Buyer's Guide

 
breakfast-contemporary-daylight-154161WEB.jpg

THINKING ABOUT BUYING?
The process to making a purchase explained

  1. How much can you afford?
    Make sure finances are in order and receive pre-approval from your lender.
     
  2. Wishlist – What are you looking for?
    Make a list of needs and wants.
     

  3.  Let’s start a search
    I will match you preferences with a current database of available homes and new listings. You will receive properties that match your criteria before they are live on the MLS system.
     

  4. See something you like?
    Well let's go see it!
     

  5. Found “the one”
    Write up an offer which will be presented to the seller. I will negotiate the best terms to create a solid transaction.
     

  6. Fulfilling conditions
    Home inspection, financing, and insurance are examples of common conditions that need to be satisfied in a certain time frame.
     

  7. Administration
    Ensure all documents are accurate and complete, and that all parties involved receive necessary documentation (i.e. lawyer, lender, etc).
     

  8. Final walk through
    After the deal is firm, as well as a few days before closing to confirm that the property is in good condition, take measurements, etc.
     

  9. Closing day! Congratulations!
    The lender gives the "OK", your lawyer will register the property in your name and give you the keys to your new home!
     

  10. Let’s stay in touch
    Even after your move, I will be available for all of your real estate needs as a source of professional referrals, but most importantly, as a friend.

BE PREPARED
Typical upfront costs include:

  1. Deposit
    Part of your down payment that is paid when you make an offer to purchase. Amount will vary.
     
  2. Down payment
    Minimum of 5% of purchase price. Please note that if less than 20% of the purchase price is being used as a down payment, then an additional mortgage loan insurance will be payable. This is usually added on to the mortgage, however the lender may ask to be paid in full upon closing.
     
  3. Appraisal fee
    Your lender may require the property be appraised at your expense. This cost is usually $250 to $350.
     
  4. Home inspection
    If you choose to have an inspection, you can expect to pay about $400 to $500.
     
  5. Land transfer tax
    This is a percentage of the purchase price – visit landtransfertax.com for a calculator tool to find out the cost of the property you want to purchase.
     
  6. Property insurance
    Required by the lender because the home is security for the mortgage. This insurance covers the cost of replacing the structure of your home and its contents, and must be in place on closing day.
     
  7. Legal fees and disbursements
    To be paid upon closing. Amount may vary, but will be approximately $1300 to $2500 plus applicable taxes. Ensure your lawyer's quote includes all related expenses and disbursements, not just legal fees.
     
  8. Title insurance
    Optional but may be recommended by your lawyer. Covers loss caused by defects of title to the property, encroachment issues, existing liens against the property's title, title fraud, undischarged mortgages and other issues relating to the property's previous owners. Approximate cost is $250 to $400.
     
  9. Property survey
    The lender may ask for an up to date survey. If seller does not have one or does not agree to get one, you may need to pay for it. Cost is approximately $1000 to $2000. Title insurance however is generally acceptable, but confirm with the lender.
     
  10. Status certificate
    If a condominium is purchased, a status certificate detailing basic and essential information concerning the unit and condominium corporation (i.e. financial status, rules, and regulations) should be obtained for your lawyer to review. Approximate cost is $100.
     
  11. Septic and well inspections
    When purchasing a rural property without access to municipal water and sewer, it is important to confirm that the well and septic systems are in good working order. Costs may vary.
chairs-contemporary-decor-1139785.jpg