BUYER'S GUIDE
Must you have a REALTOR®?

               No.

Should you have a REALTOR®?

               Yes!

Your REALTOR®’s expert knowledge of the real estate market, community, future development plans, taxes, zoning, transportation, schools and local services will help you select the property that best meets your needs.

Your REALTOR® can also advise you on financing options and recommend other professionals needed to complete the sale.

I am a professional who will represent and promote your interests.


Working with a REALTOR®:

A legal document specifying the relationship between you and your REALTOR®.


Determine what you can afford.

Purchasing a home involves one-time costs and monthly expenses.

The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.

In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.

Typical one-time expenses:

Property Transfer Tax - This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax.

Adjustments for property taxes and utility bills - You will have to reimburse the sellers for any prepaid property taxes or utilities.

Appraisal Fee - Before your mortgage is approved, your lender may require an appraisal of the property. Fees can range from $150 to $350.

Survey Fee - Your lender may require an up-to-date survey of the property. Sometimes the seller will provide you with one, if not you will have to pay to have a survey done. Fees can range from $150 to $350.

Home Inspection Fee - It is prudent to have a home inspection performed by a certified home inspector. Costs vary.

Legal fees and disbursements - Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will probably be at least $400 plus disbursements.

GST - If you buy a newly constructed home, you must pay 6% GST. However, if the home you are purchasing is less than $450,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property.

Typical monthly costs are:

  •  mortgage payments
  •  maintenance
  •  insurance
  •  condo fees
  •  property taxes and utilities

 

Understanding market conditions.


The real estate market is always changing. It helps to understand how market conditions can effect your position as a buyer.

I can provide you with current real estate market conditions and explain their impact.


Obtain a pre-approved mortgage.


Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest increases while you look for your new home.

Your Mortgage Specialist will answer your questions and help you determine which financing terms and options are right for you. Your Mortgage Specialist and REALTOR® work as a team to help you find the right home and select the best financing.

Finalizing your mortgage.

Once you have found the home you want to purchase, there are some documents you will probably be asked for in order to finalize your mortgage. They will include:

  •  A copy of the real estate listing of the property
  •  A copy of the Contract of Purchase and Sale
  •  Documents to confirm employment and income
  •  The lender may also arrange to have an appraisal of the property done.

Major elements of an offer:


Price

Depending on local market conditions, your opinion of value and market information provided by your REALTOR®, the price you offer may differ from the seller’s asking price.

Deposit

The deposit shows your good faith and will be applied against the purchase of the home when the sale closes.

Terms

Includes the total price offered and the financing details.

Conditions

These are your subject clauses and might include " subject to home inspection " or " subject to financing ".

Inclusions and Exclusions

These may include appliances, certain fixtures or decorative items such as window coverings or mirrors.

Closing or Possession Date

This is the day the title of the property is transferred and the transaction of funds finalized. Legally the Possession Date is 1 to 3 days after the closing.


Hire A Legal Professional.

A legal professional is there to represent your interests and to process the legal documentation required.

I can provide you with the names of legal professionals who specialize in real estate.


Have the home inspected.

Having your home inspected by a certified home inspector will give you the added confidence that you’ve made the right decision.

I can provide you with a list of qualified inspectors.


Getting ready to Move.


Once you have bought your home, I can help make the move easier for you!