Checklist for buying a home
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Determine What You Want |
On a scale of 0 to 5, rate the following characteristics most important to you in a home and neighbourhood: |
0 = not important |
3 = moderately important |
5 = must have |
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Large Kitchen _____ |
Family Room/Great Room _____ |
Fireplace _____ |
Master Ensuite _____ |
Walk In Closet _____ |
Finished Basement _____ |
Garage ___ (# of doors) ___ |
Close to Schools _____ |
Close to Public Transit _____ |
Close to Shopping _____ |
Quiet Street _____ |
Large Back yard _____ |
North/South View _____ |
East/West View _____ |
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Specific requirements: |
Number of Bedrooms: _____ |
Number of Bathrooms: _____ |
Style of Home: Single dwelling___ duplex___ condo___ townhouse___ acreage___ |
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The AGENT |
I can provide you with the following services:
- Act as a consultant to determine your real estate needs, help you establish what you can afford and assist you with mortgage financing. I will also advise you of costs such as legal fees, legal disbursements, closing costs and down payment options involved in the buying process.
- Identify and represent you in one of three market scenarios:
- Buyers Market
- Sellers Market
- Balanced Market
- Identify communities and homes that are most suited to you as an individual, couple or family.
- Research all MLS® listings to find the right home for you. I also have “first knowledge” of new listings as they are recorded.
- Advise you when homes are overpriced.
- Provide information on properties and accompany you as an adviser when showing suitable properties.
- Promptly present offers and negotiate on your behalf. Negotiations could involve one or numerous counter-offers.
- I will guide you through the process if there is more than one offer for the property on which you have made an offer to purchase.
- Arrange an inspection.
- Guide you through the process from offer to closing. This includes facilitating the completion of all paperwork and monitoring all closing activities.
- Keep you informed throughout the entire purchase process.
The buyer’s AGENT is paid from the seller’s commission. There is no direct cost to you. A AGENT works without pay until they find the right home for you and successfully closes an offer to purchase at a price and terms acceptable to you. |
Checklist When Hiring a AGENT |
- Do they specialize in any particular part of the market? Do they focus more on buyers or sellers market?
- Will I be in control of the process?
- How much do they know about the community that I want to buy in?
- What assurance do I have that they will service my needs? Do they have testimonials from prior clients or letters of recommendation?
- How will they keep me informed?
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Mortgage |
Get a pre-approval letter for a mortgage. Mortgage factors to consider:
- What type of mortgage is best for you?
- How much should your down payment be?
- Are you eligible for an RSP homebuyer withdrawal?
- There may be a fee for mortgage application and appraisal fee.
- Documents needed to secure a mortgage include:
- A copy of the real estate listing of the property OR for a new home, the builders plans, lot size and location.
- A copy of the offer to purchase.
- Documents confirming employment, income and source of pre-approval.
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Home Inspection (Recommended) |
By hiring a home inspector prior to purchase, you will protect one of the most important investments of your life. A home inspection will reveal the structural and mechanical soundness of your home. The report will advise you of:
- Existing and potential problem areas.
- Suggested solutions.
- Cost estimates for any work required.
Your Discover Real Estate Ltd AGENT can recommend a qualified home inspection service or arrange for an inspection to assess your new home. Inspection costs range according to size, age and location. |
Closing |
Set aside enough funds to close your deal. Closing expenses include:
- Legal fees.
- Legal disbursements.
- Tax closing adjustment.
- Utilities closing adjustment.
- Property inspection (recommended but optional).
- Deed and mortgage registration.
- Real property report.
- Land transfer or property purchase tax.
- Mortgage interest adjustment and takeover fee (if applicable).
- Utility and cable connection charges.
- Home and property insurance coverage.
- Mortgage Insurance.
- Moving Expenses.
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On closing the deal: |
- Schedule mortgage payments and property taxes.
- Secure insurance coverage.
- Transfer utilities.
- Arrange the move.
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