Royal LePage Logo

FAQ's

Buying a home can be one of the most powerful financial decisions you will make, and it is important to be realistic - as well as prepared - when making that home buying decision. Working with a Realtor can become essential in avoiding costly mistakes or disappointments when buying a home.

Your Realtor can be your best guide in the home buying process. Dan Fraser will walk you through every step and ensure that you have all the information you need to make an educated decision when you are buying a home. Here is a quick overview of what you should expect ...

What - Where - How?

Do you want a condo? House? Your dream hobby farm? Dan will go over your needs and requirements with you and assist you in determining what you can afford. He will explain your financing choices, required down payment, and if you don't have a mortgage broker, will refer you to top professionals to assist you. He will help you pin down the right neighborhood for you and your family, keeping in mind your requirements for schools, commuting, amenities and quality of life.

What's out there?

The market place offers a wide selection of different types of homes to home buyers, in different areas and neighborhoods. You need to make a choice that fits your family's lifestyle. With the MLS system, Dan can keep you informed of new properties as they come on the market. There is nothing more frustrating than to find out that the perfect home for you came on the market and sold before you even heard about it.

Touring properties

Touring homes can be an exhausting and confusing experience for a home buyer. Dan takes the time to ensure that you see each property at a pace comfortable to you and provides you with a comprehensive tour list so that you can keep notes on each property. This way, at the end of the day, you can overview the homes you toured and narrow down your search, until you find the right home for you!

Making an offer

You have found your dream home. Now comes the exciting - and nerve wracking - process of making an offer. In the offer, you are:

  • Saying how much you are willing to pay for the home
  • Suggesting dates to complete the sale and for move-in day
  • Making the offer dependent on certain conditions
  • Stating how long the offer is open for
  • Requesting items to be included in the sale
  • Presenting a deposit

The Sellers can either accept the offer, reject the offer or make a counter offer of their own. After the offer is accepted, and all conditions are met, the offer then comes firm and binding.

Some common conditions are:

  • Subject to arranging financing
  • Subject to a home inspection
  • Subject to approving of a Property Condition Disclosure Statement

Dan will go over the various types of conditions with you and advise you as to how best protect yourself in the home buying process.

Dan will keep you informed every step of the way, advise you of various professionals you may need (i.e. - home inspectors) and ensure that the entire process is handled with as much ease for you as possible.

Costs

You should plan on having a few extra expenses. Some common costs associated with buying a home include:

  • Property Transfer Tax (and GST on some types of properties)
  • Legal Fees
  • Appraisal Fees
  • Inspection Costs
  • Insurance

Closing

Before the house can change hands, a few things need to occur:

  • Your lawyer and the Seller's lawyer will arrange to transfer the title to your name
  • The mortgage money will be transferred to your lawyers trust account, and then to the seller
  • Your lawyer will give you a Statement of Adjustments, which will adjust for prepaid or unpaid taxes, interest adjustments, and will show any taxes and additional expenses.

This usually takes place a few days prior to you getting actual possession of the house and is called the "Closing Date".

Then the day you have been waiting for finally comes and Dan can hand you the keys to your new home. "Welcome Home!"