Up To Speed For Buyers
Here’s basically how it works:
1. Initially we’ll get together for an information session in which we will discuss procedures involved when buying a home. If this is your first home purchase there will be many things to share with you. We’ll talk about what you are looking for in a home, neighbourhoods, financial information, how you qualify for your mortgage, and closing expenses.
2. We’ll review what is involved when working with a realtor and explain to you how we can make this the best experience ever for you. We’ve got lots of ideas and materials to make everything easier for you. We’ve also got a great team of associates to help with financial, legal, and inspection components of the process.
3. Whether it’s your first home purchase or you’ve bought & sold many times before, you will have questions…and so will we!
4. We will work together to define a ‘Needs and Wants list’, a valuable tool in helping us narrow down the search for your ideal home Based on your preferences, we will research the market and select the best options for you to view. Perhaps schools are important, or you need a place your home for an older family member to have some independence. We select those homes which respond to your particular needs…
5. Once we find the property which suits you best, we will discuss the process involved in making and negotiating an offer. Our ability to prepare & present your offer professionally & diplomatically with positive & happy results is what we do best!
6. When the offer has been accepted, we will assist you through the next stages dealing with conditions of the offer, handling all documents and making sure everything runs smoothly up to closing date ( that’s your moving day!) and beyond. We want to be your REALTOR® “for life”, assisting you with all your needs relating to real estate.
Well, that’s a snapshot of the process…of course, every situation is different, everyone’s needs and expectations differ…and that’s why we love doing what we do! It’s great fun getting to know you and how we can help you best!
Who is on your “home buying” team?
We have a very professional team ready to work with you.
Buying a home is a somewhat complicated transaction that involves a number of professionals who all perform different functions during the purchase process. The real estate agent/broker – The real estate agent or broker will locate houses in your price range and in the areas where you want to live. The agent/broker will present your “offer to purchase” to the seller until an agreement is reached, usually for a commission which is paid by the Seller from the sale proceeds.
Mortgage Broker – Some purchasers retain the services of a mortgage broker to assist them with arranging their mortgage financing. The mortgage broker should determine the best type of financing that suits your particular financial situation. You may wish to ensure your broker is a member of the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) and has obtained their Accredited Mortgage Professional (AMP) designation.
Lenders – Banks, credit unions and mortgage companies all lend money to homebuyers. Find out how much you can afford before starting to look. Lenders look at your income, debts, employment and credit histories and the value of the property you want to buy before giving you a mortgage. It pays to know how much you can afford before looking, so consider getting pre-approved. You don’t want to find your dream home and then discover you can’t buy it because it is too expensive.
Lawyer – Your lawyer (notary in Quebec) reviews the agreement of purchase and sale, ensures all closing documents, including title search and title insurance, have been completed properly, obtains signatures and records documents with the appropriate provincial land transfer office. Your lawyer will usually also act for the lender and collect the money needed to close your purchase and give it to the appropriate parties, as well as ensure that on closing you have a valid and marketable title subject only to the encumbrances you have agreed to. If you don’t have or know of a lawyer, your best referral source is family or friends, or through the law society in your area. It’s best to get your lawyer involved early in the process to review the purchase and sale agreement prior to signing. Property Surveyor – A property survey is undertaken to verify the property’s boundaries, measurements and structures and identify any easements, rights of way or encroachments on your, or adjacent properties. Title insurance is often an alternative to a property survey.
Home Inspector – A qualified inspector examines the plumbing, electrical work, appliances, furnace, air conditioners, roof and structural stability of your new home. This allows you to address any issues with the vendor prior to closing, as well as anticipate any repairs you may need in the future.
Default Mortgage Insurer – Mortgage insurers protect lenders from a borrower defaulting on a mortgage at any time during the mortgage amortization period. By law, banks are required to purchase default mortgage insurance on all mortgages where the down payment is less than 25 per cent of the property value. Mortgage insurance also lets people buy a home with a little as five per cent down and still get the same interest rates as for conventional mortgages.