Buying a Home
If you have any questions or would like more information about buying a home please Contact Us. If you are interested in buying your next dream home or property please visit our Buyers Page or if you are interested in selling your home or property please visit our Sellers Page.
Checklist
Determine What You Want
On a scale of 0 to 5, rate the following characteristics most important to you in a home and neighbourhood: (0 = not important, 3 = moderately important, 5 = must have)
- Large Kitchen _____
- Family Room/Great Room _____
- Fireplace _____
- Master Ensuite _____
- Walk In Closet _____
- Finished Basement _____
- Garage ___ (# of doors) ___
- Close to Schools _____
- Close to Public Transit _____
- Close to Shopping _____
- Quiet Street _____
- Large Back yard _____
- North/South View _____ East/West View _____
- Number of Bedrooms: _____
- Number of Bathrooms: _____
- Style of Home: Single dwelling___ duplex___ condo___ townhouse___ acreage___
The REALTOR® can provide you with the following services:
- Act as a consultant to determine your real estate needs, help you establish what you can afford and assist you with mortgage financing. I will also advise you of costs such as legal fees, legal disbursements, closing costs and down payment options involved in the buying process.
- Identify and represent you in one of three market scenarios:
- Identify communities and homes that are most suited to you as an individual, couple or family.
- Research all MLS® listings to find the right home for you. I also have "first knowledge" of new listings as they are recorded.
- Advise you when homes are overpriced.
- Provide information on properties and accompany you as an adviser when showing suitable properties.
- Promptly present offers and negotiate on your behalf. Negotiations could involve one or numerous counter-offers.
- I will guide you through the process if there is more than one offer for the property on which you have made an offer to purchase.
- Arrange an inspection.
- Guide you through the process from offer to closing. This includes facilitating the completion of all paperwork and monitoring all closing activities.
- Keep you informed throughout the entire purchase process.
The buyer's REALTOR® is paid from the seller's commission. There is no direct cost to you. A REALTOR® works without pay until they find the right home for you and successfully closes an offer to purchase at a price and terms acceptable to you.
Checklist When Hiring a REALTOR®
- Do they specialize in any particular part of the market? Do they focus more on buyers or sellers market?
- Will I be in control of the process?
- How much do they know about the community that I want to buy in?
- What assurance do I have that they will service my needs? Do they have testimonials from prior clients or letters of recommendation?
- How will they keep me informed?
Mortgage
Get a pre-approval letter for a mortgage. Mortgage factors to consider:
- What type of mortgage is best for you?
- How much should your down payment be?
- Are you eligible for an RSP homebuyer withdrawal?
- There may be a fee for mortgage application and appraisal fee.
- Documents needed to secure a mortgage include:
- A copy of the real estate listing of the property OR for a new home, the builders plans, lot size and location.
- A copy of the offer to purchase.
- Documents confirming employment, income and source of pre-approval.
Home Inspection (Recommended)
By hiring a home inspector prior to purchase, you will protect one of the most important investments of your life. A home inspection will reveal the structural and mechanical soundness of your home. The report will advise you of:
- Existing and potential problem areas.
- Suggested solutions.
- Cost estimates for any work required.
Your REALTOR® can recommend a qualified home inspection service or arrange for an inspection to assess your new home. Inspection costs range according to size, age and location.
Closing
Set aside enough funds to close your deal. Closing expenses include:
- Legal fees.
- Legal disbursements.
- Tax closing adjustment.
- Utilities closing adjustment.
- Property inspection (recommended but optional).
- Deed and mortgage registration.
- Real property report.
- Land transfer or property purchase tax.
- Mortgage interest adjustment and takeover fee (if applicable).
- Utility and cable connection charges.
- Home and property insurance coverage.
- Mortgage Insurance.
- Moving Expenses.
On closing the deal:
- Schedule mortgage payments and property taxes.
- Secure insurance coverage.
- Transfer utilities.
- Arrange the move.
