Buying or selling a home is a big business transaction. That’s why it’s so important to select, in advance, an experienced team of experts and professionals you can trust. These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a Lender, a Lawyer, a Home Inspector and an Insurance Agent.
In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most Buyers and Sellers don’t have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity. The REALTOR® you select should be someone that knows the neighbourhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advise you on when to bring in the other experts or professionals. Dianna Mandzuk is a REALTOR® with nearly 31 years of successful experience in Durham Region, the southern portion of Kawartha Lakes and surrounding areas.
Here are the names of a few Mortgage Brokers, Managers or Representatives you could call:
TD Canada Trust
Barb Lewis/Tracey Ciulla
Upper Canada Funding Inc.
The Mortgage Centre
Here are the names of a few Lawyers you could contact to inquire about their fees:
Woitzik and Polsinelli
Here are the names of some Home Inspection Services you can call and obtain a quote from for their services:
Durham Home Inspection
County Home Inspection
Pillar to Post
G. Massey Home Inspection
Prestwick Home Inspection
Here are the names of some Moving Companies you can call and obtain a quote from for their services:
Marcel and Sylvia Niles
1-800-267-7222 or 905-579-2227
Honest Mover Ltd.
Mackie Moving Systems
Mountain Moving Systems
Moving and Storage
Door 2 Door Movers
Two Men and A Truck
DON'T FORGET ABOUT INSURANCE!
You will require insurance coverage on the home you buy. This insurance must be in place before any purchase can be finalized.
There has been a growing concern in the real estate industry about the escalating cost and availability of property insurance. REALTOR®s have provided anecdotal evidence that insurance companies have refused to insure homes that have been previously covered. In other cases, companies have decided to raise insurance premiums by a considerable amount. Some properties involved in insurance coverage issues have real or perceived environmental problems, such as oil tanks or mold. Other insurance issues develop because of outdated wiring or heritage status.
Provincial Governments are responsible for the regulation of the insurance industry, including the cost of premiums and the availability of products. The Federal Government’s responsibility is limited to ensuring that insurance companies are financially sound. The Federal Government obtains assurances from the Office of the Superintendent of Financial Institutions (OSFI) that the investment portfolios of insurance companies are not excessively risky.
If you’re involved in a home transaction these days, you have to think about insurance. It could affect whether or not you get the home you want.
Determine if there are any problems that would raise concerns for insurance companies. If there are, what can be done to alleviate them? Home insurance companies have tightened their underwriting criteria and they’re reluctant to take on risks that may not have bothered them in the past. What’s at stake for you is not just the insurance, but mortgage financing as well. Banks won’t advance funds on the purchase of a home unless there is proof of insurance.
A number of home insurance issues have been identified that can impact the home buying process. These issues can include:
Aluminum wiring – demands to retrofit and/or change completely to copper (you may be required to have an Electrical Safety Inspection by the Electrical Safety Authority (ESA) completed on your property if your home has any aluminum, knob & tube or unknown wiring)
60 amp electrical service – not deemed to be sufficient regardless of size of dwelling
Knob and tube wiring
Furnaces more than 20 years old
Oil tanks – age, certified, gauge, lines, etc
Woodburning appliances – WETT inspection is being measured against current building codes
First-time Buyers without prior home insurance history
Insurability point system now used by insurers which may be detrimental to first-time Buyers. This includes “red zoning” because of the location of the property.