GETTING STARTED |
You Need Representation The single most important factor in buying Real Estate is to ensure you have a professional Realtor represent and protect you throughout the buying process. Whether its a brand new home from a developer or a home you happened to stumble in during an Open House, have me as your agent to represent your interests as a buyer. |
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Buyer Agency As a professional buyer's agent I guide you and protect you throughout the buying process. Once agreed to represent you as your agent your sole interests are always kept front and center. With you as my principle, I am legally bound to protect your interests throughout all negotiations. |
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Fees Representing you as a buyer's agent, I do not collect an upfront fee from you, but an agreement is made between yourself and I. My expertise, experience and services are offered provided you respect my commitment to you and understand that I am remunerated by a commission paid out by the seller upon the completion of your purchase. Once agreed upon, our working expectations are put in writing by way of a Buyers Contract and we begin a working relationship based on professionalism and mutual trust.
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BEFORE YOU START SHOPPING |
Identify Your Financing Options After ensuring you have a professional Realtor agree to represent and protect you, your next step is to clarify and decide on all your financing options. People whom you should be contacting before you even start looking at homes should be either the Loans Manager of your current banking institution or a Mortgage Broker. Both these people can provide you with details as to what financing options will be offered to you. These preliminary services are at no cost to you as the Loans Manager works for the Bank and the Mortgage Broker will eventually earn a commission from the lender who finances your purchase. |
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What the Loans Manager or Mortgage Broker can do for you.
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Types of Mortgages Depending on the amount of your down payment, the property purchase price and use of the property (principle residence vs. secondary home vs. investment property) the mortgage will be termed as either an insurable or uninsurable mortgage.
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Down Payment This is the actual money that you have or will have to put towards the purchase of our property. |
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Mortgage This is the balance of the purchase price borrowed from the bank minus your down payment. (Purchase price - Down payment = Mortgage) |
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Less Than 20% Down Payment / High-ratio Mortgage |
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If you are going to finance the purchase of your home with
less than 20% down payment, also known as a high-ratio mortgage, there are a few factor and points to keep in mind.
Click here
for details on high ratio-ratio mortgages. |
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Using R.R.S.P's To Buy A Home |
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Under the "Government Home Buyers Plan", buyers are allowed to individually withdraw up to $35,000 from their Registered Retirement Savings Plans (RRSPs) tax free for the purchase of a new or resale home. These funds must be repaid to an RRSP in the future or you may become liable to pay tax on these funds. | ||
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How to apply:
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"Closing costs" are additional fees or costs that are associated with the purchase of property. You should keep these costs in mind and budget for them. | |
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WHEN YOU FIND YOUR DREAM HOME |
The Contract Of Purchase And Sale | |
Once you have found your dream home, you need to have a contract of purchase and sale drafted to negotiate the offering price you are prepared to pay for the property, and to outline all details, terms, and conditions for the sale. Remember that the contract is a legally binding document. | |
The following are factors and considerations to keep in mind when you are prepared to make an offer on a home.
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Call me at (604)
805-0825
(mobile), (604) 620-6788 (office) or e-mail: info@davidtung.com www.DavidTung.com |