Mortgages

£  Are you pre-approved?

£  Submitted employment verification letters?

£  Submitted T-4 slips if self-employed?

£  Interest rate protected for 60 or 90 days?

£  Tallied liabilities & assets?

£  Do you need CMHC mortgage loan insurance?

£  Compared interest rates, prepayment privileges?

£  Compared payout penalties (if any)?

£  Do you want mortgage life insurance?

£  Signed a letter of commitment when you have purchased?

Down Payment

£  Are your monies readily accessible?

£  Are your monies a gift? If so, you need to provide a letter

     verifying this from the donor.

£  Do you qualify to use your RRSP monies?

£  New immigrants should verify down payment required.

Your Realtor

£  Engage a Realtor when you are serious about buying.

£  Ask friends/relatives who they would recommend.

£  Be loyal to your Realtor.

£  Don’t hire a Realtor that has no time for you.

£  Engage a Realtor that has experience and knowledge.

Deposit

£  You will need to write a cheque once you have an accepted

     offer on a property.

£  Realize that your deposit becomes part of your down payment.

£  Check with your Realtor as to how much is required.

House Inspectors

£  Realize that they are unregulated, unlicensed & ungoverned in

     most Provinces.

£  Ask you Realtor to recommend several.

£  Check their credentials. Ask for referrals.

£  A fee will be payable immediately after inspection.

£  Does the inspector carry Errors & Omissions Insurance?

 New Homes

£  GST will be payable.

£  Know about all warranties, when they expire, etc.

£  Is the home covered under the Homeowners Protection Act?

 House Insurance

£  Lenders require insurance as security for their loan.

£  Tenant insurance may be required if you rent out a portion of the house.

£  Condominiums/apartments need only to be insured for contents.

Lawyers/Notaries Public

£  A fee will be charged on completion day.

£  Shop and compare pricing.

£  Ask your realtor to recommend several.

 Extra Costs         

£  Besides the down payment have extra monies set aside for property

     purchase tax, legal fees, survey, appraisal fees, etc.

£  Ask your Realtor for an itemized breakdown.

 Apartments/Townhouses

£  Know the difference between a strata, leasehold, co-op, etc.

£  Know what the contingency reserve fund is before you offer on the

     property. If it is low ask why.