Finding the perfect home doesn't happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle.

Then it's location, location, location. Location affects your day-to-day living and is one of the most significant influences on value. Your choice of location may be limited somewhat by the price you can afford. Even so, make sure you consider such things as distance to work, schools, shopping and entertainment.

What type of property do you want? A single-family detached home is attractive to many people because it typically provides more living space and land. On the other hand, a condominium may be a more appropriate choice for you, with an emphasis on maintenance-free living.

Lana can help you analyze all of these buying issues. Lana and her team,  working as a buyer's agent works to find the connection between homes available in the market and the needs and financial capacity of buyers. Talk to and compare the services of REALTORS® to help you navigate through this complicated business transaction. Be comfortable and confident with the REALTOR® you are selecting as your business partner.

As your agent, Lana owes you the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with Lana. In most provinces, if a REALTOR® is showing you homes, they are automatically deemed to legally be your agent, and owe you all of the associated obligations.

Lana & her team will use various tools to try and find properties that meet your specifications including the MLS® service. One of the important search tools will be the local MLS® system. By sitting down at a computer Lana can key in your needs, choice of neighbourhoods and price range and immediately come up with a list of suitable properties available through the MLS® system. You can also view listings posted to the national mls.ca web site.

When you select a property and decide to visit a house, there are many things to consider. Does it have all the features you wanted? Is the neighbourhood what you expected? Try to picture your favorite furnishings in a room. Remember all of the technical considerations:
• what type of wiring does the house have?
• what about power outlets? Different appliances use different types.
• what type of heating system does it use?
• what about the roof and foundation?
• what condition are the windows in?
• what about the plumbing?

There are other things to look at as well. If you don't have time or don't feel comfortable doing it, home inspection services are available for a reasonable fee. Having a qualified home inspector look at the house is always a good idea. The older the home, the greater the need for professional inspection.

Once you find the house you want to make your home, work with Lana to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:
• getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
• selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
• the seller providing a current survey, or a "real property report," showing the location of the house on the property owned by the seller and that there are no encroachments;
• the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
• if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;
• if you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer;
• any inclusions - basically, what stays and what goes.

You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.

After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Make sure you understand and agree with all of the terms of the offer before signing.

No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property).

You may also have to pay:
• a mortgage Broker's fee:
• an appraisal fee;
• surveying costs (if the seller couldn't come up with a current survey); and,
• a high-ratio mortgage insurance premium.
• an interest adjustment. Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.

You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees, and, if applicable, any REALTOR® fees. Be prepared to furnish proof to your lender that you have insured your new house as well.

Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.

At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say... except welcome home!

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

Other Useful Information:

VALUE OF WORKING WITH A BROKER OR SALESPERSON

WHEN YOU WORK WITH A REGISTERED BROKER OR SALESPERSON YOU BENEFIT FROM:

Education, Knowledge and Experience

All brokers and salespersons are required to complete educational courses prior to becoming registered and are also required to take continuing education courses. In addition, many brokers and salespersons pursue ongoing professional development opportunities, obtain membership in professional associations and attend industry events on a regular basis. While consumers buy and sell real estate infrequently, most brokers and salespersons are engaged in these activities on a daily basis.

Consumer Deposit Insurance

All brokers and salespersons are required to be insured. The insurance program administered by RECO includes consumer deposit insurance - paid for by brokers and salespersons. In the event of fraud, misappropriation of funds or insolvency there is coverage available to consumers of up to $100,000 per claim to a maximum of $500,000 per occurrence.

Complaints & Enforcement

All real estate brokers and salespersons are required to comply with the Real Estate and Business Brokers Act, 2002 and associated regulations, including the Code of Ethics. RECO addresses inquiries, concerns and complaints about the conduct of brokers and salespersons and takes appropriate action to protect the public interest.

MAKE SURE YOUR BROKER OR SALESPERSON IS REGISTERED

In Ontario, in order to trade in real estate, brokers and salespersons must be registered under the Real Estate and Business Brokers Act, 2002. Before you begin working with a real estate broker or salesperson, make sure you confirm that they are registered by using the online search feature.

The information available to you includes the registration status, the current expiry date of registration, whether or not the individual has complied with insurance requirements, and regulatory activities related to the brokerage, broker or salesperson, such as:
• Registrar's Proposals to refuse, revoke, suspend or apply conditions to a registration
• Charges under REBBA 2002 and related convictions
• Immediate suspensions ordered by the Registrar
• Decisions of Discipline and Appeals Panels related to ethical conduct

Source:  http://www.reco.on.ca/ConsumerInfo.aspx?section=WorkWithRegistrant

Buyer Representation Agreements

When you are buying your home, a real estate broker or salesperson may ask you to sign a representation agreement. A representation agreement defines the nature of the relationship between you and the brokerage, including the broker or salesperson.
Representation agreements can be written, oral or implied. However, your broker or salesperson is required by law to reduce the agreement to writing and provide it to you for your signature. The agreement should be in writing in order to protect the interest of all parties.

Before You Sign
Your broker or salesperson wants to provide you with the best service he or she can. To make the most of this relationship, it’s important to clarify your needs and expectations. To avoid misunderstandings later on, it’s important not to make any assumptions. You should also take time to ask what the broker or salesperson expects from you and what your obligations are.
Discuss all of the services that will be provided. Take the time to clarify the fees and costs related to these services and make sure the written agreement is clear.

Don’t Sign it if You Don’t Understand It
Never sign an agreement unless you are sure you know what it means, how long it will be in effect and what the different clauses mean. It’s one of the most important steps you can take to protect yourself. Take the time to read it thoroughly. Ask questions. Your broker or salesperson can’t provide legal advice, but they are familiar with these agreements and should be able to answer your questions and explain what the clauses mean and what effect they will have. Feel free to seek legal advice at any time.
If you choose not to sign an agreement, the brokerage is still responsible for outlining the services that will be provided to you by the brokerage.

What If I Don’t Sign?
The Code of Ethics clearly states that loyalty ultimately rests with the client and that a broker or salesperson must protect and promote the client’s best interests. However, the Code also requires that a broker or salesperson deal fairly, honestly and with integrity and provide conscientious service to all clients and customers. You can decide to be a customer, rather than a client, but should be aware that the obligations of the brokerage will differ.

Multiple Representation
Multiple representation means that a brokerage is representing both the seller(s) and buyer(s) of a property. There are no standard terms of services under multiple representation so you need to refer to your representation agreement before any offer is submitted. RECO can’t provide a legal interpretation of your contract. However, multiple representation must be consented to in writing. When such a situation arises, ask questions and make sure you are comfortable with how it may affect the services provided to you.

Holdover Clause
RECO often receives calls from consumers about holdover clauses in agreements and what they mean. This is a legal question and you should seek legal advice if you have concerns. While there is no “standard” holdover clause, generally, a holdover clause means that if a property is bought or sold within “X” days of the contract expiry, and without the assistance of the broker or salesperson, commission may still be payable to that broker or salesperson.

Other Buyer Sources :

http://www.reco.on.ca/PubResources.aspx?section=ConsumerPublications

http://www.royallepage.ca/CMSTemplates/AskRLP/Buying/BuyingTemplateL.aspx?id=754&a=755&b=756&c=757&d=758

http://www.realtor.ca/info_buyers.htm