Buyer Information

 

What are your costs?
  • 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. These are listed below:
EXPENSE PAID
Mortgage Application and Appraisal Fee At time of application
Appraisal Fee At inspection
Property Inspection (optional) At inspection
Legal Fees Closing
Legal Disbursements Closing
Deed and/or mortgage registration Closing
Property Survey
(sometimes provided by seller)
When completed
Land Transfer, Deed Tax or Property
Purchase Tax (in Quebec within 3 months following signing)
Closing
Mortgage Interest Adjustment and
Take Over Fee (if applicable)
Closing
Adjustments for Fuel, Taxes, etc. Closing
Mortgage Insurance
(and application fee if applicable)
Closing
Home and Property Insurance Closing and on-going
Connection charges for utilities
such as gas, water and electricity
Date of move
Moving Expenses Date of move

Other Costs may include:
  • landscaping
  • redecorating
  • furnishings
  • appliances
  • repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

 

What are Market Conditions?

  • The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer.
  • Your agent can provide you with current real estate market conditions and explain their impact. Buyer's Market
    The supply of homes exceeds the number of buyers (supply is greater than demand). In this market prices tend to drop and the homes stay on the market longer. Thus your home may take longer to sell and you will have less negotiating power in terms of the selling price. Fortunately you will be in the driver's seat when making an offer on your next home.

    Sellers's Market
    The number of buyers exceeds the number of homes on the market (demand greater than supply). In this market prices are increasing and homes sell quickly. As a seller you will probably have more negotiating power and obtain a higher selling price for your property. Unfortunately you will be on the other side of the fence when purchasing your next home.

    Balanced Market
    The number of homes on the market is equal to the number of buyers (supply equals demand). In this market, prices are stable and homes sell within a reasonable period of time. It is a calm atmosphere with buyers having a satisfactory number of homes from which to choose.

 

Why 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 ooking. You will also be protected against interest rate 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 I work as a team to help you find the right home and select the best financing.

Finalizing Your Mortgage


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

  • A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.
  • A copy of the offer to purchase or the building contract, if this document has been prepared.
  • Documents to confirm employment, income and source of pre-approval.
If you have a pre-approved mortgage, it's a simple matter of finalizing a few details which your Mortgage Specialist will explain to you.

 

 For detailed information you can go to:

[HTM]www.homesbyheritage.ca/default.asp[/HTM]

Pajtim Hasaj

Pajtim Hasaj

Real Estate Broker
CENTURY 21 Heritage Group Ltd., Brokerage*
Contact Me