7 Things You Should Know BEFORE PURCHASING

1. Many times, a home is the largest asset an individual has and is considered one of the safest investments available.

2. The majority of the time, a Realtor can show you any home, whether it is listed with a company, a builder or is a For Sale by Owner property.

3. Working with a Realtor to purchase a For Sale by Owner property is very advantageous because someone will be looking out for your best interests.

4. A pre-approved program from a lender for a specific loan amount subject to the property being approved will give you confidence and will help when negotiating with the seller.

5. Your Real Estate professional can provide you with a list of items that you’ll need to make a loan application, so you’ll be ready when you visit the mortgage broker.

6. In a Seller’s Market, don’t go looking for a deal. Set your sights on the right house for you, and then let your Realtor help you negotiate the best price and terms.

7. A Provincial Property Transfer Tax is payable at the time of closing. This tax is 1% on the first $200,000. 2% on the balance up to 2 million. 3% on the balance up to 3 million and 5% on the balance over 3 million.

EXAMPLE

Sale price $750,000 1% on $200,000 = $2,000 2% on $550,000 = $11,000

Total Tax Payable: $13,000