Author: Avalene Connelly

Printable Version BUYING A HOME CHART

Questions	Answers for Home #
	1	2	3	4	5
Address
What kind of home is it? (Detached, Townhouse, Condominium)
How old is the home?
How large is the lot? (Small, Medium, Large)
How many bedrooms are there?
How many bathrooms?
Does it have air conditioning?
Does the master bedroom have its own bathroom
Is there –
– A separate dining room?
– A separate family/TV room?
– A patio?
– A garage or carport?
– A security system?
How close is the home to:
– Your work (Close, Average, Far)
– Your spouse’s work
– Public transportation
– Schools
– Shopping Parks/playgrounds
– Recreational facilities
– Place of worship
Other Features – Pool, Water Tanks, etc.

If you would like a hard-copy of the above, please feel free to contact us.

In this post, we list a few of the final steps necessary in buying your home.

1. About 2-3 days before you are scheduled to close on the home you are buying, it is a good idea to do another inspection of the home to ensure that there have been no major changes to it.

2. Make sure you know exactly when and where the closing of the transaction is to take place and try and reach early in case of any queries or unforeseen traffic delays.  Make sure you have any documents, certified cheques, etc. that you have been requested to bring with you.

3. Once the transaction has been closed, there are still some other steps that should be taken as soon as possible.  For a list of these, please feel free to contact us.

This is the final post of our series. We sincerely hope you have enjoyed it and welcome any comments you may have.

Remember, G A Farrell & Associates Ltd. now has a free MAP (Mortgage Assistance Plan) that is available to ALL their clients that require a valuation report to purchase a property.  G A Farrell & Associates Ltd. will offer guidance through the entire process at no charge other than their normal valuation fee.  For further information, please contact us.

Once your loan has been approved, here are some other steps that are now necessary.

1. Assuming you or the Mortgage-Lending-Institution has not done so already, you should now instruct your attorneys to prepare the relevant Deed of Conveyance or Assignment. As mentioned in an earlier post, if the attorney that is preparing your Deed of Conveyance or Assignment is the same one as the bank is using to prepare the Deed of Mortgage, then the fees for the latter will be discounted 50% assuming the property does not fall under the Real Property Act (RPA) formerly Real Property Ordinance (RPO).
   
   The attorneys will ask for several documents and shown below, are the more common ones. Additional documents could be required depending on your circumstances. If you would like a hard-copy of the below list, please feel free to contact us.
   
2. Assuming the property will not be insured under a blanket policy of the Mortgage-Lending-Institution, you should make arrangements to have the building fully insured. In your valuation report, the minimum sum needed for insurance will be indicated. It is a good idea to increase this sum by about 10% to cater for things like inflation during the coming year, professional fees and removal of debris.
   
   The insurance policy will also have to have a special clause in it noting the interest of the Mortgage-Lending-Institution. You do not have to worry as the Insurance Company will be familiar with it. While you do not own the home as yet, the insurance company can start the process of covering you and noting your current interest in the home in case something happens in the interim.
   
   You may want to consider the services of a reputable insurance broker to guide you as to which insurance company to select.
   
3. There are also other things on a personal side that need to be done. For a hard-copy of this list, please feel free to contact us.

Elements of a Qualified Professional Valuer

Education:
Over several decades the valuation profession has developed generally recognized
valuation methods and techniques, commonly known as a body of knowledge. Conformance to these generally recognized methods and techniques promotes consistency in the work product of valuers.

Experience:
A professional valuer will have significant experience in applying the generally recognized valuation methods and techniques learned in the classroom to the marketplace.

Examination:
A professional valuer has been tested to ensure a thorough understanding of the subject matter and competency.

Continuing Education:
A professional valuer continues to take educational offerings on a periodic basis to ensure awareness of changes in valuation methods and techniques, technology and the marketplace.

Adherence to a Written Set of Ethical and Performance Standards:
Following an established code of conduct focusing on conduct and ethics, is a cornerstone for a professional valuer.

Elements of a Professional Appraisal

Impartiality and Objectivity:
A professional valuer must be independent, impartial, and objective. A professional valuer’s opinion of value must not be biased.

Ethical Conduct:
A professional valuer will adhere to a generally recognized code of ethical conduct.

Confidentiality:
A professional valuer will treat confidential information as such. When in doubt, the valuer will always check with the client to determine what is or is not confidential information.

Competency:
A professional valuer should have knowledge and experience in performing similar assignments.

Request a Valuation
Simply visit http://gafarrell.com/valuation-request/ or call 624-8628