Buying a House, Condo or Property
Buying a property can be one of the most important purchases of your life. The first step after you come to an agreement with the seller is to get in touch with a legal professional to help navigate the closing of your new purchase. We will be there to help you along the way.
Purchase Considerations
If you’re thinking about buying a house in Ontario, here are some important things you should know:
- Costs: In addition to the purchase price of the home, there are several other costs to consider when buying a house in Ontario. These include closing costs, which can include legal fees, title insurance, and land transfer taxes. You should also budget for ongoing expenses such as property taxes, utilities, and maintenance costs.
- Real estate agents: Real estate agents in Ontario must be licensed and follow strict ethical guidelines. They can provide valuable advice and guidance throughout the buying process, including helping you find homes that meet your criteria, negotiating the purchase price, and handling the paperwork involved in the transaction.
- Mortgage financing: Most home buyers in Ontario will need to obtain a mortgage to finance their purchase. You should shop around for the best rates and terms, and get pre-approved for a mortgage before you start looking at homes. Use our easy-to-use mortgage calculator to understand what your financing costs will look like.
- Home inspections: It’s important to have a home inspection done before you finalize your purchase. A professional inspector can identify any problems or issues with the home that may not be immediately apparent, and can help you avoid unexpected repair costs. The Ontario Association of Home Inspectors can be used to find an inspector for your purchase.
- Legal representation: As mentioned earlier, it’s highly recommended that you hire a real estate lawyer to represent you during the purchase process. A lawyer can review contracts, perform a title search, and handle the closing process to ensure that the transaction is completed smoothly and without any legal issues. A lawyer will also help you protect your investment with mortgage insurance.
- Property taxes: Property taxes in Ontario can vary depending on the municipality and the value of the property. You should factor these costs into your budget when considering how much house you can afford.
- Home insurance: You’ll need to purchase home insurance to protect your investment in case of damage or loss. Be sure to shop around for the best rates and coverage.
Overall, buying a house can be a complex and sometimes daunting process. However, with the help of qualified professionals such as real estate agents and lawyers, you can navigate the process and find the home that’s right for you.