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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 neighborhoods 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. I can work to find
the connection between homes available in the market and the needs and
financial capacity of buyers.
As your agent, I will owe you the duties of utmost care, integrity,
confidentiality and loyalty.
I am able to 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. You
can also view listings posted to the national mls.ca web
site.
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:
- what type of wiring does the house have?
- what about power outlets? Different appliances use different
types.
- what type of heating system does it use?
- what about the roof and foundation?
- what condition are the windows in?
- what about the plumbing?
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 can 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:
- getting a suitable mortgage (include the amount, interest rates
and any other figures you feel important);
- selling your current home (the seller may continue to look for a
buyer, but will give you the right of first refusal);
- the seller providing a current survey, or a "real property
report," showing the location of the house on the property
owned by the seller and that there are no encroachments;
- the seller having title to the property (your lawyer will check
this out when he or she conducts a title search to see if there are
any liens on the property, easements, rights of way or height
restrictions);
- if there is a septic system, the seller should have a health
inspection certificate, stating the system meets local standards;
- if you still have any doubts about the home's safety and
construction, you may wish to make the purchase conditional on an
inspection by a qualified engineer;
- any inclusions - basically, what stays and what goes.
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 may have to pay:
- a mortgage Broker's fee:
- an appraisal fee;
- surveying costs (if the seller couldn't come up with a current
survey); and,
- a high-ratio mortgage insurance premium.
- an interest adjustment. Mortgages are normally calculated from the
first of each month: if your closing date is the same as the
beginning of your mortgage, there will be no adjustment. However, if
your closing date is July and you move in on June 15, those last 15
days are the interest adjustment period. Your lender will expect you
to cover the cost of the interest during that time.
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 legal fees, and, if applicable, any REALTOR® 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 lawyer and the seller's
lawyer will arrange to transfer title of the property from the seller to
you. The mortgage money will be transferred to your lawyer's trust
account, and then to the seller, and your lawyer will bill you all
additional expenses such as land transfer taxes or outstanding legal
fees.
At this time, be sure to check with your lawyer 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!
For further information on buying a house please do not hesitate to
contact me.
The comments contained on this site are for information
purposes only and do not constitute legal advice.
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