Checklist
Contact Ryan Taylor at (604) 551-0401 or [email protected] 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.