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Congratulations!

You have made the important decision to own a home. You have already started off on the right foot by working with The Hacking Team. Now you can start your house hunting journey with confidence!

As you progress in your buying journey, there will be many questions that come with purchasing a home. Professional advice is key to making informed decisions. We're here to help you have a smooth move into your homeownership goals. 

Working with a REALTOR®

Working with a REALTOR®

The term Realtor is a trademark identifying real estate licensees in Canada who are members of the Canadian Real Estate Association (CREA). A REALTOR® adheres to a strict Code of Ethics and Standards of Business Practices. The code of ethics is a firm set of rules describing what kind of performance you have a right to expect from a REALTOR®. It's your guarantee of professional conduct and the best in service.


A REALTOR's Commitment to high standards if professional conduct works to the advantage of buyers and sellers alike.

 

A REALTOR is knowledgable about developments and trends in real estate. 


A REALTOR will get you the facts: comparable prices, neighbourhood trends, housing market conditions, and more.


REALTORs are committed to ongoing education to increase competence and effectiveness in real estate trading.


Every REALTOR has been trained and tested. Their strict code of ethics ensures fairness to all parties in a transaction.


REALTORs pledge to be honest in disclosing property information and forthright in providing the facts needed to help you make one of the most important decisions of your life.


Only REALTORs, members of the Canadian Real Estate Association have access to the Multiple Listing Service, Canada's most powerful real estate marketing system.


This is why many buyers and sellers turn to a REALTOR. As a member of their local real estate board, a REALTOR has valuable data on the housing market. You can trust a REALTOR to protect your interests, look after details, and include you as an active partner in the process every step of the way.

Other Professionals

The Mortgage Specialist

The Mortgage Specialist

The Mortgage Specialist

Your mortgage professional will work closely with you and your selected team to ensure that your needs are first and foremost. Choosing the right mortgage specialist is important. You want someone who makes your home buying experience as smooth as possible so that you can focus on this exciting new chapter in your life. Their duty is to n

Your mortgage professional will work closely with you and your selected team to ensure that your needs are first and foremost. Choosing the right mortgage specialist is important. You want someone who makes your home buying experience as smooth as possible so that you can focus on this exciting new chapter in your life. Their duty is to not only find you the best rate, but to ensure that the mortgage you acquire provides you with the flexibility you need to achieve your financial goals. Sometimes consumers focus too closely on the lowest rate, and while that is important, ensuring you also focus on your pre-payment privileges, penalties and portability of your mortgage is just as crucial. You can go with a bank, a credit union, or a mortgage broker to help you through this process. 

The Home Inspector

The Mortgage Specialist

The Mortgage Specialist

A comprehensive home inspection should provide a detailed assessment of the following items: roof, eavestroughs, exterior, structural components, insulation, electrical, heating, cooling, and plumbing systems, condition of walls, ceilings, windows, doors, and basement or crawlspace. The report should detail the condition of each component

A comprehensive home inspection should provide a detailed assessment of the following items: roof, eavestroughs, exterior, structural components, insulation, electrical, heating, cooling, and plumbing systems, condition of walls, ceilings, windows, doors, and basement or crawlspace. The report should detail the condition of each component, what work is needed, and an estimate of cost for repair. Keep in mind; home inspectors do not have x-ray vision and can't see what's behind the walls and under the floors. They may not be able to climb up on the roof in the middle of winter. There are limits to the counsel they can offer. There are no credentials required to become a home inspector, so look for a reputable firm that has a long track record to be sure you're getting a reliable, experience perspective. For all of these reasons, an inspection is a way to protect the most important purchase you're likely to ever make.

The Lawyer

The Mortgage Specialist

The Mortgage Insurer

Your lawyer will represent your interests once you get an accepted offer. They prepare the details required for closing. The lawyer prepares the transfer of title, title defect issues, and manages settlement on various disbursements. They will let you know how much you owe for the remainder of your down payment and closing costs to be bro

Your lawyer will represent your interests once you get an accepted offer. They prepare the details required for closing. The lawyer prepares the transfer of title, title defect issues, and manages settlement on various disbursements. They will let you know how much you owe for the remainder of your down payment and closing costs to be brought to their office prior to possession. On closing day, you can expect your lawyer to hand you the keys to your new home, which have been received from the seller's lawyer when the latter has received your deposit and mortgage funds. Each lawyer will have different rates so it is always a good idea to "shop around" as well as ask your friends, family and realtor for recommendations based on a positive past experience. Make sure to hire a real estate lawyer as lawyer's specializing in other fields may not be as up to date or as fast as a specialized real estate lawyer.

