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acquainted with these
specialists and their roles.
Need Suggestions?
Contact Richard for
recommendations!
Mortgage
Broker – a
mortgage expert who introduces buyers to a full
range of mortgage products, interest rate options,
and strategies to pay off a mortgage more quickly.
This professional works only on his or her client’s
behalf, and may also be known as a mortgage agent or
mortgage consultant.
Lender
– financial institutions, such as banks, credit
unions, trust companies, pension funds, and life
insurance companies which lend money to home buyers.
Realtor
– a real estate representative who can find
properties in your price range and who arranges the
purchase transaction on your behalf.
Appraiser –
this property specialist determines a property’s
market value, based on its condition and the selling
price of comparable properties recently sold in the
area. The market value enables the lender to
determine the loan to value ratio of the mortgage
(the amount of the mortgage versus the value of the
home), and in many cases the mortgage broker will
assist you in this process.
Property
Inspector –
examines the home you intend to buy to evaluate its
roof and structural stability, electrical work,
plumbing, appliances, fireplaces and furnace. This
inspection is usually arranged by the buyer, and
allows him or her to address any issues with the
seller prior to closing, as well as anticipate any
repairs that may be required.
Lawyer
/
Notary
Public
– your lawyer or notary
will review the Agreement of Purchase and Sale,
ensure that all closing documents have been
completed correctly (including the title search and
title insurance), as well as file documents with the
provincial land title office. Your lawyer or notary
will also ensure your property is clear of all
existing mortgages, judgments and builder's liens.
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