The Key to Home Buying with LOCAL Real Estate by LOCAL Real Estate

the key to

HOME BUYING

We are Lifestyle Specialists...

at LOCAL Real Estate we like to think of ourselves as Lifestyle Specialists... WE START with your wish list (but keep an open mind, we may find other opportunities for property types or locations that you may not have thought of...) WE are in 100’s of homes & often “discover” other “perfect homes” for clients as just part of the way we do business.. WE DETERMINE if the home is locationally challenged before viewing... saving you precious time in your property search.

Benefits of using a REALTOR®

A SEASONED REALTORÂŽ will research the following, to ensure you are well informed about the property you are considering What is the potential re-sale value in 1-10 years? What are the demographics of the area? What is the selling history of the property? Has it had trouble selling in the past? What was the Last Sold Price? How long has the property been on the market? Knowing how much capital in a home can help determine how much room to move the seller has. Spotting potential issues with Title.

whoâ&#x20AC;&#x2122;s working for you?

When recommending types of representation options available to a Buyer, the Agent must recommend what is best for the buyer... There are 2 types of services that can be offered to you by a Real Estate agent when purchasing a home. One is to represent you as a Customer, and the other is to represent you as a Client.

A Customer is offered: • Fairness • Honesty • Disclosure of property condition • Good service A Client is represented by the agent and is offered: • Loyalty • Property History • Confidentiality • Title • Full Disclosure • Comparable Properties • Obedience • Resale Knowledge • Accountability • Referrals to build your team • Good Service • Industry Knowledge of the Community

why use a service agreement?

A written service agreement called a Buyer Representation Agreement establishes Buyer Agency, it allows a REALTOR to represent you in a Real Estate Transaction It explains the services the company provides, establishes a fee arrangement for the REALTOR®’s services and specifies who pays the fee agreement and outlines what obligations a buyer may have. Confidential information that the buyer shares with the agent must remain confidential.

What does it cost as a buyer to use an agent? The compensation that a sales agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship. This makes using a Buyer Agent, essentially, a free service.

BUYERS MYTH “Lets call the listing Agent because we will get a better deal...” Remember that the listing agent is a working in the SELLERS best interest

The Listing agent can not advise you on Price, how do you know what a good deal is if you are not familiar with the comparables sold in the neighborhood.

That is what a Buyers Agent is for...

build your home buying team

choose a LENDER This is the very first step when buying a home and this will let you know what you can afford. Contact your bank or mortgage broker to get a pre-approval letter as well as a guaranteed interest rate (90 day rate hold). Reasons to be Pre-Qualified Know what you can afford Know in advance what your monthly Payments will be Find the best loan for you without being under pressure Sellers take you more seriously - makes your offer more attractive! They will secure an interest rate, for up to 90 Days!

choose a PROPERTY Inspector To ensure you know the condition of a property you are interested in, we highly recommend the services of a professional home inspector.Â

choose a LAWYER There is a ton of paperwork when buying a home! It is important to have someone working for you who can help you understand all the legal jargon... and protect your best interests! Check title of the property - proof of ownership & liens against the property to ensure clear title Check taxes owing on the property before transfer of ownership Calculate adjustments that may need to be paid back to the seller Advise on Real Property Reports vs Title Insurance, Condo Docs, and other property related documents

all access pass to the MLS

You are ready to get your property search started! Your LOCAL REALTOR® will set you up with an auto-search getting you and your REALTOR® familiar with what you are looking for. It is in this process that you will determine your wants from needs. New listings that match your property search will be emailed to you just as quickly as it goes to the REALTOR!

Set up a timeline for viewing properties with your REALTOR®.

Can my agent give me information regarding properties from other companies? Yes, We have access to all MLS listed properties. How can I find out about new properties? Your agent should be able to accommodate your particular situation whether it be via e-mail, phone calls etc. Clients with email capability can receive automatic updates from the MLS system as soon as new listings are entered.

prepare your offer

OFFER When putting an offer on a property, always include conditions of finance and home inspection. In the case of a Condo - add a Review of Condo Docs Condition. Be sure to give to your REALTORÂŽ your lawyer and mortgage broker/ lender contact info. We will send all purchase documents direct to them when your offer is accepted. (If you donâ&#x20AC;&#x2122;t have a lawyer - ask us for a list of real estate lawyers)

ACCEPTANCE (pending period) Once offer is accepted, initial deposit cheque is deposited into the Listing brokerage trust account, and will be applied toward your down payment You will have 5 - 10 days to satisfy conditions Lender will review offer, arrange for funds and an Appraisal Schedule home inspection, if an older home, have the sewage line tested. Finalize finances with bank If all conditions meet your satisfaction it will be time to sign a waiver stating conditions are satisfied... There may be an additional deposit due at this time.

SOLD! The Property is now considered SOLD! Our office will convey purchase documents directly to the Sellers brokerage and your mortgage broker. Your Lawyer deals with all legal matters including transfer of title, and ensures that money is transferred to the Sellers Lawyer. You will meet with your Lawyer to sign papers approximately 2 weeks before possession. You will be asked to bring in the balance of your downpayment as your cash to close at this time.

Frequently asked questions...

Who holds the deposit cheque when I make an offer to purchase? Typically the seller’s brokerage (real estate company) holds the deposit ‘in trust’ for both you and the seller. What is the minimum deposit? This is negotiable. Discuss with your REALTOR® the implications of various options regarding the size of deposit that will best assist you in your negotiations with the seller. What’s the difference between chattels and fixtures? Chattels are unattached goods that go with the seller; fixtures are attached goods that stay with the property. Any chattels that you want included must be written into the purchase contract and agreed to by the seller. Who does the appraiser work for? The appraiser works for whomever contracts for his services. If you are taking out a mortgage and the lender orders an appraisal, the appraiser works for the lender. Who pays the appraiser? The appraiser is paid by whomever contracts for his services. If that was the lender, the lender may pass on those charges to you. Do I have to pay GST when I buy a home? Not on private previously-owned primary residential property. All other types, please contact Revenue Canada. Note: there will be no GST on any goods and services that you buy or employ in relation to your purchase. The Seller does pay GST on Commissions. Do I have to have an inspection? No. The decision to have an inspection is up to you. Discuss the advantages and disadvantages with your REALTOR® prior to making your decision. Can I withdraw my offer before it is accepted? In most cases, YES. Check with your REALTOR® or lawyer regarding the specifics of your offer. Can I withdraw my offer after it is Accepted or Conditions are Removed? In most cases, NO. Check with your REALTOR® or lawyer regarding the specifics of your contract.

moving day

Reserve a moving company/truck and, if it is a condo purchase: reserve the elevator with the Management Company Arrange for Property insurance. Arrange for utilities hook up. Notify the post office of your change in address. Key Release keys are usually release between 12 (Noon) - 2pm on your possession day by your REALTORÂŽ

enjoy your new pad!