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-Selkirk Realty-
Royal LePage
306 Broadway Street Box 40
Nakusp, British Columbia
V0G 1R0
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We Service the
following areas:
Nakusp, New Denver,
Burton, Silverton,
Arrow Park, Fauquier,
Edgewood, Trout Lake,
Galena Bay and
Halcyon Hot Springs.
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BUYERS INFO | SELLERS INFO | MORTGAGE INFO | MOVING INFO
BUYERS INFO
Finding the right agent
You want to find the right home, in the right location, at the right price - and you want to do it quickly, with minimum hassle. The best way to do that is to work with a professional realtor who understands your wants and needs, your time frame and your financial boundaries.
Why work with an agent?
You'll save time. An agent can pinpoint homes that fit your needs and dismiss those that don't.
You benefit from an experienced negotiator. Your agent will manage your offers and counter-offers, ensuring that you get the best possible price for your home.
You'll get the right information. Your agent knows the neighbourhood and can give you accurate information on local real estate values, taxes, utility costs, services and amenities.
You can always count on great advice. Because your agent is familiar with the entire home purchasing process, he or she can advise you of your legal and financial options, and recommend appraisal, home inspection and contracting services.
Choose an agent who understands your needs
Here are a few questions to ask to help you determine if an agent is right for you:
Will you be representing my interests?
Do you have access to MLS information?
Will you provide market evidence to support the price?
Will you look after closing and possession details?
Can you be contacted at any time?
SELLERS INFO
Why use an agent?
Selling a home takes more than just putting a "for sale" sign out front. You need an agent with experience and training to help you determine the right price, come up with an effective marketing strategy, and anticipate and solve any problems that come up during the selling process. A real estate professional can help you with every part of selling your home, and offer you a smoother, hassle-free experience.
When you're selling your home, there are a number of advantages to working with an agent:
He/she knows real estate values in your neighbourhood and will help price your home competitively by preparing a market analysis of homes that have sold, competing homes that are still on the market and homes that were on the market but didn't sell.
He/she will establish a marketing strategy for your home, ensuring that it's exposed to as many potential buyers as possible.
He/she takes care of the tasks involved in selling a house, ensuring that the transaction is simple and low-stress for you.
He/she is an expert in the home selling process and will advise you of your rights, options and obligations.
He/she is an experienced negotiator and will work for you to get you the best possible price.
Effective marketing for your home
An agent can help you market your home by exposing it to as many potential buyers as possible. The first step is putting it on the MLS. But listing your property is only the beginning; your agent will prepare a personalized plan that includes everything he/she plans to do to sell your property. At Royal LePage, your property will be aggressively promoted through:
A posting on the Multiple Listing Service (MLS)
Royal LePage property advertising publications
The Royal LePage web site
Other Royal LePage offices and real estate professionals
Mailings to potential buyers in your area
MORTGAGE INFO
What is a pre-approved mortgage?
It's a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to a financial assessment and property appraisal. This service is always free and without obligation.
Why do it?
A pre-approved mortgage gives you an edge. Before you even start house hunting, you'll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
A pre-approved mortgage shows you're a serious buyer. In a situation where several people are bidding on the home you want, you may decide to offer the list price and beat out earlier offers.
To request a pre-approval, call 1-888-562-3284 or apply online.
From offer to closing
When you find the home that's right for you, your next step is to make an offer to purchase the home from the current owner. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer.
About the Offer to Purchase
The Offer to Purchase is a legally binding agreement between you and the person selling the house. It's a good idea to have your lawyer review it with you before it is presented to the seller. It includes:
- Your name
- The seller's name
- The address or legal description of the property
- The price you are prepared to pay for the home
- The items you expect to be included in the purchase price
- The amount of your cash deposit
- Your financing arrangements
- The closing date
- Specific terms or conditions that must be met as part of the purchase
- A time limit for meeting these conditions
Discuss the Offer to Purchase with your lawyer before you sign it. Remember, it becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the home could sue you for damages. If the seller does not accept your offer, your deposit will be returned.
