Determine your individual needs
The reasons for buying property vary widely from one person to another. It is therefore extremely important to discuss your individual needs with your real estate broker before visiting a property.
Before making an appointment with your real estate broker, draw up a list of the factors important to you and determine your individual needs such as locality, price, type of property, number of bedrooms, surroundings, public utilities, and so on.
Check with your financial institution to find out how much you can afford to carry as a mortgage and have the loan amount preauthorized. When will come the time to look for the best mortgage opportunity, i will be really there for you with my multiple great quality contact.
Talk to me
Once you have analysed your individual needs, talk to your neighbourhood broker. If you are moving out far from my working sector, I will be able to refer you to a professional broker in the area of interest to you.
Checklist for visiting a property
Here is a checklist to use each time you visit a property. It will help you compare the various properties you visit and more easily come to a decision as to which property is best suited to your needs. Complete this form each time you visit.
- Read all counters
- Lowering or switching off the heating
- Closing the lights
- Closing and locking doors and windows
- Keys handed over to new occupants
- Interruption of telephone service
- Garbage disposal
Expenses to consider when buying a property
- Inspection by a building expert
- Opening the mortgage file at the bank
- Conventional loan (20% cash)
- CMHC-insured loan (less than 20%)
- Deposit on promise to purchase
Expenses to anticipate when signing the deed of sale
- Notary fees
- Tax distribution (refunds) :
- The calculation of the reimbursement to the seller (if applicable) will be made from the date of occupancy and you must reimburse the seller for the number of days already paid by him, for the following property taxes:
- Municipal taxes
- School taxes
- Heating oil tank :
- If the property is equipped with oil heating, the seller must have the tank filled on the day of the deed of sale and bring the invoice to the notary’s office, which the buyer must reimburse in full.
- Electricity (Hydro-Québec) and gas (Gaz Métropolitain) meters:
- The buyer and seller must notify Hydro-Québec and Gaz Métropolitain (if applicable) of the date of the change of ownership so that the meters can be read on that date and the amounts charged to the buyer and seller respectively on the date of occupancy of the property.
- Home insurance :
- Don’t forget that when you sign the deed of sale, you’ll need to provide proof of homeowner’s insurance for an amount equal to or greater than the existing mortgage.
Expenses after signing the deed of sale
Real estate transfer tax or “welcome tax”:
- The municipality in which you have moved will send you a transfer tax bill, within four (4) to six (6) months of signing the deed of sale, and this is calculated on the basis of the sale price and according to the following scale:
- 0.50% on the first $50,000
- 1.00% on amounts between $50,000 and $250,000
- Province of Quebec, excluding Montreal:
- 1.50% on the portion exceeding $250,000
- 1.50% on the portion between $250,000 and $500,000
- 2% on the portion exceeding $500,000
- Moving expenses, painting, decorating, etc.