HOME BUYER CHECKLIST

Getting into the home buying market?

Check out this home buyer checklist from Rick Simioni.

Prior to buying a home:

• Get pre-approved through a Mortgage Broker (bring a recent pay stub, previous T-4 tax assessment) to see what you can afford.


• Have a sit down with me regarding your needs/wants in a home.


• Visit a bunch of homes that may be of interest to you.

Making an offer:

• Go over the offer details with me (conditions, inclusions, exclusions, closing date, etc.).


• Use a C.M.A (Comparative Market Analysis) to come up with a suitable offer.


• Contact your Mortgage Broker.


• Contact a Home Inspector.

After purchasing the home:

• Contact a Real Estate Lawyer.


• Contact a moving company to assist with your move.


• Call the utility companies to set up your new accounts.

Closing costs:

• Land Transfer Tax - Click Here For Details


• Deposit
  Usually 5% of the purchase price


• Home Inspector
  


• Title Insurance
  


• Lawyer
  


• Moving Company
  

As a general rule of thumb, your closing costs after purchasing a home are about 1.5% of the purchase price. The lawyer requires the purchaser to have that amount of funds available on the completion date, along with any down payment.

Additional Costs:

• Renovations & repairs:
  A home inspection may have revealed some areas that need immediate attention. Don't forget to factor in these costs to the price of the home.


• Property insurance:
  This insurance covers the replacement value of your home and its contents. This is a must and will be required by your lender.

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