Page 6 WEDNESDAY, MAY 25, 2011 hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living. A REALTORŽ can help you analyze all of these buying issues. A REALTORŽ working as a buyer’s agent works to find the connection between homes available in the market and the needs and financial capacity of buyers. Talk to and compare the services of REALTORSŽ to help you navigate through this complicated business transaction. Be comfortable and confident with the REALTORŽ you are selecting as your business partner. As your agent, the REALTORŽ owes you the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your REALTORŽ. In most provinces, if a REALTORŽ is showing you homes,
YOUR GUIDE TO AREA HOMES offers to the seller’s attention. After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.
they are automatically deemed to legally be your agent, and owe you all of the associated obligations. A REALTORÂŽ will use various tools to try and find properties that meet your specifications including the MLSÂŽ service. One of the important search tools will be the local MLSÂŽ system. By sitting down at a computer the REALTORÂŽ can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLSÂŽ system. You can also view listings posted to the national REALTOR. ca web site.
and, s A HIGH RATIO MORTgage insurance premium. s AN INTEREST ADJUSTment. Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there WILL BE NO ADJUSTMENT However, if your closing date is July and you move in on June 15, those last 15 days are the interest ADJUSTMENT PERIOD 9OUR o matter what type lender will expect you to of home or prop- cover the cost of the inerty you’re buy- terest during that time. ing, plan on some extra You’ll also have to reexpenses. In some prov- imburse the seller for the inces, you may have to unused portion of any pay a land transfer tax (a prepaid property taxes or sales tax on property). utility bills. As well, you must also pay any legal You may also have to fees, and, if applicable, pay: any REALTORŽ fees. Be s A MORTGAGE "ROKER S prepared to furnish proof fee: to your lender that you s AN APPRAISAL FEE have insured your new s SURVEYING COSTS IF house as well. the seller couldn’t come Before the property UP WITH A CURRENT SURVEY can formally change
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You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller’s agent is bound by law to bring all
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hands, there are still a few things to do. On or before closing day, your lawyer and the seller’s lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer’s trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal
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