Purchasing a home is a big purchase that you will have to live with for years to come. It is vital that you go about the process in the proper manner so that you can ensure your interests are being protected throughout the process. There are several ways that you can protect yourself during the purchase of residential real estate.
Do I need a registered real estate agent?
All real estate brokers and salespeople in Ontario must be registered through the Real Estate Council of Ontario. This provides the buyer with several protections, including the protection of strict ethics standards accountability. All registered agents have deposit insurance that protects buyers from losing deposit money in certain cases, such as fraud.
Do I need a home inspection?
While it isn't a legal requirement that you have an inspection done on a home you are purchasing, it is a good idea to have one. This can give you a good idea of the condition of the home. The inspector can't be expected to find every issue with a property, but he or she can give you information about the condition of the structure and major systems in the home. Even if the seller had an inspection done, it is still a good idea to have an inspection done by a home inspector you choose.
As you go through the home purchasing process, you will be required to sign documents and complete forms. You must ensure that you know exactly what you are signing and completing. If you have any questions or concerns, make sure those are addressed prior to moving forward.
Source: Government of Ontario, "What to know before buying a home," accessed Sep. 14, 2015
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