Buying A New Home – A Quick Guide
Since buying a home is most likely the biggest investment a person will ever make, one will certainly want a team of specialists working with them throughout the process.
The Real Estate Lawyer
When purchasing a home, you require a real estate lawyer to take care of your legal interests. It is vital to make sure that the property you are considering to purchase is protected by a suitable Title Insurance policy. Title Insurance will protect you in the event that there are any building or statuary liens, charges, work or cleanup orders that aren’t discovered before closing. The lawyer will review every contract before you sign them, particularly the Offer (or Agreement) to Purchase. Having a real estate lawyer involved in the process from the beginning will provide you with peace of mind and make sure that things go as effortlessly as possible.
Keep in mind that a real estate lawyer:
- Should be local and understand real estate laws, regulations, and limitations.
- Should be a certified full-time lawyer and a member in good standing of the Law Society of Upper Canada.
- Should specialise in Real Estate Law.
- Should be experienced with condominiums (if you are buying a condominium).
- Should be capable and willing to explain things in simple language.
- Should have reasonable and acceptable fees.
The Real Estate Agent
No person will play a more essential role in helping you stumble on a home than your real estate agent. The real estate agent is supposed to perform the following tasks:
- To provide you with essential information regarding the community, help you arrange and coordinate a home inspection, and essentially save you time, money, and hassles.
- To negotiate on your behalf to help you get you the most favorable deal with purchasing a home.
- To write an Offer of Purchase.
- To help you come across an ideal home.
When the time comes to decide on a real estate agent, do not be scared to ask questions, particularly regarding any possible service charges. Vendors usually pay a commission to the agent but a few agents charge purchasers a fee for their services.
The Lender or Mortgage Broker
If you have not already gone through the mortgage pre-qualification process, you will need to find a good lender to assist you during the buying process and for as long as you have the mortgage. Keep in mind that several different institutions lend money for mortgages, such as credit unions, insurance companies, pension funds, trust companies, banks, and finance companies. It is a good idea to shop around and speak with more than just a single lender because terms and options may differ.
A few people find it helpful to use a mortgage broker. Mortgage brokers are generally independent of any particular lending institution. Normally they are paid a commission by the lenders they use. Their role is to hit upon a lender with the terms and rates that will best suit the purchaser.
Assistance By The Real Estate Professionals – Suma Law
Dealing with the paperwork while buying a new home can be a little intricate, and therefore you need professional assistance. To get in touch with an experienced and professional real estate lawyer who will help you understand all aspects of purchasing a new home, Suma Law is there for you. Feel free to contact us at +1 905 461 9860 for more details.
