn’t take advantage of Black
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