HOME INSPECTIONS

Noted below are a few points to remember when ordering an inspection of a property and reviewing the inspection report:

• The purpose of an inspection is to find the faults of a home, so don't be discouraged or alarmed with items that the inspector points out. No property is perfect, there will always be something. Your inspection can be a maintenance plan/repair guide for the long and short term
• Make sure the inspector doing the job is familiar with similar homes (and the area) and any related issues as well as any special matters of concern you may have
• Inspections can take up to 5 hours (the average is 2-3 hours) and it is suggested that you attend closer to the end of an inspection, so as not to distract the inspector from the task at hand, however discuss this with the inspector and do what you feel comfortable
• To assist you in choosing an inspector, we have noted a series of questions you may want to ask, along with a few inspection companies for your reference.

QUESTIONS FOR INSPECTORS:

1. What relevant education, training and experience has the inspector had?
2. Does he/she belong to RHI, ASHI, CAHI or WAPI, the recognized associations of inspectors? What type of liability insurance coverage do they have?
3. What does the inspection include and what type of report is given?
4. Is the inspection strictly visual? Is any testing actually performed?
5. How long will it take for the report to be completed? Can the report be completed in the time frame set out in your purchase agreement?
6. Does the inspector identify hazardous products such as asbestos, UFFI, etc.?
7. If repairs to the property are completed, can the inspector do re-inspections of the property?

SOME HOME INSPECTORS TO CONSIDER:

If you have any questions about the inspection process, please do not hesitate to contact me at my office for further information.

MORTGAGE BROKERS

For most buyers one of the first steps in buying a home is getting pre-approved for a mortgage. This will help you define parameters for what you look at and can reasonably afford to purchase, as well as making the process smoother when the time comes to prepare an offer.

Below are some lenders and mortgage brokers who can offer their services and assist in finding the right mortgage for you. Also noted are some points to consider in selecting your mortgage:

1. As little as a ¼% reduction in your mortgage rate will save you thousands of dollars over the life of the mortgage.
2. Terms and conditions of a mortgage can and do vary from lender to lender, so while discussing your mortgage needs be sure to consider all of the factors and select the one that best fits your needs and lifestyle.
3. Ask if you will be charged a fee by the broker for placing the mortgage and what other fees to expect such as mortgage application, survey, appraisal, etc.
4. You may already have a pre-approval by your own bank. One way of checking the quality of this pre-approved mortgage is to consult a mortgage broker. They can quickly provide competitive bids from other lenders and give you the advantage of an independent opinion.

If you have more questions regarding your financing options, the mortgage process or other property purchase matters, please let me know. Mortgage financing is a complex process and I encourage you to seek independent financial advice.

LAWYERS & NOTARIES PUBLIC

Once a Contract of Purchase and Sale has been negotiated, one of the next steps is to select a Lawyer or Notary to handle the conveyance of the property. The conveyance involves the exchange of money for title/deed, registration at Land Titles, review of mortgage documents, search of title, preparation of the Statements of Adjustments (an accounting of the transaction) and a review of legal encumbrances, if any, effecting the property. Here are a few questions that you may want to ask::

QUESTIONS FOR THE LAWYER/NOTARY:

• a) Are they experienced in the conveyance of real property and specifically your type of purchase or sale (i.e. condos, commercial building, etc.) and in your area?
• b) What do they charge? Be sure to compare apples to apples - ask for a break down of costs and if they include taxes, etc. Are there additional charges?
• c) Does your Mortgage Company have lawyer/notary approval requirements? Can you use one of your own choosing and if so will it cost you more?
• d) Give the lawyer/notary the completion dates of your deal and ask if they will have time to handle the file and review any questions you may have. It doesn't make sense to hire them to assist you, then find out they're not available when the time comes. Generally, they will have you into their office 3-5 days prior to closing to review and sign documents.
• e) Notary costs are often less than lawyers, however, be aware that should a problem arise with your transaction and you need legal representation in court, a notary cannot assist you and hiring a lawyer then might end up costing you more.
• f) Is the lawyer/notary familiar with special issues that might be involved (i.e. hold backs, assessments, tenancies) in your own transaction?

SOME LAWYER/NOTARY OFFICES TO CONSIDER:

*Indicates Notary

Most lawyer/notary offices prefer minimum 3 weeks notice to close a transaction - so notify us as soon as possible so copies of relevant documents can be sent on your behalf.