Purchasing a home is a big investment, and of course you will want professionals helping you throughout the process to help you find your ideal home.
There are various professionals that you will find that will be able to help you in the home buying process.
1. Real Estate Agents
A real estate agent will play the most important role in helping you find a home. Their job is to find your ideal home, according to your budget and needs, write an Offer of Purchase and provide you will important and relevant information about the community. They will help you arrange home inspections and save you time and money.
Do not hesitate to ask your real estate agent questions related to any possible service charges. Vendors usually pay a commission to the agent; however some agents do charge buyers a fee for their service.
2. Mortgage Broker or Lender
If you have not already gone through the process of getting pre-qualified for your mortgage, you will need to find a good lender to assist you.
There are many institutions that lend money for mortgages, such as banks, trust companies, credit unions, etc. It is a great idea to shop around and speak with more than one lender until you find the one that suits you.
Take people’s recommendations on a good lender or mortgage broker, which includes your family, friends and real estate agent.
3. Lawyer
You will need a lawyer to protect your legal interests. This includes ensuring that the property you are thinking of buying does not have any excessive charges associated with it. You need the lawyer to look over your Offer of Purchase to ensure you are not making yourself liable in cases you should not be and the lawyer is needed to look over the counter-offer, if any from the seller.
The cost of a lawyer depends on the complexity of the transaction and their experience.
4. Home Inspector
The home inspector plays an important role and should be brought in when you have found the home you are considering to purchase. Whether the home is a new or resale home, it must be inspected by a professional home inspector.
An inspector will inform you of the property’s condition, and notify you when there are any problems with the home that is either unsafe or needs to be changed.
5. Insurance Broker
With an insurance broker you are getting help with your insurance needs, which include property insurance and mortgage life insurance. Lenders will insist that you have property insurance because your property is their security for your loan.
Property insurance will cover the replacement costs of your home; therefore premiums vary depending on the value.
With mortgage life insurance, you are providing coverage for your family in the event you die before your mortgage I paid for. This insurance is available from your lender who will add the premium to your regular mortgage payments.
These are the professionals who will help you the most when you are buying a home and it is a good idea to consult with them before you make your final purchase. It is always better to get help where you can than find out that you made a mistake which will end up costing you more.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
