Buyers Checklist
Mortgages
- Are you pre-approved?
- Submitted employment verification letters?
- Submitted T-4 slips if self-employed?
- Interest rate protected for 60 or 90 days?
- Tallied liabilities & assets?
- Do you need CMHC mortgage loan insurance?
- Compared interest rates, prepayment privileges?
- Compared payout penalties (if any)?
- Do you want mortgage life insurance?
- Signed a letter of commitment when you have purchased?
Down Payment
- Are your monies readily accessible?
- Are your monies a gift? If so, you need to provide a letter
verifying this from the donor.
- Do you qualify to use your RRSP monies?
- New immigrants should verify down payment required.
Your Realtor
- Engage a Realtor when you are serious about buying.
- Ask friends/relatives who they would recommend.
- Be loyal to your Realtor.
- Don’t hire a Realtor that has no time for you.
- Engage a Realtor that has experience and knowledge.
Deposit
- You will need to write a cheque once you have an accepted
- offer on a property.
- Realize that your deposit becomes part of your down payment.
- Check with your Realtor as to how much is required.
House Inspectors
- Realize that they are unregulated, unlicensed & ungoverned in
most Provinces.
- Ask you Realtor to recommend several.
- Check their credentials. Ask for referrals.
- A fee will be payable immediately after inspection.
- Does the inspector carry Errors & Omissions Insurance?
New Homes
- GST will be payable.
- Know about all warranties, when they expire, etc.
- Is the home covered under the Homeowners Protection Act?
House Insurance
- Lenders require insurance as security for their loan.
- Tenant insurance may be required if you rent out a portion of the house.
- Condominiums/apartments need only to be insured for contents.
Lawyers/Notaries Public
- A fee will be charged on completion day.
- Shop and compare pricing.
- Ask your realtor to recommend several.
Extra Costs
- Besides the down payment have extra monies set aside for property
purchase tax, legal fees, survey, appraisal fees, etc.
- Ask your Realtor for an itemized breakdown.
- Know the difference between a strata, leasehold, co-op, etc.
- Know what the contingency reserve fund is before you offer on the
property. If it is low ask why.
Apartments/Townhouses
- Know the difference between a strata, leasehold, co-op, etc.
- Know what the contingency reserve fund is before you offer on the
property. If it is low ask why.