Buying a home is a big freakin’ deal and it’s important to have a rock solid team in place. An all-star team if you will.

The most important thing about your Home Buying Team is that you trust them and that they are looking out for you, not their next commission cheque.

These are the most important players, so choose wisely.

Real Estate Agent
That’s easy – pick up the phone and call us. Or read this about choosing a Real Estate Agent, and then pick up the phone and call us.

Mortgage Rep
Odds are you’ll need a mortgage to finance this operation. Shop around a little and explore your options. Remember to ask about the flexibility of the product you are considering. Start with these important questions.

• Is the mortgage portable? (transferrable to another property if you move before the term is up)
• What are the penalties are if I sell and don’t buy another property before the term is up? (If you pack it in and move to Costa Rica for example).
• Can I make lump sum payments throughout the term?

The rate is important, flexibility is too. Decide if you want to use a Broker or a Mortgage Rep from a bank. Talk to both and compare the products and services they offer. Basically shopping for a mortgage should take longer than ordering take-out and that’s okay.

Lawyer
This deal isn’t going to close itself! You need a lawyer. Do yourself a favour and use a Toronto lawyer that deals with real estate. Especially true for condos. Condo Status Certificates are complicated documents and you need a lawyer who is familiar with them. They will know what the red flags are and what is not such a big deal. Lawyers handle the nitty gritty details, mainly the following:

• Ensures your rights and interests are protected in the various contracts
• Makes sure you will have valid title to the property
• Investigates if there are any claims registered against the property
• Calculates the amount of Land Transfer Tax (and any rebates) payable at closing
• Preforms adjustments to compensate the seller for prepaid fuel, taxes, bills etc.

Insurance Rep
Insurance is boring, I know, but you still need it. You must have home insurance in place starting the day the deal closes. Moving is a good time to shop around for rates so consider changing up your car insurance too.

We have contacts we like and trust for all of the above, so don’t hesitate to ask for recommendations.

Ready to get your All Star Team in place? Get in touch.
Nicholas Humphries: 416-526-2791, nick@nickandhilary.com
Hilary Browning: 416-735-4665, hilary@nickandhilary.com