Buying A Home
Finding the perfect home doesn't happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.
Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle.
Then it's location, location, location. Location affects your day-to-day living and is one of the most significant influences on value. Your choice of location may be limited somewhat by the price you can afford. Even so, make sure you consider such things as distance to work, schools, shopping and entertainment.
What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living.
I can help you analyze all of these buying issues. As your agent working to find the connection between homes available in the market and your financial capacity. Lets talk and compare so I can help you navigate through this complicated business transaction. Be comfortable and confident with me as your business partner.
As your agent, I owe you the duties of utmost care, integrity, confidentiality and loyalty. As your agent I am automatically deemed to legally represent you, and owe you all of the associated obligations.
I will use various tools to try and find properties that meet your specifications including the MLS service. One of the important search tools will be the local MLS system. By sitting down at a computer I can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLS system.
When you select a property and decide to visit a house, there are many things to consider. Does it have all the features you wanted? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations:
There are other things to look at as well. If you don't have time or don't feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.
Once you find the house you want to make your home, I will work with you to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:
You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.
After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.
No matter what type of home or property you're buying, plan on some extra expenses. You will have to pay a land transfer tax (a sales tax on property).
You may also have to pay:
You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any Notary fees. Be prepared to furnish proof to your lender that you have insured your new house as well.
Before the property can formally change hands, there are still a few things to do. On or before closing day, your Notary will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your Notary’s trust account, and then to the seller.
At this time, be sure to check with your Notary that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say... except welcome home!
(The comments contained on this site are for information purposes only and do not constitute legal advice.)
- November 22, 2010
Real Estate Broker
CENTURY 21 UNIC
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