Compiling Your Team of Professionals
A REALTOR® has a pretty big role in the real estate transaction. Your REALTOR® will often be your first and last point of contact. It’s important to choose your REALTOR® carefully, selecting a REALTOR® that you trust and knowing what you can expect from them is a great place to start. Every REALTOR® holds a license to practice real estate, however there are many other forms of education or designations that a REALTOR® can choose to pursue. My recommendation would always be to ask your REALTOR® questions about their various designations and specialties. If you’d like me to email you my “REALTOR® interview questionnaire”, I would be more than happy to do that! It is exactly what it sounds like. A list of important questions to ask while selecting your realtor about how they do business and what you can expect from them.
Your mortgage representative will be your go-to person for all of your mortgage related questions throughout the buying process. They will be very involved at the beginning of the process while you’re getting a pre-approval and then become an integral part later on in the process, during the condition period. Mortgage Brokers are able to shop around for the best rates and negotiate on your behalf to achieve the most favorable loan terms.
I often get asked, do we have to do a property inspection? The answer is no, you don’t have to have a property inspection. That being said, I always advise my clients to hire a home inspector to inspect your potential new property just to ensure you know what you’re getting into. Home Inspectors are able to look at the insides of the home, they are able to find things we wouldn’t necessarily find on our own and if nothing else, they can provide you with peace of mind. It’s important to learn the in’s and out’s of your new home on both a technical and structural level.
If you are purchasing a condominium, having a professional condominium document review company on your team is very important. Buying a condo is partially about buying the unit and partially about buying into the condo corporation. Each condo corporation has documents that identify details about their financial stability and their maintenance plans for the common areas. It’s critical that when buying a condo, you are aware of any and all relevant information regarding the condo corporation. Having a professional review these documents and prepare a report for you, is a great way to be fully informed.
After all those other people… que, the lawyers! Your lawyer may have various roles in your real estate transaction. They may review your RPR (Real Property Report) conduct a title search, get title insurance in place, transfer the title, prepare the statement of adjustments, and facilitate the financial transaction on closing day… among other things! The fees for hiring a lawyer vary depending on whether you are selling or buying and depending on what property you choose. There is nothing wrong with calling around a bit for quotes specific to your transaction.