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Monday, January 22, 2018 

 

 
When it’s time to think about buying a home, it is important you find yourself reliable and experienced Buyer Representation. Your buyer’s representative does more than just find people houses and investment properties; they assist you in every aspect of finding and buying a home! Your agent has aligned themselves with reliable professionals to assist you with your plans. Mortgage Brokers, Lawyers, Home Inspectors, Painters, Movers, Renovators etc. You’ll have everything you need to make your next purchase the best one ever! There is no charge for this service. From start to finish - having proper representation and friendly helpful advice is priceless.

 

 

Common Questions
   Buyer Agency when you want the Best
   Closing Costs and Other Surprises
   Pre-approved Mortgages and Where to Start
   CMHC Insurance
   Multiple Offers - Don’t be Scared
   Home Inspections
   Government Assisted Programs
   Deposits and Downpayments
   Moving Assistance A-Z
   Terms of an offer
 
Closing Costs and Other Surprises
On the day of closing, buyers should be prepared to have extra money on hand to cover closing costs:

Land Transfer Costs
This is a provincial tax levied when title to land is transferred. It is payable by the Purchaser upon the registration of every transfer of land. (i.e. on closing day) The calculation of this tax on a single family home is as follows:

Sale Price
$0-$55,000
$55,001 - $250,000
$250,001 - $400,000
$400,001 - and up
Tax Paid
0.5%
1.0%
1.5%
2.0%

Home Insurance
Lenders will require that the home is protected against perils such as fire before the mortgage loan is advanced. Home Insurance must be arranged and in place in order to close your home.

Federal & Provincial Taxes
Typically, resale homes are exempt from GST. A home that is classified as ‘Extensively Renovated’ may be subject to GST. GST is payable on the fees paid to real estate agents, mortgage brokers, appraisers, lawyers fees etc.A new home is not exempt from GST even if the home is in an individual’s name! The GST may be paid by either the builder or the buyer, depending on what is negotiated at the time of purchase

Home Inspection
A professional home inspector may be employed by either the seller, prior to marketing the home for sale, or the buyer, prior to 'firming up' the offer. An inspection is done to ensure that no major deficiencies exist at the time of selling or buying. It is also a wonderful education for the buyers to "learn" about their new home and some of the maintenance they can expect to look after. A list of reputable Home Inspectors is available. More on Home Inspections

Miscellaneous
Remember the costs incurred with:

Telephone
Cable Companies
Cable/Internet
Tax Adjustments
Incidentals
Post Office
(redirection of mail)

Legal Fees
Paid by both Seller and Buyer:
A lawyer will charge a fee for his/her service plus pass on to the client all costs that are incurred in the process. A partial list of these items is as follows:
  Title Insurance
  Manage closing day
  Courier, photocopying etc.
  Title Insurance
  Registering transfer & mortgage
  Obtain tax certificate
  Get utility arrears certificate
  Estoppel certificate. (Condo)

Adjustments
The funds required to complete the transaction will include adjustments for prepaid expenses.
For example, if a vendor had paid the property taxes for the entire year, the new purchaser would owe the vendor that prepayment. Other such adjustments are as follows:
  Property taxes
  Utility bills
  Condominium fees
  Interest Adjustments
Oil Furnaces are typically filed on closing and the buyer pays for the full oil tank as an adjustment on closing.

The purchaser will benefit from any other costs which the vendor has paid. Another way to explain is to simply say that the purchaser pays for all expenses of the home starting from (and including) the day of closing

Moving Costs
If you are hiring a professional mover, be sure to obtain a couple of quotes well in advance. Whether hiring professionals or calling on favours from friends and family, Remember:
  boxes, packing tape, packing foam, labels
  dolly and truck rental fees
  pizza

 

Pre-approved Mortgages
A pre-approved mortgage is a 'conditional' approval of your mortgage request. Your pre-approval mortgage should be a written contract signed by the lending institution, describing the amount of the loan and the rate of interest you will be charged. In a volatile interest market, it is great to have a guaranteed rate. If the rates go up, you are guaranteed the rate on your pre-approval. If the rates go down you receive the lowest rate at closing. Most banks will guarantee rates for 60 - 120 days.

Important facts about pre-approved mortgage guarantees:

  This is a guarantee from the bank to you, not from you to the bank
  They are usually conditional upon your credit rating, receiving letters of employment
  They may be conditional upon the bank doing an appraisal
  Always read the fine print on the bottom
  All pre-approved mortgages have expiry dates

 

Multiple Offers
A multiple offer occurs when there is more than one offer on a single home at one time. Often the term 'bidding war' is used to describe this situation. We understand the prospect of having to blindly bid on a home can be a frightening prospect. In today's market, we are seeing a substantial increase in this phenomenon. However, there are things that an educated and prepared buyer can do to make it easier:

There are other important factors within an offer that are not necessarily about money!

Myth: You cannot be pressured into paying more for a home than you want to. Take control and take a shot!

 

Home Inspections
A home inspection is traditionally done after the home has been purchased. The purchaser often has 2-3 days to hire a qualified home inspector to go through the home in detail. The inspection can take from 2 - 4 hours and includes a detailed analysis of the home's 5 major systems:

  Structural
  Heating & Cooling Systems
  Electrical
  Roof
  Plumbing

A good inspector offers you a written report at the time of the inspection detailing any deficiencies and/or positive qualities found in the home. The purpose of the home inspection is to give the buyer an overall blueprint on the condition of the home and it often helps the buyer plan what is to be done next. Remember, even a renovated home must be maintained on a regular basis. It is not done for the purpose of renegotiating the offer, unless something completely unexpected turns up.

The cost of a home inspection can range from $350 - $550 and is paid for by the purchaser. Under certain conditions and in some parts of the city, a termite inspection may be important. More on Home Inspections

 

 
Put our Agents to working finding that perfect home for you. Buyer services are free. To find out more.

 

 
Note: This page is provided for information only and does represent all of the possible issues that may arise. Contact a reputable Realtor or Realtor Association in your area. Real Estate Canada Network or it's owners assume any liability to it's completeness or accuracy.

 

 
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