Buying

There are many thing you can do on your own with the help of the Internet, but buying a home is not one of them. Property is one of, if not the biggest investment you’ll ever make, so why would you do it without the help of an expert? The process can be complicated: from viewing, assessing, negotiating to the steps involved at each point (inspection, financing, paperwork, closing details). Buying with the help of an agent does not cost anything. The seller typically pays commission, and a good agent will guide your through the process and educate you along the way.

In addition to your downpayment, which will be payable on closing day, there are just a couple of items to budget for throughout the process, including a home inspection. We can provide the current cost of that when it’s time to book. You will also need to budget 1.5% to 2% of your purchase price for closing costs. That includes the lawyer’s fee and associated costs as well as the Land Transfer Tax. There maybe a first-time buyer program to cover some of that, and your lawyer can fill you in on that. Moving costs should also be considered.

This is impossible to answer for sure, but in our experience, you will always eventually find the place for you. For some buyers, it takes just a couple of viewings and very little time. For others, it takes many viewing over a long period of time. It’s always important to educate yourself as much as possible so that when you do walk into the right place, you are ready to proceed with an offer. There are many things to consider and knowledge to gather, and we always provide the guidance to help you get there.

This depends on the property specifically and the market in general. A well-priced, well maintained, updated property will always be in demand – in any kind of market. Obviously, in a seller’s market where inventory is limited, quick decision-making is essential. We will always guide you on the decision-making timeline.

First and foremost, get your mortgage pre-approval done and figure out all your financing so you have a clear grasp of your comfortable price range. If you do not have a mortgage person, we can always provide recommendations. Meeting with us in your next step, so you understand the market, the process and we can get to know you and your criteria. Monitoring MLS is a great way to educate yourself, as is exploring neighbourhoods you maybe considering. The key, though, is to gather your thoughts on what exactly you want and what you need in a home and a neighbourhood.

We like to sit down and discuss neighbourhoods. We know them well! Understanding the kind of home and price range you can get in different areas is important to your search. Once we meet, we always suggest walking and driving through neighbourhoods. Weekends are great because people are generally out. If schools are important, visiting them can also be helpful.

There are many online resources for researching schools and our team has had first-hand experiences at many as well. The best way, though, is to visit the school to meet staff. Parent councils are also a great way to get a feel for a school. Every child has different needs and although our schools are generally really good in Ottawa, it’s important to find the right fit and there are many choices to make!

The mortgage pre-approval is important for two reasons: First, you know exactly what you are comfortable spending; and second, when it comes time to place an offer, your lender will only need time to appraise the property, not first have to approve you, which can take longer.

We recommend contacting a mortgage professional as soon as you are ready to begin your search. In fact, it’s a good first step. This way, you can be sure of your rate and lock that in for a period of time while you search!

You maybe asked for proof of finances when purchasing with cash, so be sure to have that available.

As a real estate professional, we do everything to help you avoid ever encountering this feeling! We want the process to feel good, not scary. If you have conditions in your offer, your purchase is not firm until you meet or waive those conditions. In this time period, you can get your deposit back. Once your sale is firm, you would be in breach of your contract to walk away and a conversation with a lawyer would be the next step., We hope it never comes to that!

The most common conditions found in an offer are financing and home inspection. Other possible conditions could include obtaining home insurance, review of the agreement by your lawyer, the sale of your current home. If you are purchasing a condo you will want it conditional on your lawyer reviewing the status certificate …every situation is going to be unique and your realtor can help guide you appropriately. The typical conditional period is usually 5-10 business days.

We always recommend getting a home inspection so you have the information you need to make an informed decision.

An inspector will examine all the major systems of the house; including the exterior, structure of the building, roof/attic, electrical and plumbing, heating/cooling, interior, insulation, windows etc. and typically takes 2-3 hours. The home inspector will provide you with a comprehensive report, including pictures, outlining all the details of the major systems of the home and any defects found. A home inspection typically costs between $500-$600 +tax.

It is normal for general maintenance issues to arise during a home inspection. Things such as wear and tear, condition of windows, doors, floors, ceilings. Some of the most common things to come up are the condition and age of roof, Inadequate insulation and ventilation in attic, wiring, heating/cooling system defects, plumbing issues, poor drainage around the structure. Your inspector will take the time to explain these issues to you and how to fix them.

Congratulations, your purchase is firm! Once your purchase is “firm”, it means all your conditions have been waived and you are now legally obligated to follow through with the purchase come closing day.

Typically once you have a firm agreement of purchase and sale in place it is time to retain a lawyer. Of course, there are always exceptions and if your sale is conditional on a review of the Agreement of Purchase and Sale by a solicitor or the review of a status certificate you will require their services at that time.

Time to pack, t’s almost moving day! Remember to contact the utilities ahead of time – hydro, gas/oil, hot water tank rental to – notify them of your closing date. Also contact your insurer, of course. You will be required to provide proof of property insurance in order to close. Cable/Internet/phone provider, alarm company are other companies you will want to contact. Finally, it’s best to ensure Canada Post forwards your mail to your new address in case you accidentally forget to notify anyone (banks, Amazon, friends, etc.). Some people change the locks upon moving in, so something to consider.

You will meet with your lawyer to sign all the appropriate documents and they will advise on the exact funds to bring in at that time (down payment and fees). Closing is often done electronically and it’s common that your lawyer will only get the keys to your new home at the end of the day. Once you have the keys, we recommend visiting the property right away to check that appliances are working and everything is as it should be. In the event anything is not right, it’s important to advise your lawyer right away. Next steps are to move in and get settled in your new home!

Multiple representation, put simply, is when the real estate brokerage that is representing you in a transaction is also representing another party in the same transaction. For example, two different individuals competing to buy the same home, or representing the buyer and the seller on the same home.

If you are a client, the brokerage has a fiduciary duty towards you as its client; they are obligated to promote and protect your best interests in a real estate transaction. If you are a customer, the brokerage does not have that obligation, although they are still required to treat you with fairness, honesty and integrity. You will be given a choice to sign one of two types of legally binding agreements – a Buyer Representation Agreement (client) or a Customer Service Agreement (customer).

You’ve found the perfect home and want to place an offer but find out there is already another offer – what now? In Ontario, realtors are obligated to disclose how many offers there are on a property, however they are not to disclose any of the details or terms and conditions of those offers. Each situation will be unique and you will decide along with the guidance of your realtor if you want to participate in a competing offer situation. There will be certain details to consider for your offer, as with any offer; including offer price and any conditions you will include and the risks and benefits associated with them.