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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