Homebuying Step by Step: Your Guide to Buying a Home in Canada
Your homebuying team: Who should you call? Whether it’s your first time buying a home or you’ve done it before, it’s good to have a team of experienced professionals to help you along the way. Real estate agent
Lawyer or notary A lawyer (or notary in Quebec) will protect your legal interests. They make sure that the property you want to buy is free of any liens, charges and work or cleanup orders. A lawyer or notary will also review all contracts before you sign them, especially the offer to purchase. Lender or broker There are many lending sources for mortgages, including banks, trust companies, credit unions and pension funds. Each offers different terms and options, so be sure to shop around! Mortgage brokers can be a good resource, as they can work with more than one lender. To find a lender or broker, ask your real estate agent, friends or family members for recommendations.
An agent can help you find a home, tell you about the community, make an offer for you and negotiate the best deal. They can also help you find qualified professionals to fill the other positions on your team. When looking for an agent, don’t be afraid to ask questions. Normally, the seller pays a commission to the agent, but some agents also charge buyers for their services. To find out more, visit the Canadian Real Estate Association (CREA) website at crea.ca or call your local real estate association. Insurance broker You will need property insurance to cover the replacement cost of your home and its contents in case of loss. It is also a good idea to get mortgage life insurance, which will protect your family if you die before your mortgage is paid off. An insurance broker can help you with this. Home inspector Whether you’re buying a new or a resale home, you should have it inspected by a professional home inspector. The inspector will assess the condition of the house and tell you if any major repairs or replacements are needed. Appraiser An appraiser can make sure you don’t pay too much by telling you how much a property is worth before you make an offer. In some cases, your lender may ask for an appraisal before approving you for a mortgage. Land surveyor You will probably need a survey or certificate of location as part of your mortgage application. If the seller doesn’t have one, you’ll need to hire a surveyor and get permission from the seller to go onto the property. If you have title insurance, you may not need a land survey. Builder or contractor
Real estate agent Lender or broker Insurance broker Lawyer or notary Home inspector Appraiser Land surveyor Builder or contractor
If you’re building a new home or your home needs extensive renovations, you’ll need to hire a builder or contractor. Ask candidates for several references and check them carefully. You can also visit other homes they’ve built and ask if they are members of a homebuilders’ association.
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