Checklist

Contact Ryan Taylor at (604) 551-0401 or ryan@ryantaylor.ca for a complimentary BUYER'S PACKAGE.

Mortgages

  • Are you pre-approved?
  • Submitted employment verification letters?
  • Submitted T-4 slips if self-employed?
  • Interest rate protected for 60 or 90 days?
  • Tallied liabilities & assets?
  • Do you need CMHC mortgage loan insurance?
  • Compared interest rates, prepayment privileges?
  • Compared payout penalties (if any)?
  • Do you want mortgage life insurance?
  • Signed a letter of commitment when you have purchased?

Down Payment

  • Are your monies readily accessible?
  • Are your monies a gift? If so, you need to provide a letter verifying this from the donor?
  • Do you qualify to use your RRSP monies?
  • New immigrants should verify down payment required.

Your REALTOR

  • Engage a REALTOR when you are serious about buying.
  • Ask friends/relatives who they would recommend.
  • Be loyal to your REALTOR. 
  • Don’t hire a REALTOR that has no time for you.
  • Engage a REALTOR that has experience and knowledge.

Deposit

  • You will need to write a cheque once you have an accepted
  • offer on a property.
  • Realize that your deposit becomes part of your down payment.
  • Check with your Realtor as to how much is required.

House Inspector

House inspectors are unregulated, unlicensed and ungoverned in more provinces. 

  • Ask you REALTOR to recommend several.
  • Check their credentials. Ask for referrals.
  • A fee will be payable immediately after inspection.
  • Does the inspector carry Errors & Omissions Insurance?

New Homes

  • GST will be payable.
  • Know about all warranties, when they expire, etc.
  • Is the home covered under the Homeowners Protection Act?

House Insurance

  • Lenders require insurance as security for their loan.
  • Tenant insurance may be required if you rent out a portion of the house.
  • Condominiums/apartments need only to be insured for contents.

Lawyers/Notaries Public

  • A fee will be charged on completion day.
  • Shop and compare pricing.
  • Ask your REALTOR to recommend several.

 Extra Costs         

  • Besides the down payment have extra monies set aside for property purchase tax, legal fees, survey, appraisal fees, etc
  • Ask your Realtor for an itemized breakdown.
  • Know the difference between a strata, leasehold, co-op, etc.
  • Know what the contingency reserve fund is before you offer on the property. If it is low ask why.

 Apartments/Townhouses

  • Know the difference between a strata, leasehold, co-op, etc.
  • Know what the contingency reserve fund is before you offer on the
     property. If it is low ask why.