BUYING A HOME

DETERMINE WHAT YOU WANT:

 Large Kitchen     Fireplace   Walkin Closet   Garage   FamilyRoom   Master Ensuite    Finished Basement    Large Back Yard    Quiet Street    Close to: Transit    Schools    Shopping    View   

NEEDS:

# Bedrooms    #Bathrooms    Home Style: Single Dwelling    Duplex    Apartment/Condo    Townhouse/condo   

THE REALTOR:

I 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 can also advise you of costs such as legal fees. legal disbursements, closing costs and down payment options                                            
• Identify and represent you in one of the three market scenarios: 
•      1.Buyers Market
•      2.Sellers Market
•      3.Balanced Market
• 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 advisor when showing suitable properties.
• Promptly present offers and negotiate on your behalf. Negotiations could include one or numerous counteroffers.
• I will guide you through the process if there is more than one offer
• Arrange an inspection
• Guide you through the process from offer to closing. This includes facilitating the completion of all paperwork and monitoring closing activities.
• Keep you informed throughout the entire purchase process

The buyers realtor is paid from the sellers commission. There is no direct cost to you A Realtor works without pay until they help you find the right home and successfully close an offer to purchase at a price and terms acceptable to you.

Checklist when hiring a Realtor

1. Do they specialize in any particular part of the market? Do they work more with buyers or sellers?
2. Will I be in control of the process?
3. How much do they know about the community I want to buy in?
4. What assurance do I have that they will service my needs? Do they have testimonials from prior clients or letters of recommendation?
5. How will the realtor keep me informed?

MORTGAGE

Get a written pre-approval letter for a mortgage. Very important to have a written pre-approval. A verbal pre-approval may not be worth the paper it is written on! A professional mortgage advisor will provide you a written pre-approval.  Factors to consider:

• What type of mortgage is best for you?
• How much should your downpayment 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
•     Copy of the real estate listing OR for a new home, the builder plans,lot size and location
•     A copy of offer to purchase.
•     Documents confirming employment, income and source of pre-approval

HOME INSPECTION;

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 new home. The report will advise you of:

• Existing and potential problem areas
• Suggested solutions

CLOSING:

Set aside enough funds to close your deal. CMHC suggests 1.5% of the purchase price. 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(usually the expense of the seller)
• 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: Be sure to:

• Schedule mortgage  and property tax payments
• Secure insurance coverage
• Transfer utilities Arrange the move
• Arrange the move