HOME BUYER'S CHECKLIST
For many people, the sale or purchase of their home is one of the most significant financial transactions that they will ever undertake. We know how important the sale or purchase of a home is and we would be happy to be of service to you.
Ensure that the offer of Purchase and Sale specifically refers to which Chattels are included or excluded from the purchase (e.g. appliances, mirrors, drapes, light fixtures, etc.)
Warranty and Improvements
Is there a warranty on the house which can be assigned to you? Ask the vendor if there have been any significant improvements made to the house recently (e.g. replaced furniture, installed new roof, etc.) Are the original or other plans and specifications available to you?
Remember – Buyer Beware
Be sure of the amount of commission payable to the real estate agent, who is responsible for it, and when it is payable.
Have reasonable time limits been placed on any matters which have to be completed or complied with before closing? If your prospective new financing falls through, will there be sufficient time to make alternate arrangements? What happens to your deposit if you are not able to complete the purchase?
If you are signing an offer of Purchase and Sale without the benefit of having a lawyer review it first, you should seriously consider making the offer subject to your lawyer's review before it becomes enforceable. A search of the title to the property which would be conducted by your lawyer might disclose otherwise hidden defects in title.
Arrange insurance for your new residence as soon as you sign an Offer of Purchase and Sale.
Arrange to have all utilities hooked up or transferred on or before the date you are to take possession. (e.g. telephone, power, water, gas, cable TV)
Make sure you determine what the annual property taxes are. The appropriate municipal department should be advised of your purchase upon completion so that the tax rolls can be updated.
If you are planning on assuming an existing mortgage, ensure that it is assumable. Contact the mortgage company well in advance of the sale to determine what information they require from you. Make sure that you are clear on the terms and conditions of your mortgage. Double check the principal outstanding on any mortgage being assumed including any debit/credit in the mortgage tax account.
Your offer should always contain a condition that the buildings and improvements on the property comply with City and Municipal Land Bylaws, Zoning regulations, and Planning Department Requirements.
Please note: This checklist is not exhaustive, and additional considerations may arise depending upon the circumstances of the transaction. If you have any additional questions, please feel free to contact our offices. We will be pleased to help.
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