RENOVATE OR RELOCATE?

One reason some people sell their present property and buy another is because the house no longer suits their needs - not enough bedrooms, a family room is needed, the kitchen is too small, extra bathrooms are required; or the house needs some extensive renovation or enlargement to provide what is required.

Renovation to an existing home can be one solution. First, establish a clear idea of what you want to do, obtain quotes from contractors or estimates of material and labour costs. It will also be necessary to check into zoning, building standards and by-laws etc. to determine whether you can proceed with what you have in mind to do within those regulations.

Second, discuss the present market value of your house with someone who has current market information. Such a discussion might reveal that your intended renovation would place the value of your property well above the average of your area, and thus the likelihood of recovery of the full cost could be doubtful. With a particularly specialized or personalized renovation or addition it might even have the effect of reducing the number of potential purchasers in the future.

Third, get out and inspect the properties on the market that would satisfy your requirements. Find out what the cost of moving would be in total.

Then review the two - renovation and relocation. Which is likely to provide most of what you require. Which of the two makes more dollar sense, and which of the two provides your immediate and long range solutions. At that point you should have enough information to examine the alternatives and answer the question yourself - renovate or relocate - it's up to you!

A HOUSE OR YOUR HOME?

When you are selling your property ask yourself what the purchaser is buying. Is he buying a house, or your home?

Your attitude toward the sale of your property can be a distinct advantage to you. Once you put your home on the market try to think of it as a purchaser would - as a house.

This should keep you in an objective frame of mind, allowing you to deal with the marketing and sale more effectively.

On the other hand, if you feel you are selling your home, you might place yourself in the position where you can be offended. If upset by the offered price, or some special item requested in the offer, it's possible to lose not only your objectivity, but also the sale you want.

A buyer is not likely to place any value on your memories, sentiment or labour of love you have in a house. He may not even use it in the same way you have used it.

Your reasons for selling can be varied and usually easily apparent to you. Your feelings about the house at the time a sale is possible, might sneak up on you and distract your practical approach to reviewing an offer to purchase. Difficult though it may sometime be - when you are selling a house; keep and treasure your memories for yourself - and offer for sale - A HOUSE!

FIRST& LASTING IMPRESSIONS

Successfully selling your house can often depend on the prospective purchaser's first impressions and the effect as a lasting impression. An unfavourable impression can be as lasting as one that is favourable. You can do a few things to help make it a good impression.

Prepare your house for sale carefully. Look at the outside and the inside as if you were a potential buyer. What do you see?

Exterior:

• Are the front steps free of hazards and in good repair?
• Is the garden and lawn neat and maintained?
• Is the garden equipment stored away?
• Are toys and bicycles out of the way?
• Is the front door inviting?
• Is the exterior light bulb working?
• Is the garage cleaned out?

Interior:

• Is the first impression clean, tidy and uncluttered?
• Are the floors bright and windows shining?
• Can people walk easily through the house?
• Are the stairs and hallways clear and well lit?
• Have all leaking taps been fixed?
• Are closets and cupboards orderly and spacious to the eye?
• Has the surplus in the basement been boxed and stored neatly?

A possible buyer can be a very critical stranger - not only will daily housekeeping be noted, but also neglected maintenance. Prepare your house for presentation using your most critical eye, each time. Try for a bright, clean and quiet house during inspection.

It is possible that you may have only one opportunity to capture the purchaser's interest - it's up to you whether the impressions lasting ... AND favourable.

REACHING YOUR PURCHASER

It is not unrealistic to say that for each property ... there is a buyer. When you have your property on the market for sale you want to reach "that" buyer.

Where is YOUR purchaser? The purchaser for your property may be reading the daily classified real estate advertisements. "That" buyer may be driving through your area taking down information from the For Sale signs and phoning the brokers; may be a friend of a neighbour, or may be in the inquiry files of a local real estate company.

Matching your property with the needs of a potential purchaser requires several things. It takes time to communicate the fact that your property is available - through any method, advertisements, lawn signs or the Multiple Listing Service.

It requires that your property be inspected by a prospective purchaser, perhaps more than once in order for "That" buyer to assess and evaluate the features of your property and to decide whether those features will satisfy his or her needs.

