The steps to complete the purchase can feel confusing to any buyer, but your real estate team knows what to do and will assist you through to the closing date. Your team consists of your lawyer and their paralegal, your lender and Realtor.

Your lawyer will review the Agreement of Purchase and Sale, conduct a title search, confirm the status of property taxes, prepare the closing documents including the mortgage, and confirm the final amount you will be required to bring to your lawyer for the closing.

The lender will instruct your lawyer on the terms of the mortgage and the [read more…]

Once you have accepted an offer, you must meet the conditions by a certain date. The most common condition is being approved for financing. This means you are personally approved to borrow the amount you require; and the home being purchased is approved by the lender as having the value to support the mortgage loan. The financing and other conditions are “deemed arranged” on a certain date in your agreement. If you are not approved for financing, you must notify the Realtor who can either terminate the offer or request an extension of time on the condition date.

Another important condition [read more…]

If you find the house you would like, you may need to move quickly when the market is hot, and your Realtor is the best person to help you enter into the contract to buy your home. Most Realtors now recommend a clean agreement on the standard form of Agreement of Purchase and Sale approved by the Nova Scotia Association of Realtors®.

The main clauses you need include financing, inspection, and insurance and of course, lawyer review. There may be additional clauses you should have depending on the property. Where the market is brisk, the cleaner your offer the more likely [read more…]

Did you know the Realtor is often paid out of the sale proceeds by the Seller? If you have your own Realtor, they will receive their fee out of the sale proceeds, and they will divide the entire commission with the listing Realtor. When there is one Realtor, they will represent the Seller but will also have an obligation to treat you fairly. You will sign some documents acknowledging what duty the Realtor owes you and any aspects about commission will be dealt with in these agreements.

Knowing more about Realtor obligations before you make your offer will serve you well. [read more…]

When you start searching for your first home or any home it is important to plan ahead and think about what you want most. Your search for a new home is special to you – so before you start, identify your priorities. This list should reflect your needs and the needs of your family, whether growing or downsizing. Hot markets are not ideal for finding a good match in all cases, but you will be better served at least knowing what you want and do not want.

Apart from needs, make sure you understand your market range and meet with a [read more…]