"Mortgage Broker"
 
Whether buying or selling, we encourage you to have a relationship with a mortgage broker  before the process starts.
 
As BUYERS, you want someone who's a full-time mortgage broker. The industry changes so fast and the policies/guidelines for the dozens of lenders in Canada are so fluid that you need someone who keeps up on the changes. You also want someone who has strong personal connections with multiple lenders so that they have places to take your file if things get challenging. It makes an enormous difference in terms of how quick an approval happens, preferential treatment with rates that you're offered, and sometimes whether or not your file will even be looked at (depending on your situation) by some lenders. Get connected with the right mortgage broker before you even start viewing homes! They'll help you to get organized and they'll inform you on how to prepare ahead of time so that when you find the right place and are facing some tight timeframes, you're positioned to come out on top.
 
As SELLERS, most people don't realize that speaking with a mortgage broker at the beginning of the process can be a really helpful thing. The reason for this is simple: most people base their decisions to sell around the idea of what they're planning on moving to. By getting guidance on your payout penalties, portability of your mortgage, possibilities of blended rates, or even just finding out what exactly you can get approved for (if upsizing), it's all helpful information. 
 
If you have any questions or you need to get in touch with a good mortgage broker, give us a call!
 
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"HOME INSPECTOR"
 
We've found that there are mainly two different types of home inspectors:
 
1) The first type are excellent at finding issues in the home: they have great all-around knowledge of what things to look for in homes built in different eras, and they rarely miss any of the things that you've hired them to find. They're excellent detectives, but if you ask questions about how to rectify fairly generic and common issues, you'll find that they have little first-hand knowledge or experience. I'm finding that these types of inspectors, although there's nothing wrong with their service or abilities, are a good fit for only a small number of our clients - generally, the ones who are personally almost experienced enough to inspect the home themselves.
 
2) The second type, and the ones I find much more helpful to the majority of our clients, are the ones who find all the issues, but who also have thorough knowledge and expertise on what specific procedures and costs will be involved. Often times the pending offer on your purchase or sale is at a fairly time-sensitive (and possibly stressful) place when the home inspection is being done. The inspector you hire needs to deliver their findings to you in a way that properly informs you as the buyer on the severity/triviality of the deficiencies found and what exactly you need to prepare for in terms of cost and urgency to resolve them. Finding the problems aren't good enough; what you really need are the solutions and numbers. For certain things (such as structural, electrical, gas, plumbing, etc.) you may want opinions from people in those industries, however, the right home inspector can likely help guide you if they've had hands-on experiences with similar issues.
 
Have any questions? Give us a call and we'd love to chat with you!
 
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"LAWYER / NOTARY"
 
Although they usually aren't involved until the final steps of your purchase or sale, it's important that you have an effective lawyer or notary working alongside you. Real estate conveyance is an intricate process and issues completely outside yours or our control can come up at the last minute before closing with potential to cause a lot of stress if mishandled. The conveyance professional you choose can have huge bearing on how smooth the transaction goes!
 
Over the past few months we have run into several situations where the conveyance department selected by the other party for a transaction with our client had some difficulty handling an issue properly due to lack of knowledge/experience and it complicated the given situation.
 
Some recent examples include:
- A firm was given an assigned contract but they had never seen or heard of an assignment before
- An acreage was sold by a couple who had owned the property for many years and had claimed farm statuses/tax exemptions that needed to be settled prior to completion
- A client took a promotion and moved out of country, which legally required holdbacks of the sale proceeds of property that the other firm had never heard of
- A seller/purchaser threatened to close the deal over a dispute
These are some real-life experiences in which a knowledgable conveyancer would be a huge asset.
 
In addition to these examples, we've dealt with many foreign buyers, first-time buyers, and partnerships which have transfer tax implications surrounding them that require adequate knowledge of the conveyancer in order to deal with them properly. Also, some lawyers or notaries are not on the "approved list" of firms for many banks or mono-line lenders, but a quick phone call to the lawyer/notary to make them aware of which lender the mortgage is being provided by could avoid problems.
 
People often talk about the importance of selecting the right Realtor, but the right legal help is important too. We work more closely with them than our clients often perceive, and having someone effective on your side is a huge step in avoiding possible complications.
 
If you have any questions or would like more information, feel free to contact our team - we'd love to chat with you!
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