An important factor to most purchasers is the type of financing available, be it through a mortgage company or alternative sources such as private lenders, or the vendor.

Whether you are attempting to handle the transaction yourself or are availing yourself of the services of a broker the principles of offering a property for sale are the same.

The methods of achieving a final result may vary, but your purchaser must know it is available, suitable and affordable!

BY-LAWS

By-laws are regulations permitting or prohibiting action within their legislative authorities. With respect to real estate, these should be checked to be certain the property you are considering is capable of rendering you the service you want.

Thinking of increasing the size of the house? Check to make certain that the land-to-building ration will permit an addition. What type of materials, workmanship, inspections and permits will be required.

Planting hedges, installing fences, building patios or pools, regarding the lot - are there height restrictions, set back minimums, maximum grade allowances - check before you start work. Not only may you avoid the possibility of having to do the work twice in order to conform to a by-law, but you might discover a better alternative to what you have in mind.

By-laws might also contain regulations pertaining to the general area - such as anti-noise, building and garden maintenance requirements, of which you should be aware. They might also contain restrictions with respect to kind and hours for vehicles being parked in the area, the use of clotheslines, or other such restrictions.

Whether you are buying or selling, being aware of restrictions as well as the rights carried with your ownership of real estate may prevent a costly error.

SELL FIRST?

Homeowners who are considering the sale of their present property and the purchase of another one, frequently face the question of whether to 'sell first'.

To sell first, means that by placing your present property on the market, there exists the possibility it will be sold before you select another.

If it is 'sold first' what is your position?

You will know the exact amount of money the sale of your property will provide, so you have a definite concept of what you have to work with in looking at other properties to buy.

You will know the exact date on which you will have to move out or give up your present property. You can then look at properties and make an offer to buy knowing on what date you want to take possession of the new property.

If the dates cannot coincide you can make arrangements for temporary housing or possibly arrange an extension of occupancy with the purchaser of your old property. If you consider requesting an extension of time, be certain that it does not and will not upset your sale contract. Your lawyer should be consulted as to the facts and procedures in this regard.

By having already sold your property, you can concentrate your attention on the selection and purchase of a suitable replacement property. You can make an offer to purchase based on facts, although you may also feel a sense of urgency to find what you want.

The answer to the question of whether to 'sell first' will depend on your specific situation. Take the time to determine what problems could arise and decide what alternative you have to those problems - there is no general answer.

BUY FIRST?

Homeowners may face the question of whether to 'buy first' when they have found exactly the property they want to buy when they have not sold their present property.

If you 'buy first' what might be your situation?

You will know what the actual costs of your purchase will be, on what date you will require the purchase money, and when you can take possession or occupant it.

If the equity in your present property is not likely to provide all the financing necessary, you may have the time to make arrangements for additional financing.

At the same time you should give some thought to providing temporary financing in case your present property has not been sold by the time you complete the purchase of your new property.

You could consider making your offer to purchase the new property "conditional upon the sale of your present property". This means that you have time to sell your property before buying the other. However under the "conditional" circumstance, the seller usually insists that he can continue to offer the property for sale. You should consider the possibility that if the seller received another offer to purchase, you might be asked to remove the "conditions" and therefore purchase before your property is sold.

The question has no absolute answer, the individual and their circumstance will vary. If in doubt, or if you feel you need more information, discuss it with a real estate broker or agent with respect to the prevailing market conditions. There are cycles of buyer and sellers markets which should be considered along with your individual circumstance.

A FRIEND IN REAL ESTATE?

Have you 'a friend' in real estate?

Are you thinking of selling and wondering whether to contact your friend in real estate? If you are at all uncertain, discuss it openly with your friend.

Does his experience and knowledge apply to your property? Does he/she effectively sell your type of property? Can his company provide the service you need?

Would your friendship hinder or benefit the trust and honesty necessary between the seller and his agent? Would you be more comfortable with a representative that you do on t know than with your friend?

Be fair to your friend in real estate. If you use him as a source of information, the at least consider giving him the opportunity to provide his services to you as well.

There may be friendly advice, or expert advice that can be offered to assist you in making your decision; or even alternative solutions to your problem that you have not considered.

