Surrounding yourself with a successful team

When you purchase a place there are several professionals that play important roles in your transaction. For the best results, every professional on your team will need to be on the same page.
 

Mortgage Broker
Mortgage brokers are the “quarterbacks” of purchase transactions. They secure your loan, and act on your behalf to get you the best rate and mortgage product for your needs. Since your financing typically comes with certain conditions for documents that all the professionals below produce, we are in constant contact with them to help co-ordinate as smooth a transaction as possible. Mortgage brokers work very closely with an underwriter, who reviews applications to a lender and “decisions” them.
 

Real Estate Agent
The chief responsibility of a real estate agent is to negotiate on your behalf, and handle all things pertaining to your contract of purchase and sale including property viewings. A realtor protects you by negotiating a contract specific to your scenario, concerns, dates and many other items. Your contract is not just about price negotiation.
 

The following three professionals are optional, but suggested as a good idea for your protection and peace of mind:
 

Appraiser
An appraiser gives you an unbiased determination of property value, and is needed in transactions where more than 20 per cent down payment is made. The appraiser will typically spend about 30 minutes at the property being appraised, take pictures, and make notes before using back-end tools such as MLS (for comparable sales and property details), land titles, property tax assessments and transaction histories to generate a final report on value with supporting data. Look for an appraiser to hold an AACI designation.
 

Home Inspector
The home inspector will spend anywhere from two to four hours looking over all your systems such as heat, plumbing, electrical, drainage and more to determine their condition. At the end of the inspection you typically receive a thick binder with the inspection summaries. Once reviewing the report, you will know if a property is in Excellent, Average or Poor condition.
 

Surveyor
This professional determines your property lines. Every detached property will have had a survey done prior to its first sale/purchase transaction. In subsequent transactions a survey can also determine any property encroachments. You may be buying less, or more land than you think! Title insurance, which is bought from your lawyer, is also commonly used by lenders in lieu of a survey, and also covers you for identity theft.
 

Lawyer
Lawyers make your transaction official, or where you “complete.” They register mortgages with land titles, make disbursements, and handle the exchange of money on your behalf in the transaction. You must initiate your file with your lawyer, then generally you are contacted the week prior to your completion and will be advised what documents and money you need to bring to your appointment the week following.

A purchase transaction is rarely just a buyer and seller giving/receiving money for a property. There are always professionals working behind the scenes doing essential work to make your transaction possible. On your next purchase remember to select your successful team members; your quarterback can usually recommend some quality talent for you. •

Michael McIvor can be reached at michael@michaelmcivor.com.