Real Estate: Who’s On My Team?

Disclaimer: This article is intended for the purposes of providing information on real estate law in Ontario only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

When it comes to teamwork, we like this quote: “No one can whistle a symphony. It takes a whole orchestra to play it.” The point?  It takes a team, a talented group of people with a common goal to play a symphony, or to buy or sell a home.

So you may be wondering, who is on my team and what are their roles? This article is designed to outline the people that you want on your team and the role that they will play.

Of course, you want to make sure that each person on your team has the knowledge, experience and expertise to make your transaction a success. Our team at Beeksma Law has handled  real estate transactions for years and we would be more than happy to guide you through the process.

An Overview of Buying or Selling a Home

Let’s outline how buying or selling a home will play out. 

Buying a home

  1. Meet with a mortgage broker or lender to determine your budget. 
  2. Work in tandem with your real estate agent to find the home you wish to purchase.
  3. If you choose to complete a home inspection before the deal is firm, you will do so. 
  4. Work with a law firm to finalize the transaction.

Selling a home 

  1. Meet with a realtor to determine your house’s value and how to market it.
  2. Work with a home stager or interior designer to get your home ready to show. 
  3. With your realtor, review the offers that you receive and select one. 
  4. Retain a lawyer to handle the legal aspects of your sale

A Real Estate Agent

The first member of your team is going to be your real estate agent. 

Your real estate agent is going to be your guide throughout the entire home buying or selling process. If you are buying, they will help you find homes that fit your criteria, and negotiate the purchase on your behalf.

A common mistake that we see is that many people do not fully understand what they are purchasing before it is too late. When a deal is firm, it is firm. Ontario’s laws operate on the principle of “buyer beware”. So a good realtor will help you understand what you are purchasing, and how to balance having a clear offer with ensuring that you are protecting yourself in the process. 

If you are selling your home, a good realtor will know the local market and set a purchase price that will attract buyers while also getting you the most money possible.

A Home Stager

If you are selling, the next member of your team is going to be a home stager.

A home stager’s job is to make your home look its best for showings and open houses. This can involve anything from decluttering, to rearranging furniture, to bringing in rental furniture. The goal is to make your home look as appealing as possible to drive interest and help you get the best offer.

A Mortgage Broker or Lender

If you are not purchasing your property outright, the second member of your team is going to be your mortgage broker or lender.

Your lender may require that your house be appraised and will provide a house appraiser.

Your mortgage broker or lender will provide you with a pre-approval outlining how much you can borrow for your mortgage.  They will also work with you to find the best mortgage rate and terms that fit your budget and needs.

A Home Inspector 

Home inspections are important whether you are buying or selling a home. A home inspector will check for any issues with the property that could affect the value of the home or cause problems down the road.

This is important – many issues are not visible and the seller may not even know about them.  A home inspector will identify these issues so that you can make an informed decision about the property.

The Legal Team

The fourth member of your team is going to be your lawyer and their team.

A real estate lawyer will help to protect your interests, complete any necessary title searches, and help to resolve any issues that may arise during the transaction.

A great real estate lawyer will help you to understand what is involved in your transaction.  They will also be able to foresee any potential problems and help you to resolve them before they become issues.

Your Real Estate Team – Working in Harmony

Just like a symphony, each of these professionals bring something different to the experience. However, when they work together in harmony, it is truly beautiful.

You want professionals on your team that have the expertise to perform their role well. Each member should be there to educate, guide and inform you each step of the way.

Think too of your real estate team collectively. They all need strong communication and collaboration skills to work seamlessly with the other members of your team. If there is anything that needs to be changed along the way, these professionals can work together to make these adjustments.

The end result? Peace of mind and confidence at each point of the lifetime of your real estate transaction. 

If you are looking for a team of experienced professionals to help you with your real estate transaction, please contact us at Beeksma Law. We would be more than happy to put our team to work for you!

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