What is a Buyer's Representative?

In every real estate transaction, there is a buyer and a seller. A buyer's representative is a licensed real estate sales professional that specializes in representing the best interests of the buyer.

Prospective buyers sometimes make the mistake of assuming they will save themselves time and money by dealing directly with the listing representative, not realizing that he or she represents the seller. A representative cannot truly represent both the seller and the buyer in any transaction, since each person has competing interests.

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Does using a Buyer's Agent increase the cost of purchase?

Use of a Buyer's Representative does not increase the amount of commission in almost all cases. The commission in a real estate transaction can vary from one brokerage to another, and from one sale to another, but that commission is divided between the selling agency, and the buying agency.

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Do I need to give a deposit in my offer?

A deposit is not legally required when making an offer on a property, but it can be a good idea. Factors to think about when considering a deposit are how hot the market is, how much you are offering and most importantly, how serious you are about buying the property; this is what the deposit is intended to prove.

If your offer is on the lower side, a deposit can give you some leverage, convincing the seller to accept before you are outbid. Because the funds are secured in a trust account for 10 business days, you cannot use it to make an offer on something else you see. It is also a good idea to put a number of subjects for removal on the offer, detailing what conditions must be met before the sale goes through. This will eliminate any surprises before you buy the home. Remember, once both parties have signed off on the offer, you have entered a legally binding contract.

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What is a Foreclosure Sale?

When home owner defaults on payments and cannot come to an agreement with the grantor, the lending financial institution may call foreclosure proceedings in three to four months so that they can recover funds loaned to the borrower. Typically, the borrower will have been in arrears for 90 days.

Should the borrower be unable to either sell the home or bring the mortgage up to date, the lender will submit an application for the conduct of sale, which, if approved will authorize the property s sale.

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What documentation do lending institutions require from first time buyers?

Your lending institution will need to verify your income and your ability to make a down payment.

For income verification you will require the following:

  • Last pay stub, with year to date earnings if possible.
  • Last years Revenue Canada Notice of Assessment - Form T451E(01).
  • Letter from Employer

Documents for payment verification should include:

  • Savings - 3 months of bank statements.
  • RRSPs - statement (if applicable)
  • Gift Letter (if applicable)

Should I renovate before putting my home on the market?

It depends on the value of your home, existing house conditions, the prices in your neighbourhood, and your choice of renovation. A cost-benefit analysis will determine whether the market value of your home after the upgrade, when added to the cost of the renovation, is less or more than what other comparable houses in your area sell for. If it is the same or less, you are in a better position to benefit from investing in a renovation. If it is more, you may be waiting for a while to sell your house.

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Articles Disclaimer

Though we strive to ensure that the presented material is reliable and correct, it is intended for informational use only. ECO Realty Inc. does not guarantee this material's accuracy or completeness. The information presented by this material is not intended, nor should it be relied on as a substitute for professional certified legal advice in real estate dealings or any other dealings of a binding legal nature.