There are many moving variables to consider when buying a new home. You will count on a team of different types of real estate professionals to make your home buying dream a reality. The types of real estate professionals you will need to have a relationship when buying a home include; a real estate agent, a mortgage broker, a property inspector, an insurance broker, a real estate lawyer and a contractor if you plan on doing work to your new home.
When buying a new home, your real estate agent will take you to see prospect homes, will educate you about the neighbourhood, prices of sales in the area, will make an offer to the purchaser on your behalf once you find a home that you want to buy, negotiate the final purchase price of your home and manage the paper work between the purchaser and your real estate lawyer to process the purchase of your home.
When buying a new home, your mortgage broker will work with you to obtain the best deal for mortgage financing that is available. Mortgage brokers are very useful because they have relationships with all of the banks so they are able to make you aware of all of the different banks interest rates. They are able to independently review your application for mortgage financing and identify any issues that could come up as it relates to your credit or income. If for some reason you do not qualify for mortgage financing at the bank, they can also access alternate sources of financing to get you a mortgage. This can include accessing financing at credit unions, trust companies, mortgage investment companies and more. Dealing with a mortgage broker will reduce your risk when buying a home and will ensure that you get the best deal.
A property inspector will be relied upon to inspect the home to ensure that there are no problems that you are unaware of. The inspector will check the foundation, electrical, structure and other vital parts of the home for issues. If something comes up, you can ask that the seller correct the problem before you finalize on the purchase or if the issue is too severe, you can walk away from the deal entirely.
Your insurance broker will help you to obtain homeowners insurance. He or she will obtain quotes from all of the different insurance companies to secure the best insurance rate with you at the maximum benefit. Like a mortgage broker, an insurance broker is knowledgeable about the products that all companies have to offer and can educate you through the process to ensure that you choose the right insurance, from the right company, at the right price.
Finally, your real estate lawyer will represent you in the purchase of your home and with the arrangement of your mortgage financing. He or she will ensure that you are purchasing a home that contains a clear title and doesn’t have any property tax arrears or liens. He or she will prepare all of your legal documents and will also be the last real estate professional that you will work with before taking possession of your home.
Knowing the types of real estate professionals you will need when buying a new home will enable you to research and establish relationships with the right people to make your home buying dream a reality.