waterloo and kitchener, ontario realestate mls listings; homes for sale

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You now have a choice of representation as a buyer.

You may choose to be represented as a customer or as a client and to have the agent represent your best interests and work for you.

Determining what you can afford

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following table:

Typical One-Time Expenses

Initial Deposit	When submitting offer	$1000-$5000
Mortgage Application & Appraisal Fee	When arranging financing	$150-$235
Home Inspection (optional)	Acceptance of Conditional offer	$200-$400
Home and Property Insurance	Closing and On-going	$300-$500
Legal Fees	Closing	$400-$600
Legal Disbursements	Closing	$400-$700
Mortgage Interest Adjustment (if Applicable)	Closing	Varied
Adjustments for Fuel, Taxes Etc	Closing	$100-$900
Land Transfer Tax	Closing	[Click here]
Property Survey if not provided	Closing	$700 & up
Moving Expenses	Date of Move	$200 & up
Mortgage Insurance (if applicable)	Closing	Varied

Typical monthly costs incurred with home ownership include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

Understanding Market Conditions

The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer. Jim Lawson of Royal LePage Real Estate can provide you with current real estate market conditions and explain their impact.

Obtain a pre-approved mortgage

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.

The Royal LePage Mortgage from Mortgage Market Connect is an exclusive product available only to Royal LePage customers, offering:

Competitive interest rates

up to 120-day rate guarantee

Flexible prepayment options

Your Royal LePage Mortgage Specialist will answer your questions and help you determine which financing terms and options are right for you. Your Royal LePage Mortgage Specialist and Real Estate Professional work as a team to help you find the right home and select the best financing.

See The Glossary of Real Estate Terminology for definitions.

You'll find more information on mortgages in our Financing Brochures. Ask Jim Lawson of Royal LePage Real Estate for a copy.

Finalizing Your Mortgage

Once you've found the home you want to purchase, there are some documents you'll probably be asked for in order to finalize you financing. They will include:

A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.

A copy of the offer to purchase or the building contract, if this document has been prepared.

Documents to confirm employment, income and source of down payment (if not provided at pre-approval).

If you have a Royal LePage Pre-Approved Mortgage, it's a simple matter of finalizing a few details which you Royal LePage Mortgage Specialist will explain to you.

The Major Elements of an Offer

1. Price: Depending on local market conditions, your choice of representation, your opinion of value and market information provided by Jim Lawson of Royal LePage, the price you offer may be different from the seller's asking price.
2. Deposit: The Deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Jim can advise you on an appropriate amount.
3. Terms: Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
4. Conditions: These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property".
5. Inclusions and Exclusions: These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
6. Closing or Possession Date: Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.

How to make an offer

When it comes time to make an offer, Jim Lawson of Royal Lepage Real Estate can provide current market information and will assist you in drafting your offer.

Jim will communicate your offer, sometimes known as an Offer to Purchase, to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Jim can guide you through this process.

Offer to Purchase is a legal document which specifies the terms and conditions of your offer to purchase the home.

The offer can be Firm or Conditional.

Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.

Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as "subject to home inspection" or "subject to sale of buyer's existing home". the home is not sold until all the conditions have been met.

Acceptance of the Offer

Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed, or one of you ends the negotiations.

Hire a Legal Professional

A legal professional is there to represent your interests and to process the legal documentation required.

Jim Lawson of Royal Lepage Real Estate can provide you with the names of legal professionals who specialize in real estate.

The legal process differs from province to province. Jim or your legal professional will advise you on the steps to be taken before the keys to your new home are presented to you.

Have the Home Inspected (Optional but Recommended)

Having the property inspected by a qualified home inspector may give you the added confidence that you've made the right decision.

When the procedure is complete, you will likely receive a full written report plus estimated costs for any necessary repairs.

Some Moving Tips here.

Jim Lawson , Broker

Royal LePage-Scharf Realty, Brokerage. 50 Westmount Road North,
Waterloo, ON N2L 2R5 Office 1 (519) 747-2040 Fax 1 (519) 747-2081
Direct Line 1 (519) 729-1700

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