WHEN BUYING OR SELLING - USE PROFESSIONALS!
Buying or selling a home is a big business transaction. That's why it's so important to select, in
advance, an experienced team of experts and professionals you can trust. Your Realtor can also
guide you in this process.
These skilled and knowledgeable individuals can vary, but usually include the services of a
REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.
REALTOR®
In Ontario, a REALTOR® is a licensed real estate professional who is a member of a
local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario
Real Estate Association (OREA). This individual has successfully completed an intensive course
of study and has skills, knowledge and experience that most buyers and sellers don't
have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring
you a high level of service, honesty and integrity.
The REALTOR® you select should be someone who works full-time in the real estate
business and that knows the marketplace. They can provide you with sound, effective advice. A
REALTOR® also acts as a mediator during the real estate transaction and can
advice you on when to bring in the other experts or professionals.
Lender
Few people buy a home for cash. Most home buyers usually combine savings with money borrowed
through a financial arrangement called a mortgage. Before looking for a lender, ask your
REALTOR® to explain the many mortgage options available today. When deciding which financial institution or
lender to deal with, start with your own bank, credit union or trust company. They already know
who you are. Then shop around and compare what different lenders have to offer. You should
begin your search for a lender when you start your search for a home.
Lawyer
Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to
have one on stand by from the start. Documents such as the agreement for purchase and sale are
complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer
review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property
and that it is clear of any registered claims. He or she will also calculate any taxes and
adjustments that will compensate the seller for money already paid on services and other matters
related to the property.
Home Inspector
As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of
your offer to purchase. The older the home, the more likely there will be problems. Being aware
of any structural defects, will help you decide whether to buy the property at all, or negotiate
a lower price to compensate for anticipated major repairs.
Insurance Agent
Creditors and mortgage lenders, almost without exception, require insurance on the home you
buy. This insurance must be in place before any purchase can be finalized. Although you may be
able to negotiate a better rate using the same insurance company you have other policies with,
it still pays to shop around.
Hints for choosing your team
- Referrals from your Friends/Family
- Interview a minimum of three individuals in each field of expertise before choosing the right
- Check their qualifications and record by asking for references
- Question them in detail about their experience and familiarity with the kind of real estate transaction you require their services for
- Ask about their fees and how/when they expect to be paid
- Do you feel comfortable with these individuals. Are they friendly and approachable? Do they offer advice? If you
feel uneasy, you may not use them as much as you should
REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by
The Canadian Real Estate Association and the National Association of REALTORS® and
refers to registered real estate practitioners who are members of The Canadian Real Estate
Association. Used under license. OREA
