You will acquire your own team of professionals to support you throughout the process.
Your first string players are:
- The Listing Broker/Salesperson
- The Co-operating Broker/Salesperson
- Insurance Broker
And in supporting roles:
- Home Security Specialist
- Moving Company
You should understand the parts that each plays so you can best work with them.
- The Listing Broker/Salesperson: Works with each homeowner (Seller) to market a home. The Listing Brokerage usually has a Listing Agreement that earns them a commission no matter who sells the home. The listing agent of the property you ultimately purchase will share the commission with our Brokerage if you purchase a property that has not been listed with Sutton Bayview. They work for the Seller.
- The Co-operating Brokerage/Salesperson: This is the Agency role your salesperson would play. A Co-operating Broker/Salesperson works with buyers to help them locate exactly the right home to meet their needs. The Co-operating Broker/Salesperson finds out what properties meet their buyer’s needs. They search every available source of properties, take their buyers to the properties, find a suitable house, negotiate a deal with the Seller, arrange inspections to make sure the home is sound, help the buyer to obtain a loan at favourable terms, process the paperwork and much more. Being the key member of your Real Estate Team they work for you, the buyer.
- The Lender: Unless you have all cash they will lend you the money to buy the house. There are many different types of mortgage loans. They are reviewed in detail in the Financing Section. The loan must be tailored to meet your needs. The lender works for themselves, but we need them anyway.
- The Appraiser: Must value your property to make sure it is worth the full amount that you have agreed to pay for it so that the loan that the lender is planning to make is based on fair market value. The appraiser works for the lender but you have to pay their fee. Go figure!
- Inspectors: There are many inspections that can be obtained on any home. The basic ones are:
- Building inspection. There is a separate home inspection section to assist you
- Pest control
- Environmental (if applicable)
We have a list of questions to ask potential inspectors. You will pay for the various inspections you decide to have performed and the inspectors will work for you.
- Your Lawyer: Handles much of the paperwork involved and the actual transfer of the home’s ownership. Your lawyer will ensure that you receive good title to the property you purchase. The detailed role that a lawyer performs is discussed later. Your lawyer works exclusively for you.
- Insurance Broker: You will need to seek the services of an insurance broker as property insurance will be required and you might opt for other insurance coverage as well. Please review the Insurance section. Insurance brokers typically work for and are paid by the insurance companies they represent.
- Home Security Specialist: Although burglar alarms are not absolutely essential, more and more people are valuing the peace of mind they bring.
- Moving Company: Good movers are worth their weight in gold. Negotiating for replacement of articles carelessly broken is not fun.