Buyer Agency Form
An Easier Way…
Our home search technique emails you real estate listings that
match your criteria! Just fill out the checklist below and whenever
a new real estate listing matching your criteria hits the market,
it is emailed to you. There is no need to spend your spare time
searching for homes which may not even match your criteria -
just sit back and relax!
Free & No Obligation…
Best of all, this exclusive service is offered to you absolutely
free and with no obligation. Just take a few moments to complete
the following checklist and you will instantly be on your way
to mastering the real estate market!
One of the biggest mistakes buyers make is to go into the market
without a clear understanding of their needs, wants and financial
capability. The first step should be one of self-analysis. Start
with a wish list. Rank the features you want in order of priority.
Consider things such as:
· Feelings about your current home
· Time you are willing to spend commuting
· Size of accommodation you really need
· Feelings about privacy and security
· Importance of schools, shopping and services
· Character of neighbourhoods and environment
· Preference for old vs contemporary vs new
· Type of ownership - eg. freehold vs condo
There are a lot of choices to be made. You can save yourself time
and effort by deciding on many of these issues and preferences before
you start to look. But be prepared to revise your goals in light
of market discoveries.
Make sure you do your homework first, before starting to look.
Getting pre-approved for a mortgage at a guaranteed interest rate,
selecting a lawyer who is prepared to help you review any offers
you will be preparing, and, most importantly, finding a Realtor
who is a full-time professional and with whom you feel comfortable
working. As we will discuss in other sections of this portal; you
must understand the relationship you have with your Realtor and
more importantly the Realtor must understand your situation. Don't
hold back information your Realtor can use to help you find the
right home.
Hiring a Home Inspector
You're thinking of buying a house. But how do you know whether
you are buying a home in good condition or a money pit? You can
go a long way toward getting an answer by hiring a qualified home
inspector to scrutinize the property before you buy.
Why hire a home inspector?
If you're like most people, the purchase of a home will be your
biggest investment by far. So, as with other big investments, you
should be knowledgeable about what you are buying. Although you
can examine the home yourself, most people simply don't have the
expertise of a qualified home inspector. A good home inspector is
knowledgeable about construction practices in the area and about
what holds up over time. He or she will spot problems not apparent
to an untrained eye, and will provide you with a full report on
the condition of the property.
What does a home inspection cover?
You can expect a home inspector to report on the major components
of a home, including:
· The structure of the house, including the foundation,
walls, ceilings, and stairs
· The exterior, including chimneys, roofing, flashing, siding,
gutters, grading, patios, decks, and driveway
· The interior, including visible insulation and ventilation,
steps, counters, railings, cabinetry, and finishes
· Plumbing, including visible piping, fixtures, drains, and
water heater
· Electrical system components, including wiring, fixtures,
and overload protection
· Heating and air conditioning systems, including type, capacity,
condition, and safety
· The basement or crawl space, including construction, stability,
settling, water damage, and visible termite or rot damage
· The attic, including access, ventilation, insulation, and
signs of leakage
The inspector may also take samples for laboratory tests, or recommend
a specialist to test for such things as water quality and levels
of radon gas. You might have to hire separate experts to inspect
for termites or other pests, or inspect special home features such
as septic systems, wells, or swimming pools.
After the home inspector completes the review of the property,
a detailed home inspection report should be generated that discusses
the condition of the property and each of its major components.
Land Transfer Taxes
Purchasers in most large Canadian centres can add Land Transfer
Taxes to their list of closing costs.
Unless you live in Alberta, Saskatchewan, or rural Nova Scotia,
land transfer taxes (or property purchase tax) are a basic fact
of life. These taxes, levied on properties that are changing hands,
are the responsibility of the purchaser. Depending on where you
live, taxes can range from a half a per cent to two per cent of
the total value of the property.
Many provinces have multi-tiered taxation systems that can prove
complicated. If you purchase a property for $260,000 in Ontario,
for example, .5 per cent is charged on the first $55,000, 1 per
cent is charged on $55,000 - $250,000, while the $250,000 - $400,000
range is taxed at 1.5 per cent.
Your total tax bill? $2,375.00.
ONTARI0 Land Transfer Tax
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value
When you purchase a home, consider how you will protect your investment.
Homeowner's Insurance
Most mortgage lenders insist on fire insurance coverage at least
equal to the loan amount or the building value, whichever is less.
You should also consider a homeowner's policy which combines fire
insurance on the building and its contents with personal liability
coverage. Consult your general insurance agent or broker for professional
advice on home insurance.
Mortgage Life Insurance
When lenders refer to mortgage insurance, they're referring to
coverage that's provided by CHMC or MICC for a high ratio mortgage.
Mortgage life insurance (MLI) is inexpensive coverage on your life
which protects your family or beneficiaries by paying off your outstanding
mortgage in the event of your death. For just pennies a day, you
will have peace of mind knowing your beneficiaries will be mortgage
free.
MLI premiums are based on two factors: your age and mortgage amount.
Your premium is added to your mortgage payment so there's no extra
paperwork, and it remains the same until your mortgage is paid off.
Joint coverage for spouses is also available.
Disability Insurance
Disability Insurance is important if your mortgage payments depend
entirely or in part on your income. Disability insurance provides
replacement income if an accident or illness prevents you from working.
Job Loss Mortgage Insurance
Recently insurance companies have started to offer Job Loss Mortgage
Insurance. This insurance covers the mortgage payments in the event
that you involuntarily lose your job.
If you have any questions, please contact me.
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