Buyer's Guide

1.) Financing
2.) Establishing your search criteria’s
3.) Visits, analysis of market value, negotiation and presentation of promise to purchase (offer).
4.) Property inspection
5.) Notary transactions
6.) Expenses related to the purchasing of a property.

 

Financing :
A buyer, well informed about his limits and financial capacities, will be better equipped to direct his energies in the right direction. Naturally, it is therefore important to meet with your financial institution and determine what is within your reach in terms of mortgage payments in order to obtain a pre-approved loan.

Prior to concluding a financial agreement with your financial institution, it is preferable to consult a mortgage broker. As a specialist working in collaboration with a multitude of financial institutions, his vast knowledge of the various types of mortgages available will enable him to indicate which are more to your advantage. These services are offered free of charge. On your demand we can refer you to one of our collaborators.  An appointment entails no compulsory obligation on your behalf.

Establish your search criteria’s:
The reasons for purchasing a property and its features vary from one buyer to another. It is therefore vital to discuss your specific needs with one of our agents prior to starting the search and visits.

Before making an appointment with us, make a list of the important characteristics you are looking for and identify your needs related to budget, the type of property you desire to purchase, number of rooms, neighbourhoods of interest, important services, etc. Afterwards, one of our team members will finalize your needs analysis in order to begin the search.

Visits, analysis of market value, negotiation and presentation of a sales agreement:

Once you’ve established your search criteria’s, it is now time to prepare your visits. One of our team members will e-mail you properties that best fit your criteria’s. Once you’ve identified which properties interest you the most, your agent will plan the visits.

Once we’ve found your dream home, your agent will analyse its fair market value. We will then be ready to prepare a written promise to purchase (offer). Once we’ve reached our goal and finalized the negotiations, we will move to the last step: inspecting your property.

Property inspection:
For most people, purchasing a home is the most important transaction they will have made in a lifetime. That is why, a professional pre-purchasing house inspection is vital and in the interest of any buyer.

The purpose of the inspection: enabling the client to obtain a clearer picture of the property’s condition.

What does a pre-purchasing inspection consist of according to a l’AIBQ member?

The inspection of the building’s systems and components that are visible and accessible, notably:
  • the visible structure
  • the outdoor surroundings
  • the roofing
  • the plumbing
  • the electricity
  • the heating
  • the central air conditioning system
  • the interior
  • the isolation and ventilation

The inspection aims to identify the major flaws, adversely affecting the habitability, the value of the dwelling or that could be potentially unsafe for its occupants. A licensed Home Inspector will enable the clients to gain a better understanding of the condition of the property. He shall observe and comment in writing on the building’s condition and its components.

Notary transactions:
The notary is the acknowledged expert in the real estate law.  At the time of signature, the notary explains the rights and obligations of the parties to the deed that he has prepared.  After carrying out the necessary title search, your notary is in a position to guarantee that title to the property will not be contested.

First, his search consists in verifying the following:

  • The vendor is the true owner of the property
  • The vendor has the right and capacity to sell it
  • The vendor’s spouse or other persons must consent to the sale

With the aid of a certificate of location, your notary then verifies the following:

  • The dimensions of the lot are correct
  • The buildings have been properly erected on the lot to be sold
  • The dwelling has been built in accordance with municipal by-laws and zoning regulations
  • The neighbour’s property encroaches on the lot
  • Rights of way exist

Finally, from his title search, your notary will be able to detect any charges or real rights likely to affect or limit your right of ownership, such as mortgages, seizures, judgements, servitudes, etc.

It is understood that a member of the Cheff & Lanctôt Team will accompany you during the sales transaction at the notary.

Expenses related to the purchasing of a property:
  • Inspection by a licensed Home Inspector
  • Notary fees
  • The allocation of tax reimbursements and certain expenses related to the sale
  • House-insurance
  • Fees related to moving, painting, interior decoration, etc…
  • Welcome tax: This tax is calculated on the basis of the property’s purchase price:
    • 0,50 % on the first 50 000 $
    • 1,00 % from 50 000 to 250 000 $
    • 1,50 % for a price representing more than 250 000 $