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.