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Important things to know before purchasing a home

Purchasing a home is likely one of the biggest events in your life. So, acquiring an understanding of the main aspects of this process could protect you from making any costly mistakes and allow for a much-smoother transition.

Choosing a realty rep

Finding the right realtor is often the first critical step in the home-buying process. A realtor who is familiar with the market and familiar with the particular area in which you're looking, and who is someone with whom you have a great rapport, may be the best choice.

Your realtor should be a member of the Real Estate Council of Ontario (RECO), which ensures that he or she has the proper educational background, deposit insurance and will be required to follow all legalities while upholding a high ethical standing.

Warranties for new homes

If you're buying a new home or having a home built, you probably have questions regarding the warranty on your potential home. A warranty can cover you when the workmanship of your new home is shoddy, in the event of water damage, or if there are any structural defects. It should also cover your deposit.

Warranties can vary depending upon the type of home, so seeking clarity on the fine print could prove invaluable to your full understanding of the exact warranty to which you would be entitled in the event you proceed with the purchase.

The importance of a home inspection

Finding a reputable home inspector is often one of the most crucial steps before purchasing a new home. An inspector will evaluate the structural integrity of a home, including the foundation, walls and ceilings. He or she will also ensure the heating and electrical systems are in proper order, along with the plumbing, drainage and sewage systems.

As a purchaser, you can ask the seller to fix any issues that a home inspection brings to light. After the inspection has been completed, you can also ask the seller to lower his or her price, or you can walk away from a deal altogether.

Support and guidance is available

Getting a handle on the things you need to know and do when you're buying a home may simplify what can be an overwhelming ordeal. An experienced lawyer can answer all of your questions and concerns, and can thoroughly analyze all documentation, including your potential contract. Seeking the support of legal counsel can significantly increase the odds of avoiding any unforeseen expenses and of completing your home purchase within the required timeframe. 

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