Buying or selling a home is not a business transaction you should take lightly. To achieve your goals and protect your interests, it's important to select in advance an experienced team of experts and professionals you can trust.
The expertise needed to bring a purchase or sale to fruition may include the services of a real estate broker, a lender, a lawyer, a home inspector and an insurance broker.
Selecting a REALTOR™ has many advantages. This individual has the skills and knowledge most buyers and sellers don't have. They can negotiate on your behalf and advise you on when to bring in the other experts and professionals.
Most real estate professionals in Manitoba are members of a local real estate board and of the Manitoba Real Estate Association (MREA) - and only members of MREA can call themselves REALTORS. When you work with a REALTOR, you can expect not only strict adherence to provincial laws, but also adherence to a Code of Ethics. And that Code is very important to you, because it ensures you will receive the highest level of service, honesty and integrity.
Selecting your team
Do your homework when selecting your REALTOR and other members of your "team". A bad purchase or sale will be costly in terms of time, money and stress. To ensure you select the best experts for you, here are a few rules of thumb:
- see a minimum of three individuals in each field of expertise before choosing the one you will work with. Real estate is a very competitive market; you can afford to be picky.
- check their qualifications and record by asking for references.
- question them in detail about their experience and familiarity with the kind of real estate transaction for which you require their services.
- ask about their fees and how and when they expect to be paid. Can you afford their services?
- chat with them. Do you feel comfortable with them?
Bringing in other experts
Lender If you are buying a home and need to borrow money, your REALTOR can assist you in evaluating mortgage options and obtaining financing at the best available rates and terms. When deciding which financial institution to deal with, start with your own bank, credit union or trust company; they already know you. After you talk to them, shop around. Lending flexibility and approval limits vary among institutions and even between branches. Your search for a lender should begin with your search for a home.
Lawyer In any real estate transaction, it is important to have a lawyer to represent your interests. The offer to purchase and other related documents are complex, and you are dealing with what is probably the largest purchase or sale you will ever make. If you already have a lawyer, alert him or her that you are buying or selling a home, and they will be on "stand by" for you. If you don't have a lawyer, get referrals from friends, family or colleagues and start looking for one using the rules of thumb we've already mention.
Home inspector Home inspectors are a relatively new member of the "team". They are there to inspect the home before you buy it, and can save you from buying a home in poor condition or at least alert you to some repairs and replacements you will have to make in the next few years.
Insurance Broker Insurance on the home you buy is almost always a requirement of mortgage lenders. This insurance must be in place before any purchase can be finalized. To get insurance on the home you are purchasing, you may want to use the same broker you use for your other insurance policies, or you may prefer to shop around for a better rate with a different broker. But whichever broker you choose, be sure the insurance coverage is appropriate for your needs.
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