getting the most from your home buying team

​​(NC) - For many of us, our home will be our most significant asset. Therefore, it makes sense to employ the services of top-notch professionals when setting out to buy. Referrals from friends, family, or other housing professionals are always a good place to start looking for these key players:

Real estate agents

The job of the real estate agent is to help you find the home you want, so make sure you tell them exactly what you're looking for and willing to pay. Armed with that knowledge, a licensed real estate professional will:

• Inform you about the state of the market and evaluate potential neighbourhoods.
• Pre-screen homes to ensure that you see only what fits your wants and budget.
• Provide you with sound, practical advice to get the best deal possible.
• Tell you when to involve other professionals, such as a lawyer and home inspector.
• Help you prepare and submit your offer to purchase and see the transaction through to a successful conclusion.

Mortgage lenders

​With many options available, choosing the right mortgage can be difficult.

• Speak with your personal banker or a mortgage broker who will help you create a borrowing strategy that's perfectly suited to your personal goals.
• Creating a borrowing strategy is all about improving your cash flow, lowering your overall borrowing costs, and managing interest rate risk.

Lawyers
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The work of the lawyer usually begins when you submit your offer to purchase. Your lawyer will:

• Review the offer to purchase (if necessary).Do a title search on the property.
• Ensure there are no outstanding disputes regarding property lines.
• Ensure there are no liens, mortgages, or taxes owing on the property.
• Search the Personal Property Registry to ensure there is nothing owed on freestanding items, such as appliances, included in the offer to purchase.
• Arrange the transfer of title, and payment of land transfer fees and taxes.
• Take care of all closing arrangements, including the transfer of keys from the vendor's lawyer.
• Referrals are a good way to find a lawyer, or you can call the law society to find one who specializes in real estate law. Although fees vary, the costs for all the legal duties will usually set you back between $500 and $1,500.

Home inspectors

A professional home inspector is a valuable addition to your team.

• They will examine your home assessing its structure, plumbing, insulation, roofing, and so on.
• The home inspector will identify areas that need repair, and provide estimates of what it would cost to fix any problems.
• Take care when choosing an inspector, as most anyone can claim to be one. Most provinces have associations that require inspectors to meet professional standards.

Insurance brokers

You'll want to protect your home and its contents, so you'll need property insurance when you purchase.

• You'll also want to ensure that your family's mortgage payment will be taken care of should something happen to you, so consider mortgage life insurance.

• Your insurance broker can help you decide on the type of coverage you need, and will find the best available rates.
• It also pays to shop around, so if you already have contents insurance, for example, ask your agent what they can do for your new home.

Visit www.electrospec.ca for more information about home inspections.