The Mortgage Insurer

The Mortgage Insurer

The Mortgage Insurer

Mortgage insurance makes it possible to offer mortgage loan options with as little as a 5% down payment. If for some reason you can no longer make your payments due to financial setbacks, mortgage insurance helps you cover the lender's losses. Canada Guaranty, Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada ar

Mortgage insurance makes it possible to offer mortgage loan options with as little as a 5% down payment. If for some reason you can no longer make your payments due to financial setbacks, mortgage insurance helps you cover the lender's losses. Canada Guaranty, Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada are the primary mortgage insurers in Canada. The cost for this type of insurance is in the form of a premium that is added to your mortgage and included in your monthly payments. Most mortgage loan insurance products require homebuyers to provide the down

payment from their resources, such as savings and RRSPs. Gifted down payment from immediate relatives is acceptable.

The Appraiser

The Mortgage Insurer

The Property Insurer

Appraisals are typically required prior to funding an approved mortgage to ensure that the property value is in keeping with the value of similar properties in your area. Financial institutions can do an appraisal the traditional way with a full tour through the home. In some cases, if the home is included in a database of real estate ass

Appraisals are typically required prior to funding an approved mortgage to ensure that the property value is in keeping with the value of similar properties in your area. Financial institutions can do an appraisal the traditional way with a full tour through the home. In some cases, if the home is included in a database of real estate assessments, then an "automated" appraisal may meet their needs. If you are putting 20% down or higher, it is more likely that your lender will need an appraisal.

The Property Insurer

The Mortgage Insurer

The Property Insurer

A property insurer will cover the value of your home and the contents in the event of fire or other form of damage. If you have a mortgage, basic property insurance covering the replacement value of your house is required as a condition of advancing funds on the closing date. Property insurance costs will vary depending on the value of yo

A property insurer will cover the value of your home and the contents in the event of fire or other form of damage. If you have a mortgage, basic property insurance covering the replacement value of your house is required as a condition of advancing funds on the closing date. Property insurance costs will vary depending on the value of your home, the deductible you choose on the policy, and whether or not you have a home security system. A higher deductible means the insurer won't be paying out on smaller claims, so they can reduce the overall cost of the insurance to you. Read your policy carefully to understand what it covers and what it does not cover, so that you have no surprises down the road if your pipes freeze and burst, or lightning strikes.

The Land Surveyor

The Builder or Contractor

The Land Surveyor

If the seller does not have a Survey or Certificate of Location, you may want to get one. If the survey in the sellers possession is older than five years, it may also need to be updated. Remember that you must have permission from the property owner before hiring a surveyor to go to the property. We can help coordinate this with the owne

If the seller does not have a Survey or Certificate of Location, you may want to get one. If the survey in the sellers possession is older than five years, it may also need to be updated. Remember that you must have permission from the property owner before hiring a surveyor to go to the property. We can help coordinate this with the owner. Often times you will only really need a survey if you are building something on the property. This is thanks to title insurance which you should obtain through your lawyer prior to possession date.

The Accountant

The Builder or Contractor

The Land Surveyor

An accountant may be able to help you optimize the value of your home depending on how you use your residence, and the potential tax implications. 

The primary tax advantage of home ownership is tax-free capital gains you can generate when it comes time to sell your primary residence. You may be able to create some tax efficiency in the me

An accountant may be able to help you optimize the value of your home depending on how you use your residence, and the potential tax implications. 

The primary tax advantage of home ownership is tax-free capital gains you can generate when it comes time to sell your primary residence. You may be able to create some tax efficiency in the meantime if you have a home-based business or home office. There may also be other options to create tax advantages. You should also understand the tax implications if you have rental income from your home. Since the rules can change, you should discuss your own tax situation with a tax accountant who will be an expert on the subject and up-to-date on the rules. 

