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Your Real Estate Agent
A successful purchase starts with the right representative. No one will play a more important role in helping you find a home than your real estate agent. In fact, once you’ve selected the best agent to represent you, he or she should be able to recommend other professionals to join your team, taking more of the responsibility off of your shoulders. Your real estate agent's job is to:
When the time comes to select a real estate agent, don’t be afraid to ask questions. If you would like to know more about a real estate agent's ethical obligations, you can visit the Canadian Real Estate Association's website or contact us for more information. Please review our services to find out how North of 9 can help you find your dream home.
Lender or Mortgage Broker
If you haven't already gone through the mortgage pre-qualification process, you will need to find a good lender to assist you during the purchasing process and for as long as you have your mortgage. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford.
Remember that many different institutions lend money for mortgages, such as banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It's a good idea to shop around and speak with more than one lender because terms and options will vary.
Some people find it helpful to use a mortgage broker. Mortgage brokers don't work for any specific lending institution. Their role is to find the lender with the terms and rates that will best suit the buyer.
To find a lender or mortgage broker, you can:
- Get a referral from us or other professionals, family members or friends.
- Look in the Yellow Pages™ under “Banks,” “Credit Unions” or “Trust Companies” for a lender and under “Mortgage Brokers” for a broker.
- Contact the Canadian Association of Accredited Mortgage Professionals at 1-888-442-4625 or visit the Association’s website at http://www.caamp.org
Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves.
Lawyer
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. You need a lawyer to protect your legal interests, such as ensuring the property you are thinking of buying does not have any building or statutory liens or charges or work or clean-up orders associated with it. He or she will review all contracts before you sign them, especially the Offer (or Agreement) to Purchase. Having a lawyer involved in the process will give you peace of mind and ensure that things go as smoothly as possible. Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law. When working with us, we can refer you to a qualified professional lawyer who specializes in real estate, or contact a law association to find lawyers in your area. Lawyer/notary fees depend on the complexity of the transaction and their experience.
Remember that a lawyer:
- Should be a licensed full-time lawyer.
- Should be local and understand real estate laws, regulations and restrictions.
- Should have realistic and acceptable fees.
- Should be able and willing to explain things in plain language.
- Should be experienced with condominiums (if you are purchasing a condominium)
Home Inspector
You should consider having any home you are thinking of buying — whether it is a resale home or a brand new home — inspected by a knowledgeable and professional inspector.
An inspection by a home inspector is a visual inspection.
The home inspector’s role is to inform you about the property’s condition. The home inspector will tell you if something is not functioning properly, needs to be changed or is unsafe. You will also be informed of repairs that need to be made and maybe even where there may have been problems in the past.
Every inspection should include a visual assessment of at least the following:
- Foundation
- Doors and windows
- Roof and exterior walls
- Attics
- Plumbing and electrical systems (where visible)
- Heating and air conditioning systems
- Ceilings, walls and floors
- Insulation (where visible)
- Ventilation
- Septic tanks, wells or sewer lines (if inspector is qualified)
- Any other buildings such as a detached garage
- The lot, including drainage away from buildings, slopes and natural vegetation
- Overall opinion of structural integrity of the buildings
- Common areas (in the case of a condominium/strata or co-operative)
There is presently no mandatory certification and no legislated requirements for home inspectors to take any courses or to have passed any tests. Anyone can say that they are a home inspector however, a good home and property inspector generally belongs to a provincial or industry association. That's why we at North of 9 will recommend a list of knowledgable and credible home inspectors and even set up and monitor the inspection to ensure nothing has been overlooked. Home inspector fees are generally in the $500 range and depend on the size and condition of the home.
Insurance Broker
An insurance broker can help you with your insurance needs, including property insurance and mortgage life insurance. Lenders insist on property insurance because your property is their security for your loan. Property insurance covers the replacement cost of your home, so premiums may vary depending on its value.
Your lender may also suggest that you buy mortgage life insurance. Mortgage life insurance provides coverage for your family if you die before your mortgage is paid off. This type of insurance is often available through your lender, who then simply adds the premium to your regular mortgage payments. However, you may want to compare rates between both an insurance broker and your lender.
Contractor
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice. Please conatct me for more information on planning home renovations, government incentives or help finding a credible contractor.
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