This article will go into greater detail about what to expect from a real estate agent when purchasing a property, as well as the buyer's agent's role. Your agent will assist you in avoiding potential problems, guiding you through the process, draft and negotiate a legally binding contract, and assist you in obtaining possession of your new house.
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What Does a Buyer's Real Estate Agent Do?
While assisting you in the purchase of a home, a buyer's agent role is to work in your best interest, provide and gather information on neighborhoods and homes, assist you in avoiding potential pitfalls, write and negotiate an offer on your behalf, and guide you through the buying process until you receive the keys to your new home!
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Assistance with Financing and Closing Costs
Pre-approval is one of the most critical things to take before buying a home, so you know exactly how much you can afford and whether you'll be able to make the mortgage payment. A pre-approval indicates that the lender has verified your income, credit, and employment. An online calculator is an excellent place to start. Still, they aren't always accurate because a lender considers various criteria when determining your affordability, including credit, salary vs. self-employment, and how long you've been at your present job.
Most seller's agents will demand to know whether or not the buyer is pre-approved before drafting an offer, as they want to ensure that you can actually afford the home you're buying. A reputable agent should be able to provide you with a variety of mortgage broker options who can start your pre-approval process so you can start looking for a property with confidence!
Additionally, the pre-approval process will assess whether you have finances available to cover closing fees in addition to your down payment. When you first decide to buy a home, a realtor can assist you in determining an initial closing cost estimate, so you know exactly what to expect at the end.
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Make You Aware of Any Exemptions You Might Qualify For
The real estate agent you employ should be aware of your circumstances and should advise you on any possible exemptions or government programs. For example, if you are a first-time homebuyer buying a home for less than $500,000, you may be eligible for the property transfer tax exemption. This is an $8000 savings on a $500,000 purchase, and if you buy just outside of the $500,000 mark because you didn't know about it, you'll have to pay it!
Additional GST exemptions exist and government programs such as the First Time Home Buyer Incentive, Home Buyer's Plan (RRSP), and others, which a real estate agent can assist you through and advise you on whether the program is suited for you.
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Educate You on Your Surrounding Area
One of the most enjoyable aspects of the house purchasing process is deciding on your future neighborhood and hunting for a home. Your buyer's agent will be there to ensure that your new neighborhood is the proper fit for you (and your family! ), as well as to help you understand the things that matter most to you.
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Help Finding Properties and Scheduling Showings
A smart real estate agent will have a system in place to assist you in swiftly and easily finding houses. While looking on realtor.ca or rew.ca is a wonderful choice, realtor MLS search tools usually have more extensive and complete information – which your realtor should be delivering for you via email auto-notifications! As a result, they should be able to assist you in finding houses, discovering new listings, and notifying you of price changes that meet your home search criteria. They should also provide you with sales activity statistics to get a sense of what's going on in the market you're interested in.
Make Recommendations and Share Their Network
More than just the Seller, the Buyer, and their representatives are engaged in the buying process! You'll also want to make sure you have a mortgage broker, an inspector, and a lawyer/notary on your team. (to begin!) The buyer’s agent's responsibility is to ensure that you have a strong support system in place and that you are in contact with the appropriate professionals.
Make a legally enforceable contract.
The buyer's real estate agent will construct the contract and give it to the listing agent/seller, and some provisions must be included in the contract to secure your safety. A buyer's agent is there to protect you and ensure that your contract contains all of the appropriate conditions and warranties so that the transition from a solid deal to closure goes smoothly.
Negotiate the price and terms
When negotiating an offer, the buyer's real estate agent's job is to engage with the listing agent and/or seller on your behalf to get the best price and terms. They will present you with a comparative market analysis for the property you are interested in as part of the offer preparation to understand what market value and a suitable price to agree on. The buyer's agent will be able to pull recently sold properties, active comparables, and expired listings in the subarea and city, as well as advise you on how differences in properties affect value (for example, lot size, view, bathrooms, and renovations), so you can be confident that you are not overpaying for the property. In addition, a good Buyer's Agent will be knowledgeable about the market you're trying to buy in and understand market trends after evaluating the sales data so that they can advise you on an offer strategy and original offering price.
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