Buyer Guide

Buying a home can be both exciting and sometimes overwhelming.
This guide outlines the steps that will help make your search a successful one.

Determine What You Can Afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which typically represents between 5 – 25% of the total price of the property. In addition to the actual purchase price, there are a number of other one-time expenses outlined in this document that you might be expected to pay for.

Obtain a Pre-Approved Mortage
A pre-approved mortgage protects you against interest rate increases while you look for your new home.
I work with and Mortgage Specialist and together we will help you find the right home and select the best financing.
Once you’ve found the home you want to purchase you’ll require the following in order to confirm financing:

  1. A copy of the real estate listing of the property.
  2. A copy of the offer to purchase or the building contract.
  3. Documents to confirm employment, income and source of pre-approval.

Typical One-Time Expenses

  • Mortgage Application At time of application & Appraisal Fee (if applicable)
  • Property Inspection (optional) At inspection
  • Legal Fees Closing
  • Legal Disbursements Closing
  • Property Survey (sometimes provided by seller) Closing
  • Land Transfer, Deed Tax or Property Purchase Tax Closing (in Quebec within 3 months following signing)
  • Mortgage Interest Adjustment Closing & Take Over Fee (if applicable)
  • Adjustments for Utilities, Property Taxes, etc. Closing
  • Mortgage Insurance Closing (and Application Fee if applicable)
  • Home and Property Insurance Closing & ongoing Monthly Expenses
  • Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property tax

Monthly Expenses
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

The Major Elements of an Offer

Price
Depending on local market conditions, your opinion of value, and marketing information that I will provide you with, the price you offer may differ from the seller’s asking price.

Deposit
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. I will advise you on an appropriate amount.

Terms
This includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.

Conditions
These might include “subject to home inspection”, “subject to buyer obtaining financing” or “subject to buyer selling their property”.

Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise stated (here in Quebec).