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It takes more than a realtor to buy a home


It takes more than a realtor to buy a home

By Genworth Financial Canada

Buying a home is a somewhat complicated transaction that involves a number of professionals who all perform different functions during the purchase process.

REALTOR® – A realtor will locate houses in your price range and in the areas where you want to live. The realtor will present your “offer to purchase” to the seller until an agreement is reached, usually for a commission. There are a number of realtors to choose from, so it’s advisable to shop around to find one you’re comfortable with. Talk to friends and family to get a referral.

Mortgage Broker – Some purchasers retain the services of a mortgage broker to assist them with arranging their mortgage financing. The mortgage broker should determine the best type of financing that suits your particular financial situation.

Lenders – Banks, credit unions and mortgage companies all lend money to homebuyers. Find out how much you can afford before starting to look. Lenders look at your income, debts, employment and credit histories and the value of the property you want to buy before giving you a mortgage. It pays to know how much you can afford before looking, so consider getting pre-approved. You don’t want to find your dream home and then discover you can’t buy it because it is too expensive.

Lawyer – Your lawyer (notary in Quebec) reviews the agreement of purchase and sale, ensures all closing documents, including title search and title insurance, have been completed properly, obtains signatures and records...............[read more]