Friendship is a good thing, a facet of being in real estate which frequently develops out of a client relationship. If you use a friend in real estate, deal with him or her as you would any other representative, and your decision should come easily and without any reservation.

A good friend should be able to tell you openly whether he can offer the services you require, how the cooperates with other practitioners, or recommend the person who may provide their service you require.

The quality of your friendship, and the reputation for efficiency should be able to answer whether or not to deal with 'a friend' in real estate.

YOU AND YOUR LAWYER

The person who has had only a casual encounter with the law and its practitioners might find dealing with a lawyer an awkward experience, but it need not be so. It is quite in order to ask a lawyer what services he is prepared to provide and what his fee would be for handling your real estate transaction or conveyance; prior to retaining his services.

You might wish to consult with him prior to, during and after the preparation of Agreement to Purchase and Sale, or the acceptance of such an Agreement. He will be able to advise you of your legal responsibilities, and the legal efficiency of the contract whether you are buying or selling a property.

It is desirable, and in some cases essential, for both the purchaser and vendor to engage their services of their own lawyers. It is important to ensure that the conditions of an Agreement can be legally fulfilled, and advisable to have the purchaser's or seller's respective interests represented.

Amongst his other duties, the purchaser's lawyer searches title to be certain that the purchaser can obtain 'good title' to the property. He may also be of service if it is necessary to arrange a mortgage. The vendor's lawyer will prepare and present the vendor's Statement of Adjustments, which the purchaser's lawyer may review before payment is made on the closing of the transaction.

Check with your lawyer. Find out what documents you should bring with you for your first meeting with your lawyer. As well as a copy of the Agreement of Purchase and Sale, you may be asked to bring a copy of the deed, copy of your insurance policy, copy of your mortgage or tax bills.

A lawyer offers you a service, and expertise throughout your real estate transaction; explaining your legal responsibilities or clarifying terminology that might confuse you.

One thing he cannot do for you however, is that he cannot make up your mind for you. It might even be unfair to place him in a position of providing reassurance for your decision. He should not be expected to know or understand your housing requirements or preferences. A qualified lawyer can certainly be an advisor in legal or technical questions, but the final decisions are always up to you!

THE "FOR SALE" SIGN

One of the most effective aids in selling your property is the "FOR SALE" sign which is placed upon your property. It indicates that your property is for sale to the potential buyers who may be looking in your area and tells who to contact for additional information and appointments to inspect.

It reaches your potential buyers directly and indirectly. Prospective buyers driving through the area will see the sign. Neighbours may be reminded of someone they know who expressed interest in your area. It will advise any real estate agent who was not aware that your property is on the market.

The use of a sign gives you and your agent a degree of control on your time and your privacy. A potential purchaser who has seen the outside of the house, the street and the general area will normally phone the number on the sign for more information. Personal inspections can then be arranged to suite your convenience.

The phone conversation provides the potential buyers the opportunity to find out if the house is suitable to their requirements, and find out if it is within the range they think they can afford. It can also serve to establish the sincerity and real potential of the buyers.

The for sale sign on your property should attract attention, attention would lead to inquiry, inquiry should lead to inspection and inspection should lead to an 'offer'. There are few sales aids that can say as simply and directly that you want to sell your property as does the 'FOR SALE' sign.

It is at work for you every day reaching new inquiries and reminding those who may be considering your property.

REAL ESTATE IS UNIQUE

Real estate, which is generally understood to mean the land and a building, and more usually thought of as the land and a house, cannot be moved. Therefore, its location is unique. It can't be exactly duplicated, and is different, from one property to another; and from one area to another.

One of the services offered by real estate practitioners, is the familiarity or special knowledge they have of the area in which the real estate is located.

There are some companies which confine their services to a specific section of a city, while other companies may provide a wider service through a system of multiple offices throughout a community.

The larger the area, the more likely it is to have real estate companies with branch offices and personnel who have specialized knowledge of the area in which their own office is located.

Whether you are thinking about buying or selling you can select a specialist in the area you are considering, to benefit from the intimate knowledge they can offer about the community, as well as about particular properties and their market values.

How do you find a specialist? You might drive through an area you are considering and take notes of the companies displaying 'For Sale' signs. Review the local classified real estate ads for a company or an office which seems to be concentrating their activities in the area in which you are interested. Check the closest business district to determine who have office in the immediate area.

