Heather James

Purchase Process

Purchasing a home can be an overwhelming process. I will help with everything from acquiring financing, to finding the right home, to ensuring a smooth closing, and beyond.

Since purchasing a home is likely the largest purchase you will make in your life, your I will help you enlist the services of trusted professionals such as a home inspector, a mortgage professional, a lawyer, and an insurance broker, to lead you through each step of this process. I also know a great transition team, tried and tested contractors, and excellent movers!

But first I need to know if you are serious or just "thinking about it". Either way I am happy to work with you - and especially happy to be interviewed by you - but I will ask you to sign a legally binding form: The Buyers Representative Agreement, so that I am paid when you buy your home.

As a Buyer you have the option of paying me directly for my services (and these fees are - by law - negotiable) or having me ask the Sellers to pay. If the Seller has signed a Listing Agreement with the MLS Realtors, the Seller has already agreed to pay (*warning - it might only be $1 so you may be asked to supply the rest). The Buyer Representative Agreement will clearly state this. Because the Buyer Rep. Agreement is a contract between my Brokerage and you it will also have several other items that we need to fill in together: the time limit (usually a 90 day to one year contract depending on the type of purchase); the holdover clause (usually 100 or 365 days); identification of contact numbers; and the type of property you are looking for and the area. There is LOTS of standardized fine print (from the Ontario Real Estate Association) and I would be happy to explain all of it to you. With this Agreement signed, I am legally bound to protect your best interests in your real estate search. DO NOT SIGN MORE THAN ONE OF THESE AT A TIME! If we don't wish to work together further, my Broker of Record will cancel the agreement and you are free to sign with another Realtor.

You must,  by law,have signed a Buyer Representative Agreement or a Customer Service Agreement along with the (purple) pamphlet "Working With A Realtor" PRIOR to any offer being presented. You do not need to sign one prior to working with a Realtor or looking at houses, but like the star sports figures, if you are signed with an agent, you know that you will be well looked after! Busy, professional Realtors do insist on you signing the Buyer Rep Agreement prior to investing hours with you - to ensure that i have the time to provide the elite level of service to my clients.

Mortgage Professional or Lender Representative

You can acquire mortgage financing through a variety of institutions including banks, trust companies and credit unions. It makes sense to research different lenders because terms and options will vary. Your friends, family and I can provide a reference for a reputable mortgage provider. I suggest you start with your Bank and obtain a pre-approval and specific details of the best mortgage you can get.

Lawyer

You need a lawyer or a notary to protect your legal interests such as ensuring the property you are buying does not have any building or statutory liens, or charges, work or clean-up orders associated with it. Your lawyer will review all contracts especially the Offer (or Agreement) to Purchase. Having a lawyer/notary involved in the process will give you peace of mind and ensure that things go as smoothly as possible. They will also explain in detail Title Insurance - continued protection for your property, and obtain that for you. Most lawyers handle the "closing of the transaction" or "closing" to ensure smooth and fair transition of the keys and the deed for the money. Usually you would meet with your lawyer, after a firm deal has been made, sign the appropriate paperwork and ask all the questions you need to - usually within a week or two of the "closing date". At that time your lawyer can provide you with a fairly accurate amount of the money you will require to complete your side of the closing. From that point the mortgage lender will ensure that paperwork and cheques are available to your lawyer for the closing date as well.  You will return to your lawyer's office a day or two prior to closing to hand over the monies (the mortgage cheque if the lender has provided it to you), any land transfer fees, taxes, and extra deposits as outlined in the Agreement of Purchase and Sale, or by your lawyer previously.

On the day of closing the Lawyers for the two sides (buy, sell) exchange keys and deeds (and garage door openers, etc) for the money promised. When your lawyer receives the keys for your new home you will receive a call and can collect them and cross the threshold of your new home - and take possession! Congratulations! 

Home Inspector

We will discuss you having the home inspected, whether it's a resale or a brand new home, by a knowledgeable and professional inspector. Ask me for references.

The home inspector's role is hired by you and with inform you about the property's structural- and systems' condition. The home inspector will tell you if something is not functioning properly, needs to be changed or is unsafe. You will also be informed of repairs that need to be made and, quite often, made aware of past problems. There is a charge for this service, and well worth all the information you will learn. Think of this experience as "Everything you always wanted to know about your home." The book you will be provided with will be a reference manual for your life with that home.

We will discuss strategy of WHEN to use this service - it can be done prior to writing an offer, as a condition of the offer, or just for your own personal use. There are advantages and disadvantages to each step.

Insurance Broker

An insurance broker can help you with your insurance needs, including property insurance. Lenders insist on property insurance because your property is their security for your loan. Property insurance covers the replacement cost of your home, so premiums will vary depending on the home's value. Many Insurance Brokers appreciate the information that I am able to provide to them to ensure appropriate insurance.

ALL of these professionals will work for you to make sure that the home you end up with is the home you think you are buying - and it will be yours for as long as you want to own it. Please give me a call and ask if you have questions about any of these services.