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GuideBUYERSPOWERED BY
STEP BY STEPTO BUYING YOUR NEXT HOME
guide
Welcome PropertyGuys.com Buyers
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Congratulations on checking out a PropertyGuys.com private listing. When you purchase direct from the seller - you both win. PropertyGuys.com has been connecting buyers and sellers for over 15 Years, and has proudly served over 57,000 private home sellers. Buyers love our high touch, high tech system. That’s probably why our website receives over 11 Million page views per month.
As you browse through this guide please keep in mind that although our network represents thousands of sellers, we also offer tons of buyer tools and support, to help you along the way. Remember, our goal is to make it easy for buyers and sellers to connect.
F e atur e d Pr op er t y............................................1F e atur e d Pr op er t y D e t ail s................................. 2Welcome Pr op er t y Gu ys.com Bu yer s..................... 3Inter e ste d – But Still Have Som e Que stion s...........4Usin g the Pr op er t y Gu ys.com Website................... 5When Should you St ar t the Mor t g a ge Pr o ce ss........ 6L ove it! T ime to Make an O f f er............................ 7C losin g D ay - T he F inal Steps.............................. 8Bu yer ’s C he cklist ............................................. 9 Key R e al E st ate Ter m s....................................... 10T he O f f er Maker ®............................................. 11Me e t our L o cal Z e e............................................12
What you’ll find in this guide:
- Kenny SingletonPGProPrince Edward IslandFRANCHISE LOCATION OF THE YEAR
Have a property to sell?We’ve got a track record to help.
Would you like to set up a personal showing? – How do you connect with the seller?That’s easy to arrange. Call the number on the listing and schedule a showing. If you are not speaking directly to the homeowner you are talking to a HomeSeller’s call centre that is there to help get your viewing scheduled. Pick a time that works for the both of you and just show up with your questions. The homeowner is typically the one showing you the home. Who better to answer questions about the property or the neighbourhood?
What questions do I ask during the showing?You can ask whatever you like. Once you have the chance to walk through the home you can ask the homeowner anything you want about the house. Some good questions to get the ball rolling are:
What if I have more questions for the seller?It is quite common after seeing a property for the first time. You may need more information from the seller. Don’t be shy. You can give them a call. If you are uncomfortable picking up the phone and talking to them directly, you can use the PropertyGuys.com website to send them questions that go right to their inbox. Remember, the home seller really wants to hear back from you.
I’m Interested – but I still have a few questions and things to sort out .
TIP Pre-approved buyers are taken way more seriously.
TIP Don’t be afraid to ask the Sellers to give you time to slowly walk through the home alone. You don’t need to rush.
• How long have you lived here?• Is your price negotiable?• How old is the roof, furnace, windows?• What is the monthly heating and electric cost?• What are your neighbours like?• What do you like most (and least) about this neighbourhood? • What upgrades have you done in the last few years? • What is your favourite part about the home? • Why are you selling?
TIP Call at least a day in advance to book your viewing – no one likes the pop in!
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Take Advantage of our Online Buying Tools. It only takes 30 seconds to register at: http://propertyguys.com/start/register/ - which is faster than it takes Usain Bolt to finish a 400 metre dash!
Here are a sample of some of our cool buyer tools:
Contact Sellers DirectlyAsk questions about properties without sharing any of your personal email accounts. Much easier than going through an agent, right?
Saved SearchesSave your searches so that you don’t have to spend time re-entering all of the criteria that is important to you every time you get the itch to see what’s on the market.
New Property AlertsSet up alerts so that you can be notified whenever new properties come on the market matching the search criteria you specify. Choose to get instant updates, a once daily summary, or no alerts at all.
Price Drop NotificationsIt’s a beautiful home right? A little out of your price range? Use our one click price drop notification feature to set the price that would make you take a second look. If the price is reduced to your threshold, we’ll send you an alert.
Bookmark your favorite propertiesKeep track of your favourite properties with one click. Then access them on any computer - at home, at work, at the dentist - anywhere. Your bookmarks are saved on the site itself instead of in your browser; sign in anywhere to access them.
Offer Maker®Make an offer on a property using our online offer wizard. Negotiate directly with sellers online. We’ve made it as easy as choosing a price, checking some boxes, and pressing submit. Sound too simple? Try doing it with your eyes closed if you need the challenge.
Buyer Tools on
Working with a Real Estate agent? Do you need one?
Short answer is no – you don’t need a real estate agent to buy a PropertyGuys.com listing. However, even though the PropertyGuys.com program is set up for Buyers and Sellers to deal directly, that doesn’t mean that our sellers aren’t interested in considering offers from a Buyer Agent.
NOW. Seriously, if you are interested in buying a home, NOW is the perfect time to start the mortgage process. By knowing your options early, you can refine your search and be protected against rising mortgage rates. Sellers take pre-approved buyers very seriously. Best of all, with our PropertyGuys.com MortgagePros there’s no cost, commitment or obligation to start the process.