By using regional experts you may be able to locate the type of house you want, and in the location you prefer, because of their familiarity with the area. Their regional knowledge may make your house hunting and introduction to a new section of a city or a new community, easier.

???? 20 MINUTES !!!!

There is no way of knowing how many times your agent will show your house to potential purchasers before it is sold. The general practice of making appointments to inspect a property, give the vendor and his family advance notice during which time they can arrange their activities and prepare the house for inspection.

Some inspections will appear of a more genuine nature. Others will provide a longer advance notice. What do you do though, when your agent phones and request an inspection in 'twenty minutes'? One reaction is to avoid the inspection - after all, you think, twenty minutes is not very much time.

Consider for a moment, what type of potential purchaser would request permission to inspect 'right away'. Is it possible that this person has a real need, genuine interest and limited time for inspections? These factors could be considered advantageous.

Consider also, that if this person is inspecting properties on what might be though of as 'short' notice, then this person might also be more objective, making allowances for the family use and activities. This might also be considered as an advantage. What do you do? Use the twenty minutes wisely.

Assist your agent in this situation by preparing as best you can in that amount of time. Pretend that you are the purchaser, walk through your house. Pick up and put away obvious things such as toys, newspapers, or such other items as you notice with the eyes of the purchaser.

If you are in the middle of a project that cannot be removed, such as sewing, ironing, painting, dinner; explain this to your agent, and your agent will explain the circumstances to the potential purchaser. Be selective about what you do in the time you have available. Kitchens and bathrooms that are clean and tidy make favourable impressions.

The short notice inspection may be rare request, but it could also be a valuable one. A little flexibility on your part may be all that is required to learn whether this particular person is seeking what your property has to offer.

REAL ESTATE SPECIALISTS

Real estate is composed of many types of properties with differing styles, values and uses. Because of the variety inherent and within the term 'real estate' it is possible and natural that some real estate representative may specialize their effort and activity.

Residential representatives might develop specific services within an area of the city, a particular design or price range, renovation properties, rural properties or recreational properties.

Commercial representatives might specialize in small stores to lease, offices to rent, industrial areas, or income producing property. Others might prefer to develop their skills in offering management services.

They may have established their specialties because their clients require similar services and the specialty developed, or it might have occurred by design. In any event, there is the possibility you can benefit from contacting such a specialist.

In searching for a house to renovate, for instance, look for an area which has been established for some time. The representative who concentrates his service in such an area will be likely to have more local knowledge and be able to show more potential properties.

How do you find the specialist? Contact a Broker or Manger and explain your requirements. Enquire if they have someone who specializes in your area of interest. Then make an appointment with that person and discuss fully their range of services, knowledge and background and whether they can render the service and produce the results you are seeking.

LISTING AGREEMENTS

The real estate Listing Agreement is usually a form, partially pre-printed with standard clauses and wording, the balance of which is completed by the seller and the agent to provide specific information with respect to the property being offered for sale.

The listing agreement form serves two functions.

Firstly is the agreement in which you agree to appoint the real estate agent and grant him the authority to find a purchaser for your property. In this agreement, the terms and conditions of the appointment are stated - the length of time of the appointment; the commission rate or method of compensation for his services; how and when the commission or fee is earned; when and how it will be paid to the agent.

Secondly is a "listing" of details of the property being offered for sale. All details are listed on this form - List price; address; size of lot; description of the building style of house; number of rooms ; number of bedrooms; room sizes; square footage and age of the building; type of heating system. It should also include any 'extras' that are to be included in the list price such as appliances, draperies and drapery track, range hood and fan, broadloom carpeting, etc.

On that form should be listed the details of the existing financing -first mortgage balance, amount of monthly payments, due date of the mortgage. If there is more than one mortgage the other should be listed also. The annual property taxes should be listed. Any easements, rights of way, liens or charges on the property should also be included.

This agreement when fully and correctly completed should be signed by both the seller and the agent, witness; and the vendor given his copy at that time.

A listing agreement should be considered as carefully as any contract. It is the agreement by which the seller understand the services to be performed, and by which the real estate agent upon completing his service expects to receive his compensation.

