Advice to Buyers

"When buying a property, you want to pay the lowest price possible with the best possible terms."

Click on the "Buyer's Form" at right to send us your details.

Q. Should I buy before selling?

Only if you can afford it.  If you buy before selling, just make sure that you have the financial means to support both homes. Speak to your financial institution first; you may be eligible for a bridge loan if the sale of your property is not yet finalized before you take possession of your new home.

Q. What are the costs related to purchasing?

Looking at a previously-enjoyed home?  The good news is that there is no provincial sales tax on resale properties. However, sales tax does apply to new properties, both houses and condominiums.

Here are some other fees to budget for/take into account:

Building inspection $500 + taxes (approx.)

Notary: Signing deed of sale $1,200 + taxes (approx.)

Moving (depends on who you hire, how much furniture you have, and how far you're moving - ask several movers for estimates)

Transfer tax > Click here to calculate your transfer tax

Q. What steps should I take when buying a property?

1) Meet with a mortgage broker to reserve a mortgage rate and obtain pre-approval for the maximum amount the financial institution is willing to lend you.

> Click here to calculate your mortgage rate

> Click here for a list of mortgage brokers

2) Determine the area that interests you as well as your search criteria.

Once you have located the ideal property or properties, click on the "Buyer's Form" at right to send us your details.

3) Fill out a promise to purchase.

4) The promise to purchase is presented to the vendor (existing home-owner) by the agent representing you.

5) The parties negotiate through their respective real estate agents until an agreement is reached.

6) The buyer hires a building inspector.

> Click here for a list of building inspectors

7) If the property is a condominium, the purchaser must review the following documents: declaration of co-ownership, financial statements, co-op budget and recent condominium committee meeting minutes.

8) The agent will send the accepted promise to purchase with all annexes to the buyer's financial institution for final approval.

> Click here for a list of mortgage brokers

9) Buyers must now choose a notary to execute the deed of sale.

> Click here for a list of notaries

10) The parties (all buyers, sellers and agents involved in the sale) will meet at the signing of the deed of sale and delivery of the keys.

At the signing of the deed of sale, the notary will address such issues as tax adjustments, utilities, co-op fees and any other expenses or revenues relating to the transfer of the property.

Looking for a new property? Fill out the "Buyer's Form" to send us your details.