Call us at 888-765-7333 or email [email protected]
We are experts in providing PropertyGuys.com buyers and sellers with financing advice and guidance. We are your first step for understanding your mortgage options. Using a mortgage broker is very popular – in fact nearly half of new mortgages in Canada are financed through a Mortgage Broker.
Mortgage Brokers work for you. There are no hidden costs.
When should you start the Mortgage Process?
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Getting a Mortgage - Quick Facts
How much time will it take? Just 10 minutes to apply and no more than 3 business days to be pre-approved!
Is your information secure? Absolutely! Everything you give us is safe and secure.
What is the cost for approval? Getting approved is FREE!
How do you apply? Call, Email, or apply online.
What other costs are involved in closing your deal?Getting approved is FREE. However, we also help you identify all the different costs and fees involved with getting your deal closed (Mortgage Insurance, Appraisal Fees, Legal Fees, Deposits, Down Payment, Inspection etc.), so that you’ll know exactly what your total purchase costs will be.
Use this as a guideline but talk to your real estate lawyer (LegalPro) or mortgage agent (MortgagePro) who can provide a more accurate estimate of these and other costs.
Let’s Get Started1-888-765-7333
www.propertyguys.com/mortgage/application
How much should you offer?The goal of the offer stage is to find common ground on price and terms. To do so, you’ll want to agree on the following basic elements that will make up the final agreement, such as Purchase Price, Closing Date, Deposit, Items to Remain and Conditions.Once common ground is found, both you and the seller will work with your respective lawyers to have any and all conditions met to enjoy a timely closing.
It all starts by communicating with the sellers. You can make an offer one of two ways:
1. You can speak to the seller directly and use the PropertyGuys.com Offer Maker® form on page 11 of this guide.
2. You can register on the PropertyGuys.com website and submit an offer through the online Offer Maker® portal.
If you have a verbal agreement with the seller on the terms of your deal, you can contact our LegalPro lawyer
I Love It... Time to Make an Offer
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Using the PropertyGuys.com Offer Maker®The PropertyGuys.com Offer Maker® is a non-legally binding negotiation tool. It allows buyers and sellers to exchange offers. We then make it easy to forward all of the details directly to the LegalPro to complete the sale.
Do I need a lawyer to make an offer and if so when should they get involved?You can make an offer without a lawyer, but we encourage you to connect with our LegalPro team
(1-855-582-5673) as soon as possible in order to be confident with your next steps. Keep in mind that our LegalPro team will answer all your private sale legal questions, draft your Agreement of Purchase and Sale, and safely guide you all the way through your purchase process.
So what does it cost to close a real estate transaction?Every property purchase is unique. Your LegalPro will be happy to review with you the cost for closing your purchase on this property.
TIPAvoid Low Ball offers – they just shut down communication and usually kill the negotiation process.
to prepare your formal Agreement of Purchase and Sale. Once that is signed, you are well on your way to your new home.
What happens on closing day?Well, the big day is approaching. You have found your dream home on PropertyGuys.com, had a viewing (or two) of the property, worked to get mortgage financing in place and connected with your LegalPro who ensured your interests were fully protected all the way. Now it’s closing time! The term ‘Closing’ basically means that the ownership of your new home is officially transferred from the Seller to you - the Buyer.
Your lawyer will need to schedule a time with you to sign all the legal documents. They will inform you of the amount that you will need to bring by way of certified cheque - to cover the remaining down payment and closing costs. This amount would’ve been reviewed with you by your MortgagePro representative.
One of the most enjoyable parts of “closing day” will be getting the keys to your new home! You’ll need to be prepared for a busy day, with a lot of running around. Many people will actually only move in a couple of days after closing. This allows them a more relaxed move and the possibility of doing a thorough cleaning if necessary. If there is enough time between when you take possession of your new house and when your current property closes, you can do some painting or renovations as well.
Closing Day Check List• Sign all final legal documents with your lawyer• Bring a certified cheque for closing costs
(your lawyer will tell you how much)• Walk-through of your new home to make sure
everything is in place• Pick up keys (and if applicable the garage door
opener) from your lawyer.• Plan to celebrate!
Closing DayT H E F I N A L S T E P S
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Congratulations you’ve just covered the A-Z of buying a PropertyGuys.com private sale listing. We hope this guide proves to you how beneficial and easy it is to purchase a PropertyGuys.com listing. If you have other questions not covered in this guide, feel free to visit us online at www.PropertyGuys.com or call us toll free at 1-866-666-9744.
Often banks and lawyers like to close late in the day ... don’t worry if it is taking a while!
Step 1 • How much can you afford? •Contact our MortgagePro team and complete an application
• Discuss monthly budget, closing costs and amount of down payment
• Discuss your overall application including credit, timelines and what documents are required for a firm mortgage approval.
