by The Paul Rushforth Team
15. November 2009 15:57
Buying your first home and be very exciting – and scary. There are a lot of steps to be taken and sometimes a first time home buyer gets a surprise or two along the way. Here are a few of the things you will need to keep in mind when purchasing your first home.
There are many unexpected costs related to home buying. Of course, there is the down payment, purchase deposit, and closing costs. However there are other fees that can come as a surprise if you’re not prepared for them. To make sure you are prepared you should go over all these fees with your real estate professional and real estate lawyer to understand them. Many of the fees include; mortgage loan insurance premium, appraisal fee, deposit, down payment, estoppels certificate fee, home inspection fee, land transfer tax, prepaid property taxes, property insurance, survey costs, waters tests, septic tanks, legal fees and title insurance. A brief explanation of these fees can be found at the CMHC website.
Aside from the fees there is a lot of preparation for finding and purchasing your first home. Hiring a Realtor is the first step as they will be your most valuable tool in finding a home, negotiating the best purchase price and taking you through the closing process. Going into a sale without buyer representation is not a wise move. The Realtor for the seller is hired by the seller and has the seller’s best interests in mind so hiring your own Realtor will ensure you are getting the best representation in the process. After negotiations, in most cases, there will be conditions that need to be met. The deadlines for these conditions are critical to the success of your offer and can include inspections, financing and insurance conditions.
After the deal is firm you will meet with your real estate lawyer who will complete the purchasing process. It is critical to hire a real estate lawyer over any other type of lawyer. They deal with the process on a daily basis and will ensure that the transaction will go as smoothly as possible. If you do not have a real estate lawyer, your sales representative will be able to recommend one for you.
Purchasing your first home can be a very stressful process and it’s imperative that you understand how it all works. Be sure to budget all of the costs involved and you will be much more successful in the purchase of your first home. Good luck!
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