Realtor
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.
The realtor:
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.
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Lawyer
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.
The
lawyer:
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:
Compliance Letter acknowledging that no outstanding liens (legal
claims) or work orders are in effect
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).
Coordinates closing of the
purchase transaction with the lawyer(s) for
the seller of the property.
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Mortgage Lender
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 an INVIS Mortgage Consultant 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.
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Appraiser
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.
The appraiser:
Provides the lender an accredited opinion about the market value
of the property (to be) purchased, which can be compared to the
purchase amount.
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Home Inspector
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:
Identifies the soundness of the structure and any improvements
that have been made.
Notes any specific deficiencies
and their impact on the value of the property.
Estimates
the cost to correct any identified deficiencies.
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Builder's Representative
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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