Buying a Home in Canada: What to You Need to Know Before You Signing
Are you confused about how to buy a home in Canada? You’re not alone. Here’s what you need to know before you sign any documents.
Take a Photo Of The Ad or Offer For Later
If there’s a dispute, you want photo evidence of what was advertised to you. It happens. Sometimes, you read something on a sign, then later, the offer is mysteriously changed or the lender or seller decide to go back on what was initially promised. If you have video or photographic evidence, there’s proof of the original offer that you can take to the lawyer.
Make sure you get reference points in your photo or video that links the offer to the home you’re buying. For example, any photos with a home price or special conditions should be time-stamped and tagged to the location using GPS (if you’re using your smartphone).
Also, make sure that you get the address of the property on any photographs you take of paperwork.
Get a Home Survey Done
Before you buy anything, you should get a survey of the property done. The survey is a home inspection. It tells you about the condition of the house, what needs to be fixed, what might need to be inspected further, and what it will cost you.
These homes for sale, for example, should be inspected – not because they’re necessarily bad buys, but because you can’t always tell the condition of any home based on a picture or even a simple walk-through.
Be aware that home inspections do not uncover everything. It’s possible that your inspector will not find things that are covered up behind drywall, for example. Sometimes, foundation problems go unnoticed as well. This is especially true if the foundation is crumbling but it’s been covered up by the current homeowner’s belongings.
Plumbing problems may also not be apparent if the problem is behind the drywall and it would be impossible for the inspector to see water damage or if the water was being absorbed by insulation, making it undetectable unless or until the wall is torn down.
Still, a home inspection will uncover major visible issues that you may miss – it’s like having a second pair of eyes on the property. Inspectors also find code violations on properties, which you may not be aware of.
And, if there is one code violation, odds are there are many that you don’t see.
photo Alina Ku-Ku via Shutterstock
Check The Property Tax Trends
Check the property tax on the property. But, don’t pay attention to this year’s bill. Look at the historical trend. Are taxes increasing, decreasing or flatlining? This will give you some idea of what to expect after you purchase the property.
Include A Time Limit On The Acceptance By The Seller
Sellers sometimes drag their feet on an offer. You can prevent this by putting a time limit on the acceptance offer. When you include a time limit, it forces the seller to make a decision so you’re not left committing to an offer that the seller won’t accept but also won’t get back to you about.
It protects you and keeps the process moving.
Guest Post :
Andrew Salas has enjoyed a productive carer in property investment and management. He likes to be able to share his views and advice online. You can find a number of his articles on property based websites.
