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Tips on Buying

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Helpful hints when buying a home...

  1. Before you sign the Agreement of Purchase and Sale
    1. Agency: Be sure your Agent has discussed the different Agency Relationships and that you have signed the appropriate paperwork to this effect.
    2. Pre-Approval: Your agent can help you by recommending a mortgage broker if you are not already pre-approved with your bank. This way you will know exactly what you can afford and how much it is going to cost you monthly.
    3. Property: Be sure you know what you are buying. Your lawyer will ensure that you receive clear title to the property and that the property and the dwelling located on it comply with all laws, however, everything else is up to you. This includes the condition of the house and any other buildings, fences, swimming pools, etc.
    4. Inclusions: Do not assume what you see is included. If you want something you see, ask for it to be included in the Purchase Agreement. Things to watch out for which have caused problems in the past are: Bookcases, mirrors, central vacuum w/attachments, pool equipment, blinds, drapery hardware, light fixtures, ceiling fans/lights.
    5. Appliances: Be cautious when you are purchasing appliances from the seller. Recording the make, model and serial numbers can help protect you from sellers who either take the appliances or switch them with ones that are of less valuable.
    6. Home Inspections: It is recommended that you engage a qualified home inspector who can help you assess the condition of the house, such as the roof, the chimney, the foundation, and the heating system. Knowing more about your future home means more confidence in your purchase decision and greater peace of mind.
    7. SPIS: Never forget the fact in most Canadian provinces, the seller has NO obligation to tell you about any defects in the house including leaky roofs or flooding basements. It is up to you to "sniff" things out. Always be sure to ask for a SPIS - Seller Property Information Statement in your offer.
  2. New Home OwnersAfter you sign agreement of Purchase and Sale
    1. Bank: Contact the local branch of the bank or mortgage broker to be sure your mortgage commitment is complete. Give your lawyer's name to the bank.
    2. Lawyer: Contact your lawyer for a preliminary interview and for a final appointment a couple days before closing. Your real estate agent will forward a copy of the agreement of purchase and sale to your lawyer.
    3. Utilities: Arrange for utility accounts to be transferred into your name. The seller will get the meters read (gas, hydro, etc.) for closing day and will arrange to have the fuel tank filled, if the house is oil heated. You will be responsible for paying the seller for this tank of oil (approximate cost $800.00).
    4. Insurance: Arrange for home insurance to be effective as of the day of closing.
    5. Closing: Attend at your lawyer's for final appointment to sign documents and provide closing costs. This is a combination of your down payment, adjustments and the disbursements made by your lawyer. Your bank/mortgagee will forward the mortgage funds to your lawyer.
  3. Closing Day
    Generally, you are not entitled to receive the key to or possession of your new home until the lawyers have closed the transaction. The closing may take place any time during the day and your lawyer cannot always tell you when the closing will be. He/She is not in total control of when it closes and is at the mercy of the seller's lawyer and your bank/mortgagee, to a certain extent. Please book the moving truck for the day after closing.