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Home Buying Advice from CMHC
Protect yourself with a team of real estate professionals.
Buying a home is one of the biggest decisions you'll ever make. So when it comes time to signing on the dotted line, make sure you don't make decision alone. To help you put together the right team of professionals, Canada Mortgage and Housing Corporation (CMHC) offers the following list of experts and what they should bring to the table:
Real estate agent.
Among other services, your real estate agent will help you find a home, write an Offer of Purchase, negotiate a purchase on your behalf and save you a considerable amount of time, trouble and headaches. When choosing the agent you want to work with, don't be afraid to ask questions or interview several before selecting the one that seems right for you.
Lender or mortgage broker
Many different institutions lend money for mortgages, including banks, trust companies, credit unions, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. Many Canadians choose to work with a mortgage broker because mortgage brokers don't work for any specific lending institution, they can often help you find a mortgage with terms and rates that will suit your needs.
Lawyer
A lawyer will help protect your legal interests by ensuring the property is clear of liens, charges or clean-up orders and will review all contracts before you sign them and your Offer (or Agreement) to Purchase. Make sure your lawyer is a real estate professional who understands the local laws and regulations, has reasonable fees and can explain things to you in plain language.
Home inspector
When considering purchasing a home, you should hire a knowledgeable and professional home inspector. He or she will be able to tell you if something in the home is not functioning properly, what repairs need to be done and whether there may have been any problems in the past.
Insurance broker
An insurance broker will help you with property and mortgage life insurance. Your lender can also help you with mortgage life insurance.
Appraiser
An appraiser will assess your property's worth and help protect you from paying too much.
Land surveyor
You may need the services of a land surveyor if the seller does not have a current Survey or Certificate of Location.
CMHC is Canada's national housing agency and a source of objective, reliable housing expertise. See articles about buying a home on the CMHC website »
February 14, 2008 in Buying Toronto Real Estate | Permalink
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Comments
Thanks for the list. I know that it can be difficult to remember what experts you should contact during the stressful period of home buying. Your list will certainly come in handy.
Posted by: InsuranceGirl | Feb 27, 2008 1:36:26 PM
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