Purchasing a home requires more than just the buyer and seller. You' ll also require the services of a variety of home-related professionals and I can help you find many of the right ones.
Here are the key players in your purchase and the roles they play:
The role of the mortgage broker has changed over the years. In the 1980s, brokers used to charge fees for mortgages. Since the early 1990s, the use of mortgage brokers has gained popularity mainly because several new lenders have entered the mortgage lending market in Canada. These lenders don't have branch networks to get new business. Instead they rely solely on mortgage brokers. No branch networks mean less overhead costs for salaries and bricks and mortar buildings. The cost savings allow them to pay brokers a commission for the mortgage and provide lower interest rates to the client.
The Canadian mortgage market appears to be following in the footsteps of the American market. In the U.S. over 70% of consumers use a mortgage broker to get their mortgage. Why? Because brokers…
- help you every step of the way
- give you efficient and highly personalized service
- counsel you on credit and mortgage qualifications
- get you the most competitive rates
- provide maximum flexibility in financing choices
- help you with your home purchase, mortgage renewal or refinancing
- find you suitable realtors, insurance agents, or any other home-related professional that you may require.
All the help you need, for FREE*!
*Our service is free because it's the selected lender who pays us, not you. A brokerage fee only applies if you don't qualify under normal lending guidelines.
Finding a home to purchase is a big job and a realtor can make it a lot easier by doing a good deal of the looking for you.
The role of the realtor is to screen available properties, identify those that most closely meet your requirements and arrange to view them with you. Ideally, your realtor is more than a sales agent. He or she should serve as a resource person who can provide valuable advice and help you make an informed purchase decision.
- Is a certified real estate agent who keeps tabs on the latest properties by tracking the Multiple Listing Service (MLS) and other sources.
- May also be acting as agent for the seller when the property is an MLS listing. However, if you have already engaged the realtor as your agent, then he or she will act specifically and contractually in your best interest. This is known as Buyer's Agency.
- Negotiates terms and conditions of your purchase with the seller's agent or with the seller directly (if a private seller or their own listing).
- Realtor's commission is paid by seller out of proceeds of the sale. Usually it is split between the buyer's agent and seller's agent, if both agents are involved.Arranges to get information for you, or for certain conditions to be fulfilled, as agreed with you - i.e. survey, appraisal (for mortgage purposes), and a home inspection report.
Your lawyer makes sure that the property you purchase is legally yours and comes with no strings attached.
When you buy property you are not just buying the land and building, you are also buying the legal rights of ownership so you need to be certain that no other party has a claim to them. Your lawyer will confirm that there are no legal obstacles to your purchase and help it proceed smoothly.
- Conducts a title search to ensure that the seller is the true owner of the property, makes sure that the current or proposed occupancy usage conforms to local by-laws.
- Obtains all necessary documentation including, a compliance letter acknowledging that no outstanding liens (legal claims) or work orders are in effect and a Tax Department release verifying that property taxes are up to date.
- Handles the transfer of ownership from seller to buyer and the registration of the mortgage on title.
- Ensures arrangements are in place for funds to be available for closing.
- Coordinates with lenders the setup of legal documents for any mortgage security.
- Ensures that all mortgage terms and conditions are met, and that title is clear in order to make undertakings to lender(s). May obtain title insurance on your behalf if there is any issue surrounding title that may cause a claim or work order of some kind in the future.
- Arranges with you the signing of legal documents and submission of remaining funds not provided by the Mortgage Lender(s).
The financial backer in your real estate venture.
In today's mortgage market it pays to shop around because there are many lenders and different financing options available. Save yourself the time and trouble. Sit back and let me find a lender who will give you the best rate for the best product to suit your needs. As the party providing the funding, the lender will want to be sure that you are a worthy credit risk and that the mortgage you are requesting corresponds to the value of the property you intend to purchase.
The mortgage lender:
- Sets out the legally stipulated lending criteria that you need to meet to qualify for a loan.
- Appraisers assess property value for the lender.
When you purchase a property it's important for the lender to be satisfied that the price reflects the property' s true market value. An appraiser is an officially accredited valuator who is hired to conduct an inspection of the property for the lender to assess and certify its value.
- Provides the lender an accredited opinion about the market value of the property (to be) purchased, which can be compared to the purchase amount.
The Home Inspector acts as your extra pair of eyes, able to see things about a property that may not be visible to you.
If you are buying a resale home, it's always advisable to have it checked by a Home Inspector as a condition of purchase. This individual (not requiring provincial licensing in most cases) will inspect the property for major deficiencies, which may not always be apparent. The results are presented in a written Home Inspection Report.
The Home Inspector:
- Notes any specific deficiencies and their impact on the value of the property.
- Estimates the cost to correct any identified deficiencies.
- Identifies the soundness of the structure and any improvements that have been made
Your information resource when you buy a newly constructed home.
Should you decide to purchase a newly constructed home from a Builder, then you will probably deal with a builder's representative who arranges the sale of new homes to the buying public.
The builder's representative:
- Provides information to buyers on house models, lots, costs of purchasing, municipal procedures and requirements, New Home Warranty programs, and all other related features of the property.
Note: Although Builder's Representatives are governed by regular consumer law, their duty is to the builder and they are in fact the Seller's Agent.
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