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Leading You To Your Next Home
It is important to recognize your needs in order to tailor them to your budget. I will discuss your finances and financial options, your deposit and downpayment and suggest that you meet with a personal banker or shop the financial market. Being 'pre-qualified' for a mortgage can often give you a competitive edge when making an offer.
We will review the Agreement of Purchase and Sale to answer any questions at the beginning of our relationship, when you are not under pressure. I use a variety of avenues to locate suitable properties according to your requirements, such as the M.L.S. system, advertising media, personal canvassing and networking. Once I have identified a potential property, I personally preview it to gauge its suitability. This avoids wasting your time looking at inappropriate choices. You will be provided with market 'Sold' statistics as a guide to evaluating current market values.
When Its Time To Make An Offer
When we have found a property, I will advise you on pricing and negotiating strategies. There are various conditions that will protect you in making this very important decision. I do recommend that as a condition of purchase, you engage the services of a qualified home inspector to check out the chosen property. This prevents costly surprises and helps you to budget for future expenditures on your home.
A legally binding offer will be drawn up which reflects your wishes and protects your interests. I will take this offer to the vendor and his agent (days, evenings or weekends) and negotiate the best possible fair deal for you with the vendor and his agent while acting as mediator in areas of potential dispute.
After the offer is accepted, I will deliver all documents to your lawyer and assist you with all of the details required to successfully complete the transaction. We will then visit the property together before closing.
The Multiple Listing Service (M.L.S.)
Most of realtors in the area belong to the Hamilton-Burlington & District Real Estate Board which covers a large area in and around the Golden Horseshoe. When a property is up for sale and it is processed through the Board's computer system, all members of the Board have the opportunity to sell the listing. This means that an agent can sell any of the listings on MLS, including your own.
Fees Associated With Home Buying
The largest fee is of course the Purchase Price of the home or property. It is composed of the downpayment + mortgage financing. The downpayment is the total amount of money saved to invest, a minimum of 5% of the purchase price for first time buyers as well as many move up buyers will be required. The deposit is deducted from your downpayment and is cashed at the time an offer is accepted. It is held in trust until closing and forms part of the purchase price. Deposits of $5,000 or more may earn interest for the Purchaser.
Land Transfer Tax
The land transfer tax is a percentage of the purchase price calculated as below:
0.5% up to $55,000 1.5% $250,000 to $400,000
1% $55,000 to $250,000 2% $400,000 plus
Paid by purchaser through his lawyer
This is generally a fee per transaction (fees will vary from one lawyer to another). In addition, a recent survey may be required by the lawyer or the new first mortgagee. The approximate fee for a recent survey is $650-$800.
There will also be miscellaneous charges for disbursements and adjustments by the lawyer in the course of handling your home purchase. These include certificates, searches, deed registrations, copies and postage. Other adjustments for taxes, fuel or mortgage holdbacks may also arise. You may also be responsible for the following:
Water meter installation
Fire & Public Liability Insurance Premiums (required prior to receipt of mortgage funds)
Banking Costs - fees and applications
Movers, appliances, window coverings, and utility hookups
Please see the section on Mortgage Information to learn about different types of mortgages.