Your REALTOR® has what it takes to help you every
step of the way to achieving your home ownership dreams. And, he
or she will be the top player on a team of experts who will protect
your interests and ensure your real estate transaction goes smoothly.
Your Team
Depending on your needs, the other experts will likely include a
lender, a lawyer, an insurance broker, and a home inspector. Your
REALTOR® will offer guidance as to how to proceed with your purchase
or sale, and when it's time to bring in these professionals.
REALTORS® Role
A REALTOR® has successfully completed an intensive course of study
and has skills, knowledge and experience that most buyers and sellers
do not have. In Ontario, a REALTOR® is a licensed real estate professional
who is a member of a local real estate board as well as the Canadian
Real Estate Association (CREA) and the Ontario Real Estate Association
(OREA). He or she must adhere to provincial law and abide by a National
Code of Ethics, ensuring you a high level of service, honesty and
integrity.
If you are buying a home, your REALTOR® can help
you determine how much house you can afford, offer advice on choosing
the right home for you, and ensure your interests are best served
during negotiations.
If you are selling a home, your REALTOR® will help
you determine a fair and accurate asking price, develop a marketing
plan, offer advice to make your home more "saleable", screen potential
buyers, show your home, and of course, negotiate on your behalf.
Lender
Few people buy a home for cash. Most homebuyers usually combine
savings with money borrowed through a financial arrangement called
a mortgage. It is wise to know your financial status prior to actually
looking at homes as it will give your REALTOR® valuable insight
as to the amount of home you can afford. Your REALTOR® can help
you review various mortgage options to ensure you get the best rates
and terms available. Although most buyers will start their search
with their own bank or financial institution, it pays to shop around
for more competitive rates. A mortgage broker can easily help.
Lawyer
Whether you are buying or selling, a lawyer will represent your
interests. It's a good idea to have one on standby, who specializes
in real estate transactions, to review complicated documents such
as the Agreement of Purchase and Sale. It is an option to have a
lawyer review an offer to purchase before you sign it. You will
also need a lawyer to close your deal. When an agreement is reached,
your lawyer will ensure you receive valid title to the property
and that it is clear of any registered claims. He or she will also
calculate any taxes and adjustments that will compensate the seller
for money already paid on services, and other matters related to
the property.
Insurance Broker
In order to secure financing, mortgage lenders require insurance
on the home. Just like when you shopped for your mortgage, do your
homework with insurance companies too. Insurance coverage and rates
vary and you will want to be sure you get the coverage you want
at a fair price.
Home Inspector
As a buyer, you can avoid expensive surprises by bringing in a home
inspector as a condition of your offer to purchase. The older the
home, the more likely there will be problems. Being aware of any
structural defects will help you decide whether to buy the property
at all, or to negotiate a lower price to compensate for anticipated
major repairs.
Your MVP
Having the right team of experts on your side can mean the difference
between a successful real estate transaction and a personal and
financial nightmare. When you select your team, start with a REALTOR®
- he or she will be your "Most Valuable Player".
