Allow me to fully understand your needs and then we can enter into an agency relationship.
After you have established your financial qualifications and your deposit requirements, you can tour and view properties that meet your criteria until you find the perfect home for you!
You have found your dream home! Next, what’s next? What next?
I will prepare the Contract of Purchase and Sales and present your offer to buy.
Inspection, Title Search and Property Disclosure. Environmental, Home/Fire, and Fire Insurance.
Exciting day! Send a deposit and choose a Notary/Lawyer to finish the closing documentation.
You can exchange money and title on your behalf.
Get the keys to your new house!
Unless you qualify for the First Time Home Buyers Program (see below), you will be required to pay Property Transfer Tax at the completion of your purchase. Property Transfer Tax is as follows:
|$200,001 – $2,000,000||2.0%|
|$2,000,001 – $3,000,000||3.0%|
Depending on the lender and the property type, down payments can vary. A general rule of thumb is that for a condo/townhouse or detached house, a minimum down payment of 5% is required, whereas bare land typically requires a down payment of at least 50%.
The Canadian Mortgage and Housing Corporation (CMHC) requires any buyer to purchase mortgage insurance when the down payment is less than 20%. Insurance rates range from 3.60% – 1.80% depending on your down payment. Full insurance rates can be found at: www.ratehub.ca/cmhc-mortgage-insurance.