KNOW YOUR LISTING AGREEMENTS

There are three basic types of agreements you may enter into when listing your property with a real estate agent, or his sales representative.

MULTIPLE LISTING -The vendor gives to the real estate agent an exclusive right to find a purchaser for the property. This is given for a stated time period. Also granted is the right to place the listing information in the Multiple Listing System which is distributed to all members of a local real estate board who operate the MLS. These members will become your agent's "sub-agents". The seller agrees to pay his agent a commission, who will then be responsible for its distribution.

EXCLUSIVE LISTING - The vendor gives to the real estate agent an exclusive right to find a purchase for the property and this right is given for a stated period of time. If the property is sold by anyone else during the term of the listing agreement; or if the property is later sold to someone introduced to the property by the real estate agent; then the real estate agent will become entitled to a commission.

OPEN LISTING - The real estate agent does not have an exclusive right to find a purchaser for the property. The seller agrees to pay a commission upon the real estate agent's services being completed in obtaining a purchaser.

The type of service you are looking for when placing your property for sale, will determine which type of listing agreement you enter into. Discuss your objectives with your agent and complete the appropriate type of listing agreement correctly and in detail before you both sign, and retain the copy you are given at that time.

RE-LISTING

Suppose you have had your property listed for sale through your real estate agent, it has not sold, and the listing agreement is about to expire. It will be time to consider whether to re-list with your present agent, or list with another agent. This is the opportune time to assess the partnership you have developed with your agent in the joint effort of selling your property. The points you might consider should include:

Condition of the real estate market - have you and your agent had a stable market, or have the market conditions changed during the period of the listing agreement?

PRICING OF YOUR PROPERTY - was your property offered for sale at a price realistically comparative to the existing market conditions and alternative properties available?

CONDITION OF YOUR PROPERTY - is your property in good repair, was it clean, tidy and readily available for inspection by prospective purchasers?

Your present agent will have accumulated an experience with your property and your needs, perhaps a file of potential purchaser, and an identity as your representative. Discuss with him/her the quality and quantity of possible purchasers, the service you can expect to receive, what additional co-operation and accommodation you might be able to offer, and current market conditions.

Although you might feel that a different agent could provide a new enthusiasm, tap a new source of prospects or provide a different approach to marketing, consider also that you will have to develop a new working relationship with the replacement agent, who will have to be familiarized with your property and your requirements.

Re-listing may also be the point where you should consider altering the type of listing (i.e. Exclusive to Multiple Listing) to amplify the exposure. Regardless of the action you eventually may take with respect to offering your property for sale, keep in mind that your effort, and that of your agent, represents a joint effort within the confines of the general conditions of the real estate market and guide yourself accordingly.

BUT...

"It's the FIRST offer..."

One of the most difficult decisions that a vendor faces is whether or not to accept the first offer presented to him when selling a property. It might be that the most acceptable offer turns out to be the first offer, and if it is turned down, there might not be another as satisfactory.

You will know if your property is realistically priced relative to what comparable alternative properties provide, and the current condition of the real estate market. How close is the offer, not only to the asking price, but other terms and conditions such as possession date, and mortgage financing requirements to the results you were seeking.

When reviewing the offer, consider the amount of the deposit that accompanies the offer. Does it represent a reasonable indication of an offer of good faith? This will vary with the selling price of the house and the customary practice of the region.

If is possible to determine how diligently the purchaser has canvassed the market prior to his submission of the offer to purchase your property, you will have a better indication of how well he may know the current market. An informed potential purchaser will have a very keen sense of the present market values, and will be well aware of what alternatives are available.

Many hesitate to accept the 'first' offer. Some have been disappointed that subsequent offers were not as good as the first offer they rejected, while others found it necessary to leave their property on the market for an extended period of time to obtain an offer similar to the one rejected.

It is a difficult decision, but if the offer is assessed to provide you the results you are seeking, that is the point on which it should be evaluate, not its order of presentation. The reluctance to accept a 'first' offer is natural, but have good reason for rejecting it, other than the fact that it was the 'first' one. It is possible that the 'first' one could still be the 'best' one for you!

