I'm The One Buying A Home
Just Who Are All These Other People?
Many people are often involved in the home buying process. These professionals have based their careers on helping you find and purchase the home of your dreams. But do you really know just what do they do for you?
Real Estate Consultant
The first person who you'll probably become involved with when you begin your search for a home is the Real Estate Consultant. This term describes Realtor's or Buyer's Agents who have been trained to build their business by referral.
Any Realtor who is licensed may represent either buyers or sellers. However, listing agents typically represent only sellers and buyer's agents represent only the buyers - so as to avoid potential conflicts of interest.
The person who you work with to get your mortgage is generically called a Lender. This person may also be a mortgage loan officer, banker, or mortgage broker. The job of the lender is to take your application for a mortgage, and verify your income, employment and credit history and counsel you on what your mortgage options are.
There typically are two lawyers involved in the purchase of your home, one for the seller and one for you the buyer. The role of YOUR lawyer is to make sure that you avoid any pitfalls in your purchase contract.
Title insurance insures the property title and issues a title report verifying that you can become the rightful owner of the property. It also indemnifies (protects) you in the event there are any future title problems.
The Appraiser is hired by the bank to insure that you haven't overpaid for your new home. He or she examines the appearance, condition, size, and quality of the home and then estimates the home's value based on other sales in the neighbourhood.
Although not necessary if you get title insurance, the surveyor would check the boundaries of the property to ensure that the home is situated entirely within the lot lines and would show on the survey your dwelling plus any rights-of-way or encroachments if they exist. You would not have a survey for a condo.
The Home Inspector checks such things as the working condition of all systems in your prospective home. These would include the electrical, heating, structural, roof and plumbing systems. Each inspection will take about 2.5 hours and you'll want to receive a written report at the end.
Pest Control Operator
You may have your prospective home checked for wood-destroying pests. Termites and carpenter ants are the typical villains in Toronto. These professionals poke around the attic, basement, walls, and grounds to ensure that these pests aren't squatters in your dream home.