When your offer is accepted
You're in the home stretch, finalizing the details of your mortgage and closing the purchase of your new home. Now you need to call your mortgage specialist and send them the following info:
- A copy of the real estate listing
- A copy of the accepted Offer to Purchase
- Information on the source of your down payment
- Income verification if you are employed
- A letter from your employer verifying your place of employment and income, or T4s and Notice of Assessment, or T1 General Tax Return and Notice of Assessment
- Income verification if you are self-employed
- 3 years of Financial Statements and 3 years of Notice of Assessments, or 3 years of T1 General Tax Returns and 3 years of Notice of Assessments
Processing the mortgage application
Your mortgage specialist will want to verify the value of the property you are buying, your current financial picture and your credit history, so a property appraisal and credit report will be ordered.
If your down payment is less than 20%, your mortgage is considered "high ratio" and you must pay insurance premiums. You decide whether you want to pay the premium in cash or have your lender add it to your mortgage amount. Your mortgage representative can contact Canada Mortgage and Housing Corporation (CMHC) or GE Capital Mortgage Insurance Company of Canada (GEMI) to make the arrangements.
Be prepared to pay fees for the mortgage application, credit report and property appraisal.
Closing the purchase
Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days.
Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.
Once your mortgage and the deed for the property are officially recorded, you become the official owner of the property.
Mortgage terms explained
Mystified by all the financial jargon used to describe mortgages? Here's a quick overview of key terms to help you understand the language - and make the process clearer and easier.
Mortgage: A personal loan used to purchase a property. You pledge the property being purchased as security for the loan.
Down payment: The portion of the purchase price that you pay initially as a lump sum; the rest is financed by your financial institution. A down payment is generally up to 20% of the purchase price.
Principal: The amount of your loan.
Interest: This is added to the amount you have borrowed to compensate the lender for the use of their money. Your mortgage is repaid in regular payments which are applied toward the principal and interest.
Term: The number of months or years the mortgage contract covers (typically six months to five years), during which you pay a specified interest rate.
Amortization: The number of years it will take to repay the mortgage in full. (This is usually longer than the term of the mortgage.) For instance, you may have a five-year term amortized over 25 years.
Equity: The difference between the value of your property and the amount you still owe on the mortgage.
Conventional mortgage: Offered to buyers who make a down payment of 20% or more of the appraised value or purchase price.
High ratio mortgage: Offered to buyers with a down payment of less than 20%. This type of loan must be insured against default by the federal government through the Canada Mortgage and Housing Corporation (CMHC) or an approved private insurer (the lender usually arranges this). The borrower pays a one-time insurance premium to the insurer (ranging from 0.5% to 3.75% depending on the size of the loan and value of the home; additional charges may also apply). The premium is usually added to the principal amount of the mortgage. If you default on your mortgage, the lender is paid by the insurer.
Fixed rate mortgage Carries a set interest rate for a specific period of time (the term of the mortgage). The regular payment of the principal and interest remains the same throughout the term. The benefit of choosing this option is that you are protected if interest rates rise.
Open mortgage: Gives you the flexibility to make unlimited pre-payments or lock into a fixed term at any time. This loan's interest rate changes periodically, and is tied to the prime rate. This type of mortgage is popular when interest rates are expected to fall or remain stable.
Portability: If you are selling your home and buying another, this option allows you to take your mortgage - with the same term, rate and amount - and apply it to your new house. If your mortgage isn't portable, don't sign for a longer term than you're likely to stay in the house or you could wind up paying a penalty to break the mortgage agreement.
Assumability: This feature allows the buyer of your house to take over or "assume" your mortgage. If your mortgage has a fixed interest rate lower than current rates, it could be an attractive selling feature.
MOVING - Get organized!
Moving can be one of the most stressful experiences in life. Getting yourself and your family organized will take the stress out of the day and allow you to focus on the fun stuff - like the fact that you're moving into a great new home!
Here are a few quick pointers for an easier move:
Create a timetable and checklist. You'll feel a comforting sense of accomplishment as items are checked off.
Give everyone in the family their own responsibilities, including your kids. It's a great way to make sure everyone feels involved.
If you can afford to, use a moving service. Having professionals do the work for you is a huge way to simplify a move. Plus, if anything is lost or damaged, their insurance should cover it.
Use your agent as a resource. He or she is full of great suggestions for moving companies, cleaning services, decorators and more.
Give yourself a "time cushion." If possible, don't move in the same day the previous owners are moving out. If you have some extra time, you can also go into the empty house and clean or paint.
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