Buyer's Checklist
Judy’s Checklist for Buyers!
Questions? Call me anytime 604.970.3088
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Mortgages
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Yes
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No
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Are you pre-approved?
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Have you submitted letters of verification from you employer?
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Do you know amount of total liabilities and assests?
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Are your interest rates protected?
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Do you need mortgage insurance from CMHC/GE?
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Are you aware of any payout penalties?
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Have you signed a letter of commitment when you purchased and your mortgage has been approved?
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Will you be taking out mortgage life insurance?
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DOWN PAYMENT
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Do you qualify to use your RRSP money?
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Are your monies readily accessible?
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Are your monies a gift?
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If so, do you have a letter verifying this from the donor?
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New immigrants should verify down payment required.
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YOUR REALTOR
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Is your realtor easy to contact?
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Ask your friends/relatives etc…who they would recommend
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Are you loyal to your realtor?
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Engage your realtor when you are serious about buying
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Don’t hire a realtor that has no time for you
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DEPOSIT
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Do you know your deposit forms part of the purchase price?
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Have you asked your realtor how much deposit you will need?
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Do you have enough money your account to cover the deposit ?
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When will you have to write a deposit cheque?
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HOME INSPECTOR
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Ask your realtor to recommend several
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Check their credentials and ask for referrals
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Arrange for payment to the inspector following the inspection
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Inspectors are unregulated, unlicensed & ungoverned in most Provinces
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Does the inspector carry insurance for errors and omissions?
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NEW HOMES
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Yes
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No
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GST will be payable
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Know about all warranties, when they expire etc…
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HOME INSURANCE
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Look into tenant insurance if you rent out a portion of your home
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Condo’s and apartments only need content insurance
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Mortgage Lenders will require insurance as security for the loan
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LAWYERS / NOTARIES PUBLIC
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Ask your realtor to recommend several
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Compare prices
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A fee will be charged on completion day
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EXTRA COSTS!!
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Do you know about: Property Transfer Tax? Property Tax Adjustments? Legal Fees? Survey Fee? Appraisal Fee?
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ASK JUDY 604.970.3088
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APARTMENTS & TOWN HOMES
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Know the differences between – strata, co-op, leasehold, freehold etc…
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Be aware of the contingency fund – is it high? Low?
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Make sure you have all the strata (Form B etc) documentation needed and ask questions if you don’t understand or need further clarification
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Know if parking and storage lockers are part of the unit or common property
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Be familiar with the By-laws – rental restrictions, pet restrictions?
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Your realtor and the property management company or council president can help find the answers to your questions! Call Judy 604.970.3088 anytime!
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NOTES:
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Email