The Builder or Contractor

The Builder or Contractor

The Builder or Contractor

If you are buying a newly constructed home or a home that needs renovations, you may require a builder or contractor. When choosing builder or contractor ask for references and talk to other customers about the builder’s performance, check with the New Home Warranty program in the area (if applicable), visit other houses that the company 

If you are buying a newly constructed home or a home that needs renovations, you may require a builder or contractor. When choosing builder or contractor ask for references and talk to other customers about the builder’s performance, check with the New Home Warranty program in the area (if applicable), visit other houses that the company has built, ask builders or contractors if they are members of a local homebuilders’ associations and ask for license numbers. If you are building a custom home, you may want to hire an architect to design the house and supervise construction. If you are renovating, you may want to add the improvement costs into your mortgage. Discuss this with your lender in advance as quotes need to be submitted with your financing.

Offer to Purchase

Once you have found a home you would like to purchase, you need to present a vendor with an offer to purchase. As your home is a big investment and the offer to purchase is a legal document, it should be carefully prepared.


In an Offer to Purchase we will need:

  • Legal name and address of anyone going on the title 
  • Legal name and address of the seller 
  • Subject property legal civic address and legal description
  • Total purchase price being offered
  • Breakdown of the price into deposit, down payment and mortgage financing
  • Any goods or chattels that are excluded from the sale
  • Any goods or chattels that will be included in the purchase price
  • Possession date
  • Request for a current land survey of the property 
  • Date and time of the offer's expiration
  • Conditions that your offer is subject to including property inspection and approval of mortgage financing
  • Terms required 


The process of making an offer, receiving a counter offer and then revising it again is not uncommon. The whole process can seem like a roller coaster ride - exciting, but stressful. It's all apart of making the deal work best for you and the seller. 


Here's the process in detail:

Situation 1: the vendor accepts your offer. The deal is concluded. 

Situation 2: the vendor may make a counter offer, asking for a higher price or different terms. You may accept, decline or further negotiate the sale. 

Situation 3: the vendor may decline your offer. This would mean that the sale does not go through.


Closing Costs

Deposit

Home Inspection

Down Payment

Your deposit forms part of your down payment and must be given by either bank draft or cheque upon acceptance of an offer to purchase. The amount varies depending on the price range, but it may be up to 5% of the purchase price. If you wish to make a down payment of 5% and you give a deposit of 5%, then your down payment is considered to be made. Typically a deposit can be anywhere from $5,000 and above.

Down Payment

Home Inspection

Down Payment

At least 5% of the purchase price is required for a high-ratio mortgage and at least 20% of the purchase price is required for a conventional mortgage. Ultimately your down payment amount is up to you and your mortgage advisor. You will need to provide the remainder of your down payment (total down payment less your deposit) to your lawyer prior to closing.

Home Inspection

Home Inspection

Home Inspection

This may be a condition of your offer to purchase. A home inspector provides you with a report on the condition of the home and generally range from $400 - $500+, depending on the complexity of the inspection, size of the home and which company you choose. Using a professional inspector is not mandatory. If you have a knowledgeable person in your life whom you trust, feel free to use them if you are unable to spend the money on an inspection.

Appraisal Fee

Legal Fees and Disbursements

Home Inspection

Your bank may require that the property be appraised at your expense. An appraisal is an estimate of the value of the home. The cost is usually between $300 and $500 and must be paid when you contract for those services.

Land Transfer Tax

Legal Fees and Disbursements

Legal Fees and Disbursements

This is a Home Buyers Tax levied by the Provincial Government when home-buyers become the new registered owners of the property they just purchased. This levy happens with each property transfer meaning someone could pay this levy a number of times throughout their lifetime of purchasing properties. Costs vary depending on the purchase price but there are land transfer tax calculators available online.

Legal Fees and Disbursements

Legal Fees and Disbursements

Legal Fees and Disbursements

Must be paid upon closing. Your lawyer will also bill you direct the cost to check on the legal status of your property. Costs a minimum of $1,000 and additional charges are added for different types of services they need to complete for your purchase.

Prepaid Property Taxes

Survey of Certificate of Location Cost

Prepaid Property Taxes

This is to reimburse the seller for prepaid costs property taxes. Property taxes always get pro-rated so that sellers only pay taxes from January 1st to possession date and the buyer pays from possession date to December 31st.

Property Insurance

Survey of Certificate of Location Cost

Prepaid Property Taxes

This is required because the home is security for the mortgage. This insurance covers the cost of the replacing the structure of your home and its contents. Property insurance must be in place on closing day. Costs vary widely depending on the company you use as well as the type of home you've bought. Another great time to shop around.