REVIEWING AN "OFFER"

Your house has been for sale, inspected by several potential buyers and at last our are presented an "offer". The time you invest in reviewing an "offer" can make the difference between a satisfactory sale or delays and frustrations.

Make certain that there will be no interruptions or distractions when reviewing an 'offer' - it's the first part of a contract which could govern the sale and purchase of your property.

First check the obvious points - are all names correctly spelled, is the property correctly described, is the mortgage information accurate, can you move by the date requested for possession; are all date business days, is the purchase price satisfactory.

Then double check your calculations to be sure you know how much cash you will receive. Understand what you have to do and be certain that you can, in fact, do it. If you have any doubts about points contained in the ‘offer’' do not sign it until they have been completely removed from your mind.

The offer to purchase presented to you is binding on the purchaser of the amount of time stated in the 'offer'. You can accept it without change, you can let it expire, or you can consider changes. If you change anything on the original offer you are in fact making an 'offer' to sell from you to the purchaser, who then can decide to accept or reject your offer to him.

Before you sign the offer, be certain that it clearly states all points of agreement between you and the purchaser because the completion of the sale will be according to what it states.

Give time and considered attention to reviewing an 'offer' to purchase - it can save time and attention later.

SPEND A LITTLE, SAVE A LOT

Mortgage financing for most people, is the only method through which they can buy a home. at the outset, a purchaser is frequently most concerned with obtaining a minimal monthly payment, to keep as low as possible, relative to the budget. Over the years many owners continue with the original monthly mortgage payment, even though their income may have increased or their expenses decreased. Have you assumed the minimal month payment "habit"?

There have been numerous articles, reports and commentaries illustrating the 'cost' of borrowing money, including mortgage money. You can do something, however, to reduce that cost. You might pay as little as an additional $20.00 a month on your mortgage. One example of mortgage cost saving was based on a $40,000 loan at 11% over 35 years in which it was calculated that the additional $20.00 per month resulted in a saving of approximately $41,000 over the life of the mortgage. Your minimum monthly mortgage payment 'habit' could be expensive!

When applying for a mortgage or when reviewing a mortgage, pay close attention to prepayment privileges. If you use the prepayment privileges wisely and regularly, you can save a 'lot', either in dollars, or in the number years of mortgage debt.

Some mortgages have an 'anniversary prepayment' clause which permits a lump sum payment each year. The prepayment clause usually states the maximum amount that may be prepaid as a percentage amount of the outstanding principal. Even if you cannot make the maximum payment, a partial prepayment could be a benefit. A savings account for the anniversary payment, at $20.00 per month could one answer. Another answer, might be to start a new "habit", of adding a few extra dollars to that minimum monthly mortgage payment.

You could spend a little time and effort to save a lot. Think about the effect the less than $1 a day can have on the total cost or repayment of your mortgage. There are mortgage computer services available that can calculate the effective saving relative to extra few dollars that you might have to apply to your mortgage reduction. Spend a little - save a lot.

REAL ESTATE AND YOUR WILL

Do you have a will? Does your spouse have a will? When did you draft your last will? What changes have occurred sine you made that will? When did you last review your will to assess whether it still serves your needs, reflects a beneficial position for your estate regarding your own changed circumstances or changes in rules, regulation or legislation with respect to estates, their taxation or its transmission?

Real estate, for many people, comprises the major portion of their 'estate'. Therefore, changes that pertain to real estate should be reviewed to determine what impact such changes would have upon the estate, and the provisions of your will. Does your Province have succession duties? Has your real estate increased in value? How will this increased value be determined or assessed for "estate' purposes?

A discussion with your lawyer will provide you with the opportunity to make certain that your wishes, your personal intentions, can be effected. A carefully drawn will avoids complications and additional burdens for those it was drafted to assist or protect. Does your will still offer this assistance or protection? Is the lawyer, friend, or relative you appointed as executor still available to administer the estate - or - have you or your executor moved?

Do the provisions of your will express your current attitudes or requirements? Have the dependent young children originally considered and included, now matured? Are you certain that your will provides for those children born since you made your will? Have you become separated, divorced or remarried without reviewing your will?

