Buying a home takes an entire team of people and you want the best representation in all real estate matters. Finding the right people to work with takes time and you can start building that team right now even before you begin scrolling through the internet for your perfect home, or before contacting a Realtor to help with that search.
FINANCIAL ADVISORS & INSTITUTIONS
Making sure your finances are in order and being pre-approved for a mortgage makes sense. When making an offer on a home, it’s good to go in strong. Real estate negotiations are stressful enough without the added worry of finding financing under the deadline of an offer.
Speak with your financial advisor, and shop around for the best mortgage for you. With the new stress test requirements, it can be more challenging to be approved for a mortgage, but knowing exactly what you’re able to afford ahead of time reduces a lot of the guesswork and worry.
Often, the best route might be meeting with a mortgage broker to help you hunt down the right financing for your situation.
LAWYERS & NOTARIES
When it comes to real estate transactions, notaries can provide the same conveyancing services as a lawyer, but cannot represent you if a legal issue should arise requiring attendance in court.
A notary or lawyer will take care of the paperwork, ensure funds are calculated and deposited on time, and that title to the property is transferred. Their job is to explain the process to you and make sure you understand the sometimes complex wording of contracts.
When searching for a notary or lawyer to oversee the paperwork to complete the purchase of your home, consider the following:
- Location – you want it to be convenient to meet with them and sign paperwork.
- Recommendations – who do your friends and family recommend?
- Cost – ask what fees you can expect to pay.
- Choose someone whom you’d like to have represent you in any other matters that may arise in the future.
Most Contracts of Purchase and Sale include a subject to inspection clause. When searching for a home inspector, get at least 3 quotes, ask if they are insured and bonded, inquire about their past experience in the industry, and request customer recommendations. You are going to spend a few hundred dollars on an inspection, and the decision to purchase the property could hinge on the findings, so make sure the inspector you choose is highly qualified.
It is very important that you have an inspection on the property you wish to buy so you are assured of any defects or problems that may affect the enjoyment of your home. Your Realtor can advise you if anything that is found during an inspection causes you concern and could be used to negotiate a lower price for the property.
Create a list of questions and make sure you or your realtor can be present during the inspection.