Survey of Certificate of Location Cost

Survey of Certificate of Location Cost

Survey of Certificate of Location Cost

Your bank may ask for an up-to-date survey or certificate of location prior to finalizing the mortgage loan. Typically title insurance allows you to avoid this. If the seller does not have one or does not agree to get one, you will have to pay for it yourself if required. The cost is usually between $1,000 and $2,000. 

Title Insurance

Water Quality Inspection

Survey of Certificate of Location Cost

It may be suggested that you obtain title insurance to protect yourself from loss caused by defects of title to the property. Policies vary depending on the location of your home. In rural areas title insurance is much cheaper than in the city.

Water Quality Inspection

Water Quality Inspection

Water Quality Inspection

If the home has a well, you will want to have the quality of the water tested to ensure that the water supply is adequate and the water is potable. You can negotiate these costs with the vendor and list some in your offer to purchase. For a regular test it should cost about $40 if you bring it to a reasonably priced lab. 

Other Costs

Water Quality Inspection

Water Quality Inspection

Appliances, gardening equipment, snow clearing equipment, window treatments, decorating materials, furniture, renovations or repairs, paint, flooring, hand-tools, moving expenses, service hook up fees for utilities, condominium fees, etc.

Closing the Deal

When you make an Offer to Purchase, you will most likely add certain conditions to it, making it a conditional offer. This means that the contract will only become final when the conditions are met. The following conditions are generally standard in the Offer to Purchase, especially for first time homebuyers: 

  • A satisfactory home inspection report
  • Approval of mortgage financing to finance the purchase.


Once these requirements are met and your deposit paid, the conditions are removed and the Offer to Purchase becomes final. 


After the mortgage has been approved and before the deal is closed, you must deliver certain documents and monies to your lawyer and the lender's lawyer. These include: 

  • A copy of the offer to purchase and any conditional waiver is that have been added. 
  • Proof of fire insurance. 
  • A survey signed by a qualified man survey. 
  • In case of an existing home the survey on file may be acceptable. Or you may want to explore title insurance, which may not require a survey. 


Your lawyer was still search the title to the property, check into any taxes or liens on the property, draw up and finalize your mortgage documents. A Statement of Adjustments will confirm all transaction details in balance of the down payment and adjustments. This payment to your lawyer Interest is due together with the actual cost of your lawyers fees, plus closing costs and disbursements.


Closing day is the day you get the keys and legally take possession of your new home. 

  • Your bank will provide the mortgage money to your lawyer. 
  • You must provide the balance of your purchase price to your lawyer. 
  • You will also be responsible for paying legal fees disbursement and land transfer taxes. 
  • Your lawyer pays the vendor, registers the home and mortgage in your name and provides you with a deed and the keys.

Moving Schedule

2 Months Before:

  • Give rental notice
  • Select moving company
  • Begin packing items you won't need during this time
  • sell or donate unneeded items

6 Weeks Before:

  • Make records of belongings/valuables and insure if required
  • Make arrangements to store items if necessary
  • Obtain copies of personal records (e.g. medical, dental, academic)

4 Weeks Before:

  • Notify post office of change of address and send change of address cards. 
  • Notify utility and phone providers of change of address and arrange for connection at new address. 
  • Confirm move details with mover. 
  • Get boxes from the mover and continue packing.

2 Weeks Before:

  • Draw a floor plan of your new home and provide moving company with instructions on locating furniture. Label furniture accordingly. 
  • Arrange for childcare and pet sitting on moving day. 
  • If discarding bulky items, make arrangements according to municipal acquirements. 
  • Arrange necessary move and related insurance costs.

One Week Before:

  • Take down any fixtures that you plan to bring with you. 
  • Pack a moving date travel bag with essentials, such as change of clothes and toiletries. 
  • Label items to be moved in the car.
  • Have your lawyer advise you of the exact amount owing, then have your certified cheque or bank draft prepared accordingly.

Moving Day!

Suggestions for Moving Day:

  • Save all copies of moving documentation.
  • Before leaving, check each room carefully; close windows, turn off water and appliances, and lock doors.
  • Leave forwarding information.