Many people dislike the preparation of a will, and once it has been prepared, tend to postpone revising or updating the document. Such procrastination is understandable, although it might be costly or troublesome to delay its review. Given the recent inflationary trends, it is possible that many people may now be undervaluing their estate position. Given the trends of review of family law, real estate law and taxation, it is prudent to be certain that the provisions of your will are in agreement and most beneficial to the estate position. The time to check into it -- is now!

FIRE! THEFT!

Could you remember everything you have in your home if it was destroyed by fire, or removed by theft?

Your insurance company can provide you with an inventory form for itemizing your possessions. Use the form and go through your home, room by room, and take inventory of your possessions. Keep one copy for yourself and send one to the insurance company.

The form will make provision for serial numbers as well as description and approximate values. If you are uncertain of the value of some or any of your possessions, particularly if they are unique, it would be prudent to have them appraised, including a photograph in case they have to be duplicated.

Alternatively, you could take photographs of each room in the house and make your own list of the contents and the value you think should be placed on your possessions.

All serial numbers should be recorded for everything - appliances, tools, radios, cameras, along with notations of special identification marks which are particularly valuable in the event the item is stolen.

Have you recently priced replacements for what you now own? Do you have items which cannot be replaced? Is your fire policy in a desk drawer? Fireproof or fire retarding containers area available for some items which insurance dollars cannot replace. Better yet, keep them in a safety deposit box along with your insurance inventory form.

Most of us do not believe that a fire or theft will happen to us - only to the other person - and rarely take the time to avoid heartbreaking loss and financial distress. Take a good look around and then contact your insurance agent.

HOW'S YOUR INSURANCE?

Has your insurance protection kept pace with the value of the real estate you are insuring?

The increasing value of real estate in recent years may have left your insurance coverage behind, and inadequate to fulfill the purpose of the protection. When did you last check to make certain that if you experienced a fire that you were adequately covered - not only for the building, but also the contents?

If there was a fire, would your present insurance be sufficient to replace what you now have at today's costs for material and Labour? Could the present policy protection duplicate as nearly as possible the building which was destroyed?

Have you acquired new or additional furniture, appliances, jewelry, cameras, tools, or art works since you took out your original fire policy?

Do a quick check. Have you acquired additional personal possessions and have you provided adequate coverage for their replacement in the event of fire or theft?

Land cannot be and does not need to be insured. Some of the increased values of housing are due to increased land values. But construction costs have also gone up and you should establish what percentage of any increased values apply to the building. Your insurance agent or real estate agent can help you in establishing these ratios.

A fire can destroy more than the house, furniture and equipment. It can destroy your photos and your mementos and can take away physical reminders of happy memories which are irreplaceable. There is no protection for this type of loss.

But you can protect the physical loss and financial hardship of house and home by periodically making sure that your insurance protection is keeping pace with costs and acquisitions.

BETWEEN OFFER AND POSSESSION

The time between the acceptance of an offer to purchase and the possession of the property, is the period during which the conditions of the contract should be fulfilled, and during which you should prepare to move.

It is important that everything proceed according to the times and dates specified in the 'offer' contract.

1. Keep a copy of the offer for active reference. make up a list of dates with respect to timing and check a day or two in advance to be certain that there are no delays or unanticipated complications. List appointments and dates with respect to mortgage interviews, application and processing; lawyers appointments and processing; and keep all the information in note form regarding instructions and details.

2. Alert telephone, utilities, post office and domestic suppliers of disconnection dates and obtain installation and connection dates for the new property.

3. File all required change off address notices such as drivers license, trade accounts, services, banks and cancel newspapers.

4. Make your arrangements for moving and be certain that you have a key to the new property on moving day.

There are two aspects of the period between offer and possession.

One is the contractual requirements of the offer, such as arranging a mortgage, payment of monies, cash for adjustments on closing, transfer of insurance, some of which may be attended to by your lawyer or agent to ensure the satisfactory conclusion of the contractual obligations, but it is prudent to maintain your own schedule as well.

The second aspect of the period are the preparations you will have to make to move. Your plans for moving may flow from the processing and detail of your contractual obligations which deserve careful attention to reduce the possibility of delays. These plans will be your personal arrangements, but in all the activity preceding a move, remember to leave yourself enough time to revisit the new property the day before, or the day of finalizing the transaction to be certain that any extras that were included in the offer, are in fact in the house.

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