Ottawa Real Estate Professionals
Who should you call on? Because purchasing
a home is probably the biggest investment you will ever make,
you'll definitely want a team of professionals working with
you throughout the process.
The Real Estate Agent
No one will play a more important role in helping you find
a home than your real estate agent. Your real estate agent's
job is to:
- Help you find the ideal home.
- Write an Offer of Purchase.
- Negotiate on your behalf to help you get the best possible
deal.
- Provide you with important information about the community,
arrange and coordinate the home inspection and essentially
save you time, trouble and money.
When the time comes to select a real estate agent, don't
be afraid to ask questions — especially about any possible
service charges. Vendors normally pay a commission to the
agent but some agents charge buyers a fee for their services.
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The Lender or Mortgage Broker
If you haven't already gone through the mortgage pre-qualification
process, you will need to find a good lender to assist you
during the purchasing process and for as long as you have
your mortgage.
Remember that many different institutions lend money for
mortgages, such as banks, trust companies, credit unions,
caisses populaires, pension funds, insurance companies and
finance companies. It's a good idea to shop around and speak
with more than one lender because terms and options will vary.
Some people find it helpful to use a mortgage broker. Mortgage
brokers don't work for any specific lending institution. Their
role is to find the lender with the terms and rates that will
best suit the buyer.
To find a lender or mortgage broker, you can:
- Get a referral from your real estate agent, family members,
friends or other professionals.
- Use Ottawa Living's Ottawa
Mortgage Broker Directory
- Contact the Canadian Institute of Mortgage Brokers and
Lenders at 1 888 442-4625
The Lawyer/Notary
You need a lawyer (or a notary in Quebec) to protect your
legal interests such as ensuring the property you are thinking
of buying does not have any building or statutory liens or
charges or work or clean-up orders associated with it. He
or she will review all contracts before you sign them, especially
the Offer (or Agreement) to Purchase. Having a lawyer/notary
involved in the process will give you peace of mind and ensure
that things go as smoothly as possible. Law associations can
refer lawyers/notaries who specialize in real estate law (in
Quebec, contact the Chambre des notaires du Québec).
Remember that a lawyer/notary:
- Should be a licensed full-time lawyer/notary.
- Should be local and understand real estate laws, regulations
and restrictions.
- Should have realistic and acceptable fees.
- Can explain things in plain language.
The Home Inspector
You should consider having any home you are thinking of buying
inspected by a knowledgeable and professional inspector.
The home inspector's role is to inform you on the property's
condition. He will tell you if something is not functioning
properly, needs to be changed or is unsafe. You will also
be informed of repairs that need to be done and he/she may
even be able to tell you where there may have been problems
in the past.
Every inspection should include an evaluation of at least
the following:
- Foundation
- Doors and windows
- Roof and exterior walls
- Attics
- Plumbing and electrical systems
- Heating and air conditioning systems
- Ceilings, walls and floors
- Insulation
- Ventilation
- Septic tanks, wells or sewer lines
- Any other buildings such as a detached garage
- The lot, including drainage away from buildings, slopes
and natural vegetation
- Overall opinion of structural integrity of the buildings
- Common areas (in the case of a condominium/strata or co-operative)
There is presently no uniform certification and no requirement
for home inspectors to take any courses or to have passed
any tests. Anyone can say that they are a home inspector.
However, a good home and property inspector generally belongs
to a provincial or industry association.
Home inspector fees are generally $200 and more, depending
on the size and condition of the home.
The Insurance Broker
An insurance broker can help you with your insurance needs,
including property insurance and mortgage life insurance.
Lenders insist on property insurance because your property
is their security for your loan. Property insurance covers
the replacement cost of your home, so premiums may vary depending
on its value.
Your lender may also suggest that you buy mortgage life insurance.
Mortgage life insurance provides coverage for your family
should you die before your mortgage is paid off. This type
of insurance is often available through your lender, who then
simply adds the premium to your regular mortgage payments.
However, you may want to compare rates between both an insurance
broker and your lender.
The Appraiser
Having an independent appraisal done on a property before
you make an offer is a good idea. It will tell you what the
property is worth and help ensure that you are not paying
too much. Your lender can also ask for a recognized appraisal
in order to complete a mortgage loan.
The appraisal should include an unbiased assessment of the
property's physical and functional characteristics, an analysis
of recent comparable sales and an assessment of current market
conditions affecting the property.
Appraisal fees may vary but you should not pay more than
$250 – $350 in most areas for a typical single-family
house.
Your real estate agent may be able to refer an appropriate
professional.
The Land Surveyor
If the seller does not have a Survey or Certificate of Location,
you will probably need to get one for your mortgage application.
If the Survey in the seller's possession is older than five
years, it will probably need to be updated. Remember that
you must have permission from the property owner before hiring
a surveyor to go onto the property. Ask your real estate agent
to help co-ordinate this with the owner.
The Builder/Contractor
If you are buying a newly constructed home or require renovations
to a resale home, you will have to hire a builder or contractor.
Here are some things to keep in mind when choosing one:
- Ask for references and talk to other customers about the
builder's performance.
- Check with the New Home Warranty program in the area.
- Visit other housing developments that the company has
built.
- Ask builders or contractors if they are members of a local
homebuilders' association or ask for a provincial license
number.
If you are having a custom home built, remember that:
- You may want to hire an architect.
- Builders of custom homes usually work on either a fixed-price
or a cost-plus basis. Authorize any changes to your contract
by writing your name or initials beside the change.
On a final note, make sure your contract is as specific as
possible about construction details, right down to the brand
name or model number of any finishes. Make sure that you initial
any changes to your contract.
Ottawa Home Buyers Guide
Ottawa Living is Ottawa's premier online
resource for everything about your home. We provide comprehensive
Ottawa real estate and rental listings, for home buyers, home
owners, and renters. We also have a comprehensive home services
directory for your home shopping and renovation needs. Our
Ottawa home directory consists of the following categories:
apartment
rentals, financing,
home
& garden, home
renovation, home
services, insurance,
lawyers,
moving
& relocation, and real
estate services.
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