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Resources
Buying Information and Moving Tips
You now have a choice of representation as a buyer
You may choose to be represented as a customer or as a client and to have the agent represent your best interests and work for
you.
Determining what you can afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually
represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of
other expenses that you might be expected to pay for. These are listed in the following table:
Typical One-Time Expenses
| Initial Deposit |
When submitting offer |
$1000-$5000 |
| Mortgage Application & Appraisal Fee |
When arranging financingr |
$150-$235 |
| Home Inspection(optional) |
Acceptance of Conditional offer |
$200-$400 |
| Home and Property Insurance |
Closing and On-going |
$300-$500 |
| Legal Fees |
Closing |
Closing $400-$600 |
| Legal Disbursements |
Closing |
Closing $400-$700 |
| Mortgage Interest Adjustment (if Applicable) |
Closing |
Varied |
| Adjustments for Fuel, Taxes Etc. |
Closing |
Closing $100-$900 |
| Land Transfer Tax |
Closing |
Closing 1% of PP - $275 |
| Property Survey if not provided |
Closing |
Closing $700 & up |
| Moving Expenses |
Date of Move |
$200 & up |
| Mortgage Insurance(if Applicable) |
Closing |
Varied |
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes
and utilities. >
Understanding Market Conditions
The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer.
Jason O'Keefe of Remax Twin City Realty can provide you with current real estate market conditions and explain their impact.
Obtain a Pre-Approved Mortgage
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start
looking. You will also be protected against interest rate increases while you look for your new home.
- Competitive interest rates
- A 90-day rate guarantee
- Flexible prepayment options
See The Glossary of Real Estate Terminology for definitions.
Finalizing your Mortgage
Once you've found the home you want to purchase, there are some documents you'll probably be asked for in order to finalize
you financing. They will include:
- A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see
the architect's or builder's plans and details on lot size and location.
- A copy of the offer to purchase or the building contract, if this document has been prepared.
- Documents to confirm employment, income and source of down payment (if not provided at pre-approval).
The Major Elements of an Offer
- Price
Depending on local market conditions, your choice of representation, your opinion of value and market information provided by
Jason O'Keefe of Remax Twin City Realty, the price you offer may be different 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. Jason can advise
you on an appropriate amount.
- Terms
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 you obtaining financing" or "subject to you selling your
property".
- Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
- Closing or Possesion Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise
specified.
How to Make an Offer
When it comes time to make an offer, Jason O'Keefe of Remax Twin City Realty can provide current market information and
will assist you in drafting your offer.
Jason will communicate your offer, sometimes known as an Offer to Purchase, to the seller, or the seller's representative,
on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. can guide you through
this process.
Offer to Purchase is a legal document which specifics the terms and conditions of your offer to purchase the
home
The offer can be Firm or Conditional
Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the
home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as "subject
to home inspection" or "subject to sale of buyer's existing home". the home is not sold until all the conditions have been
met.
Acceptance of the Offer Your Offer to Purchase will be presented as soon as possible. The seller may accept the
offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any
number of variables. The offers can go back and forth until both parties have agreed, or one of you ends the negotiations.
Hire A Legal Professional
A legal professional is there to represent your interests and to process the legal documentation required.
Jason O'Keefe or Remax Twin City Realty can provide you with the names of legal professionals who specialize in real
estate.
The legal process differs from province to province. or your legal professional will advise you on the steps to be taken
before the keys to your new home are presented to you.
Have the Home Inspected (Optional)
Having the property inspected by a qualified home inspector may give you the added confidence that you've made the right
decision.
When the procedure is complete, you will likely receive a full written report plus estimated costs for any necessary
repairs.
Some Moving Tips
Once you have bought your home, can help make the move easier for your. Follow this handy checklist:
- Book the Movers:
You can choose to have your movers pack everything or just the breakables, or you can pack yourself. It is a good idea to
obtain estimates from several different companies.
- If you Own you Present Home:
Arrange to have your gas, water, and electric meters read on the day you leave and have the bills forwarded to your new
address. Have the oil tank read and filled before your sale closes, and provide a receipt to your legal professional if
required. If the water heater or furnace is rented, arrange for a transfer of the rental agreement to the Purchaser.
Disconnect your telephone, cable TV, and water softener.
- If you Rent Your Present Home:
Give necessary written notice to your landlord and make arrangements for thereturn of any money you have on deposit.
- At Your New Home:
Make arrangements for the gas and electric utilities, water softener, telephone, and cable TV to be connected on the day the
sale closes. Arrange for home insurance for the day of closing.
- General:
Get "change of address" cards from the post office and send out well before moving day.Have the post office forward your mail
to your new address.
Cancel any contracted services and pre-authorized cheques.
Inform gardening, dry cleaning, garbage pickup, newspapers, magazines, and other home services. Arrange for services at your
new address.
Cancel or transfer social, athletic, civic, religious, or business affiliations, and memberships.
Arrange for transfer of medical, dental, prescription, and optical records.
Change the address on your driver's license(s) effective the day of the move.
Collect all items out for cleaning, repair, or storage, e.g. dry cleaning.
Make special arrangements for the moving of your pets and for perishables, such as plants.
Safely dispose of all flammable
liquids as it is illegal for movers to carry them.
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