Buying a House

Tuesday Nov 26th, 2019


Buying a house is a big investment and it could be more challenging process then it should be, sometimes the property is bought at a higher than market value and sometime its gone because the decision was not taken at the right time.

A lot of time people purchase a house that they want and not what they need and sometimes the mistake is happening right at that moment. Maybe they end up buying a home with a longer they expected commute, fix- ups that they did not pay attention to, or thought will not cost that much.

Preapproval plays an important role; it provides a greater sense of freedom to make an offer on the house you like and security that your finances will be done when required.

Home Inspection should be part of every offer of purchase and sale and should be done by a certified home inspector, the inspector provides a report of any issue that we usually are not able to find and an approximate cost to fix it. Purchase price can be negotiated if seller does not wish to fix it. List of issues should be prepared and dollar amount should be specified for an escrow fund to cover those items if the seller fails to fix the agreed items, at the time of closing through lawyer.

There should always be a title search clause in the agreement of purchase a sale. You do not want to set it too early or too close to the closing date. This is important that the title is free from any encumbrances on the property such as liens, easements, leases, and undisclosed owners.

There are other costs associated with the purchase of a house other than the down payment. People often find themselves in a surprised condition when the lawyer is asking for a cheque to sign the papers to transfer the title at the time of closing, it could be little late to arrange extra funds if you are not aware of these additional costs, such as loan disbursement charges, underwriting fee, utility charges etc.

Buy a real estate property with confidence, use a professional to handle the work for you and take care of all the minor and major tasks so you can enjoy and feel satisfy in your investment.

Please call me for any questions related to buying a real estate in Ontario.

Monika Vaid @ Royal Star Realty

647 300 3643

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