Frequently Asked Questions - Buyers

Frequently Asked Questions – Buyers

 1. What does it cost as a buyer to use an agent? The compensation that a sales agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship.

2. Can my agent give me information regarding properties from other companies? Yes, if that other company is a member of the Multiple Listing Service (MLS) – which most real estate companies belong. We have access to all MLS listed properties.

3. How can I find out about new properties? Your agent should be able to accommodate your particular situation whether it be via e-mail, phone calls etc. Clients with e-mail capability can receive automatic updates from the MLS system as soon
as new listings are entered.

4. Who holds the deposit cheque when I make an offer to purchase? Typically the seller’s brokerage (real estate company) holds the deposit ‘in trust’ fro both you and the seller.

5. What is the minimum deposit? This is negotiable. Discuss with your Realtor the implications of various options regarding the size
of deposit that will best assist you in your negotiations with the seller.

6. What’s the difference between chattels and fixtures? Chattels are unattached goods that go with the seller; fixtures are attached goods that stay with the property. Any chattels that you want included must be written into the purchase contract and agreed to by the seller.

7. Who does the appraiser work for? The appraiser works for whomever contracts for his services. If you are taking out a mortgage and the lender orders an appraisal, the appraiser works for the lender.

8. Who pays the appraiser? The appraiser is paid by whomever contracts for his services. If that was the lender, the lender
may pass on those charges to you.

9. Do I have to use a lawyer? It is highly recommended. If you are getting a mortgage, your lender will probably require that
the transaction be handled by a lawyer.

10. Do I have to pay GST when I buy a home? Not on private previously-owned primary residential
property. All other types, please contact Revenue Canada. Note: there will be no GST on any goods and services that you buy or employ in relation to your purchase.

11. Do I have to have an inspection? No. The decision to have an inspection is up to you. Discuss the advantages and disadvantages
with your REALTOR® prior to making your decision.

12. Can I withdraw my offer before it is accepted? In most cases, yes. Check with your REALTOR®
or lawyer regarding the specifics of your offer.

13. Can I withdraw my offer after it is accepted? In most cases, no. Check with your REALTOR® or lawyer regarding the specifics of your contract.

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Christy Van Dyke
Associate | REALTOR®
Your Greenview | Hillview Area Specialist
Search Homes For Sale in Greenview | Hillview 

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