As soon as you've moved in:

  • Start a quotation new home and quotation journal
  • Start a "new home" journal. Record the names, addresses, account numbers, dates and amounts you have paid monthly including your mortgage, utilities, taxes and condo maintenance fees. 
  • Call your nearest municipal office for the days of garbage and recycling pick-up.
  • Complete and send "change of address" form to your credit card companies, insurance companies, motor vehicles department and health care providers.
  • Determine the best home security system for you and install it. 
  • Replace and/or rekey all locks on exterior doors. 
  • Place a fire extinguisher on each floor.
  • Change the batteries in all smoke and carbon monoxide detectors. 

Homeowner Costs

Make your mortgage payments on time

Whether monthly, biweekly or weekly, be sure that you always make your mortgage payments on time. Making late payments may result in late charges and negatively affect your credit rating. Failure to make payments can even lead to more serious consequences like foreclosure.


A good way to prevent late payments is to have the amount automatically deducted from your account every month and put at least three months worth of mortgage payments in savings for emergencies situations. If you are having trouble making payments, discuss the situation with your financial advisor.

Costs of operating a home

Besides your mortgage, property taxes and insurance, there are many other ongoing costs related to operating your home. They include maintenance and repair, cost for service such as security alarm services, snow removal and gardening services. If you have a condominium, some of these expenses may be included as a part of your monthly maintenance fee.

Saving for emergencies

Even if you know how to do repairs yourself, there are costs involved. Every building has a lifecycle, which means that all parts of the building age and require major repairs or replacement at some point. For example, you might know that your roof will need to be replaced in a few years simply because of its age. Repairs like these are expected and can be planned for. However, many repairs are unexpected and can sometimes be costly.


Set aside an emergency fund to deal with unexpected problems ranging from major repairs to illness and job loss. A good guideline is saving 5% of your take-home payment and putting it in a special account. 

Living within your budget

Prepare a monthly budget and stick to it. You should monitor your spending every month and evaluate your progress in meeting your financial goals. If you continue to spend more than you're bringing in, you must find ways to cut back. If you were having trouble sticking to your budget, don't hesitate to talk to your financial advisor for advice.

Maintenance

Once you have finally settled in, you may start to view your home with a more objective eye. Perhaps there are things you'd like to change – the kitchen cabinets or flooring, for instance. Perhaps there are things that require repair, such as the plumbing or the windows. You will soon realize that maintenance, repairs and renovations are a normal part of homeownership.

Perform regular maintenance and repair

By doing regular maintenance and taking care of small repairs right away, you'll avoid more costly repairs down the road.


What are the best things you can do is get to know your new home. Here are some things you need to know:


Your home is made up of various components that work together. These include mechanical systems (heating, air-conditioning and ventilation) and the building envelope (foundations, floors, walls, windows, doors and roof).


You need to learn enough about major mechanical systems of your home to be able to perform routine maintenance and handle various emergencies. Every adult member of your household should know the location of the following:

  • Main shut off valves for water and fuel
  • Emergency switch for the furnace or burner
  • Hot water heater thermostat
  • Main electrical switch
  • Fuse box or circuit breaker box


Remember that homes, like people, get old. It's a good idea to inspect your home regularly and replace or repair parts and materials that wear out with use and time. And remember that since different components of your home work together and affect each other, minor repairs can quickly become major ones if they are not immediately taken care of.


You may be able to do many of the repairs yourself. However, if you feel you cannot handle the job on your own, it is best to call an expert. No matter who carries out the repair, remember that the work has to be done well. Bad materials and poor workmanship will end up costing more in the end. Don't forget to keep records of any repairs and improvements you make.

Home improvements

Besides doing regular maintenance and repairing your home, you will also want to consider renovating or making improvements. These changes will not only make the home more pleasant for you to live in, they will also increase its value.


Here are some things to keep in mind when planning a change or renovation:

  • Think about how changes would appeal to somebody buying your home in the future. You can make very personalized changes with paint because it is inexpensive and can easily be changed. However, things like flooring, cabinets and countertops have a longer life - make choices that will also be appealing to others.
  • Updating the bathrooms and kitchens in an older home can increase its resale value. 
  • Don't underestimate the importance of landscaping. The right planting can improve the appearance and value of your home. 
  • Updating your exterior paint, installing new roofing, resurfacing your walkways and driveway, adding attractive mailboxes and front-yard planting will also help make your home more appealing. 


Over time, some renovations can practically pay for themselves, especially if they result in savings on utility bills, a higher selling price or years of greater comfort and enjoyment in your home!

Century 21 Bachman & Associates |  Copyright © 2025 HackingTeam - All Rights Reserved.

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