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Buying a home is a time-consuming, expensive and legally complex process. As you begin your home search, seek out the knowledge of the following professionals-you'll be glad you did!
Mortgage Specialist or Banking Representative
Talk to a mortgage professional first and foremost, to learn how much you can afford to pay for your home. Your mortgage specialist will:
- Guide you throughout the home buying process
- Answer all of your mortgage questions
- Advise you of market and interest rate trends
- Research competitive information
- Arrange a valuation or appraisal of the property you wish to purchase, to verify that your loan amount doesn't exceed the value of the home
- Create the right financial package to suit your needs
- Prepare and approve your mortgage application
Ask your mortgage specialist about obtaining a pre-approved mortgage, which gives you several advantages.
Real Estate Agent
When you're buying a home, the services of your real estate agent are priceless- and they're yours at no charge, because a seller pays your agent's commissions. Your real estate agent will:
- Research available properties that suit your needs and budget
- Arrange visits to properties you want to view
- Negotiate on your behalf with the seller and/or seller's agent, presenting your offer and counter-offers
- Advise you on your legal and financial responsibilities
Real Estate Lawyer or Notary Public
Engage a lawyer (or notary in Quebec and British Columbia) before you sign any documents relating to your home purchase-especially if you are contracting with a home builder. These documents are typically legally binding and you're never required to sign them "as is." So it's in your best interest to have a legal professional review them first. (Your real estate agent can insert a clause into the contract making it contingent on obtaining the services of a real estate lawyer.) Additionally, your lawyer or notary will:
- Represent your interests
- Explain any warranty provided on your home (if new)
- Limit any risks to you by ensuring contracts are clearly and understandably written
- Review the certificate of location (property survey) to ensure no encroachments or easements exist
- Research any restrictions on the property title
- Arrange the property title transfer
- Manage and account for all disbursements
- Arrange for title insurance, which protects you against challenges to the ownership of your home or from problems related to the title to your home
Home Inspector
If the seller accepts your offer conditional on a Home Inspection, you'll arrange an inspection of the property. A home inspector will:
- Perform a comprehensive visual inspection
- Examine the home's foundation and roof
- Examine all the main mechanisms and systems in a house (such as heating, plumbing, electrical, ventilation, etc.)
- Examine the condition of the windows and doors
- Identify areas that need replacement or repair
- Identify areas that have been repaired in the past
- Estimate the remaining life span of specific components in the home
- Provide a written report of the inspection's findings
When sellers put their homes on the market, they will complete a disclosure form that is supposed to list all known defects in the property. If the inspection reveals additional structural defects or other areas in need of repair, you may use that information as you negotiate. Learn more about home inspections.
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