Agency & Representation: THE BUYING PROCESS- WHO DOES WHAT?

The Buying Process:  Who Does What?

 

What You Do:

  1. Work with your Realtor, Review the Market Options and Decide on Your Home or Cottage
  2. Understand Your Agreement, Review with Your Realtor:  Timelines, Conditions, Schedules, Responsibilities
  3. Plan Timelines & Next Steps Review with your Realtor:  deadlines for conditions, pre-approval for financing.
  4. Organize Financing – Start the process well in advance. Ask your Broker questions & be clear on options.
  5. Home inspection– Approve Home Inspection Report and sign fulfilment if satisfied with the inspection.
  6. Legal - Select a lawyer and communicate-  introduce yourself and discuss details of fees, closing costs and dates.
  7. Services - 4 weeks before closing follow a moving check list - call the Utility Companies, notify key contacts.
  8. Insurance – Investigate Insurance options -  mortgage insurance or increased life insurance.

 

What Realtors Do:

 

1.     Review the Buyer’s Booklet and Process.

2.     Present Property Options, Provide Local Knowledge and Market Sales Data to support Offer price.

  1. Negotiate an Agreement of Purchase and Sale on your behalf, ensuring your interests are protected. Uphold professional standards and fulfill fiduciary duties of respect, loyalty, confidentiality, competency, disclosure of information and act as a full representative with your interest’s front and centre.
  2. Communicate with all parties – Administrators, Lawyers, Seller representativesthroughout the process.  
  3. Provide Lists of Local Certified Home Inspectors, Mortgage Specialists, Lawyers and Insurance providers to assist you with the process of purchasing a property.
  4. Research unanswered questions, follow-up on issues and provide paperwork to all parties including lawyers.
  5. Follow-up with survey issues, the planning department, water sampling and testing, vermiculite testing, and anything that can be investigated concerning your property. 
  6. Complete the Worksheet - Costs of Buying a Home, Land Transfer Tax and other fees.
  7. Provide Soft & Hard Copies of Documents to you the clients, soft copies to your lawyer and lender.
  8. Monitor Deadlines:  fulfilment of conditions, production of supporting documents.
  9. Oversee the Inspection Process and ensure results are reviewed with the inspector.
  10. Provide Local Resources to help through the remaining process - for moving, cleaning, storage and local trades.
  11. Long Term Service:  Our aim is to be your long term local resource for all Real Estate needs.

 

What Real Estate Office Administrators Do:

  1. Registered Trust Account Deposit.  Our Office administration assists with processing your deposit.  
  2. Communication with Lawyers and Realtors to ensure all documents are transferred and all dates are noted and the transaction proceeds to completion.
  3. Discharge the Deposit Funds to the lawyer upon Closing.

 

What the Lawyers Do:

  1. Title Search: search title of the property, permits, liens, or anything that may affect clear title.
  2. Title Insurance purchase to  cover unexpected occurrences.  Ask them many questions in this regard as Title Insurance has options.
  3. Utilities and Taxes - they work with Sellers and close utility accounts, follow up with adjusting property taxes.
  4. Transfer the Deed & Register the Mortgage - They follow mortgage instructions from lenders, arrange for the registration of the Mortgage on title and transfer the deed.   They transfer funds to the Seller’s lawyer on the day of closing as payment for the home.
  5. Pre-Closing Day meeting Meeting with Buyers to sign all documentation in advance.
  6. Final Reporting Letter – produced and mailed with the statement of adjustments for your purchase. Keep accessible for resale as this package will have supporting documents pertinent to the purchase and sale.