• Become confident in knowing what you can afford and what the process of buying looks like
• Understand the role of a lawyer in the purchase transaction and engage one at this time
Step 2 • What kind of Home do you want?• Find a neighbourhood that you are interested in• Consider what features of a home are important to you (number of bedrooms, bathrooms, garage etc)
Step 3 • House Hunting• If you are local and know what neighbourhood you are interested in go drive around and see what houses are for sale
• Use PropertyGuys.com to search within your price range to find some homes
• Set up viewings of the properties and compare – don’t be afraid to ask questions and go back a couple of times
Step 4 • Dream Home Found• Determine what you want to pay for the home • Discuss details with your lawyer and put in an offer - including purchase price, closing date, deposit amount, items to remain and conditions
• Wait to hear if the offer is accepted• Update your MortgagePro on what home you have chosen
Step 5 • Fulfill Conditions• Finalize mortgage approval • Set up home inspection appointment and review report. With the advice of your inspector, if there is something showing that you want addressed go back to your lawyer to possibly renegotiate.
• Set up house insurance for the home that you are purchasing
• Home is purchased!
Step 6 • Start Preparing for your Move• Confirm with utility companies on shut off dates for your current home and start up dates for your new home
• Get boxes and start packing• Book movers
Step 7 • Closing Day• Meet with your lawyer to sign documents (this typically happens a couple of days prior to your possession date to ensure a smooth closing). Your lawyer would’ve told you exactly what you had to bring in for the signing
Buyer’s Checklist
Amortization Total length of time in which your mortgage will be repaid. Example, 25 years.
Closing Costs The total costs you will need in order to purchase a home. These will vary depending on the municipality and province that you are purchasing in.
Closing DateThe date that the property becomes officially yours.
ConditionsLets the seller know if your offer is conditional on things like financing, a property inspection or getting your current property sold first.
DepositThe amount that you are willing to submit later as part of your official offer to show your good faith to the seller.
Down Payment The amount of money that you are investing into your purchase – this typically ranges from 5% to 20% of the purchase price.
GSTOn the purchase of a newly constructed home, GST is payable. Most builders will include the tax in the home’s
purchase price but make sure you know who is paying it before you buy.
Home Inspection FeeA typical home inspection can cost anywhere from $300-$400.
Home Insurance The cost can vary anywhere from $250-$1,000 per year for most properties.
Items to Remain List of items that you would like to be included as part of the sale price. Items like appliances and window coverings are most common for this category.
Land Transfer Tax Most provinces charge a land transfer tax, payable by the purchaser, and the amount varies from province to province. This tax is based on the purchase price.
Legal Costs and DisbursementsA lawyer or notary will charge between $600-$1400 fee for their professional services involved in drafting the title deed, preparing the mortgage, and conducting the various searches.
MortgageA security interest given in a property you are purchasing which needs to be repaid based on the terms of the lender.
Mortgage Broker / Agent: Someone who works independently from any one particular lender and works directly for the client. There is no cost for this.
Mortgage InsuranceInsurance that is required when you have less than 20% down payment. The insurance cost can be included in your total mortgage and is provided by CMHC, Genworth or Canada Guaranty.
New Home Warranty In many provinces, new homes are covered by a new home warranty program. The cost to the purchaser for this warranty is approximately $600 and should the builder default or fail to build to an agreed-upon standard, the fund will finish or repair the deficiencies.
Offer DateThe deadline the seller expects to have received your official offer.
Provincial Sales Tax (PST)If your mortgage is CMHC or GE Capital insured (less than 20% down payment), there is PST, payable at closing on the CMHC or GE Capital fee. While the insurance premium can be added to the mortgage amount, the PST must be paid at closing.
Purchase PriceThe amount that you agree to pay for the property.
Term The length of time that the mortgage contract conditions, including interest rate, are fixed.
Real Estate Terms KE
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The Offer Maker ®
SELLER NAME (S)
DAY TELEPHONE
EVENING TELEPHONE
Names of Parties: Please enter full names of all parties who will become a part of the Agreement of Purchase and Sale once finalized.
BUYER NAME (S)
DAY TELEPHONE
EVENING TELEPHONE
Property Location:Please enter the municipal address of the property.
STREET ADDRESS
TOWN / CITY PROVINCE POSTAL CODE
PURCHASE PRICE ($) CLOSING DATE (d/m/y)
DEPOSIT ($)Please enter the amount that will accompany the Agreement of Purchase and Sale.
Items to Remain:Please list all items that are agreed to be included in the sale price (such as appliances, window coverings, etc...).
SELLER
SELLER
DATE (d/m/y)
DATE (d/m/y)
BUYER
BUYER
DATE (d/m/y)
DATE (d/m/y)
Signatures:
SELLER’S LAWYER (IF KNOWN) TELEPHONE
Lawyer Information:
BUYER’S LAWYER (IF KNOWN) TELEPHONE
Offer Date: Upon completion, the parties agree to have the LegalPro and prepare a standard Agreement of Purchase and Sale, as is customarily used in the particular jurisdiction of the property in question, by:
DATE (d/m/y)All parties acknowledge and agree that THIS DOCUMENT IS NOT LEGALLY BINDING
and is solely intended to facilitate the collection of information prior to entering into a legally binding Agreement of Purchase and Sale.
Conditions:Please list all conditions to be included in the Agreement of Purchase and Sale (such as financing, home inspection, sale of a property, etc...).
