Buying Page 2

Buying "Page 2"

There are other things to look at as well. If you don't have time or don't feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.

Once you find the house you want to make your home, work with a Realtor to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:

- Getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
the seller providing a current survey, or a "real property report," showing the location of the house on the property owned by the seller and that there are no encroachments;

- The seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;

- If you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer;

- Any inclusions - basically, what stays and what goes.
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 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.

No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property).

You may also have to pay:

- A mortgage Broker's fee:
- An appraisal fee;
- Surveying costs (if the seller couldn't come up with a current survey); and,
- A high-ratio mortgage insurance premium.
- An interest adjustment.

Buying "Page 3"

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