Consumer Tips

Real Estate

1. In choosing a realtor, get recommendations from friends and colleagues, check references and the Real Estate Council to see if the realtor has ever been disciplined over complaints. Interview at least three to find one best suited to you.

2. Buying or selling, don't waste your time with an agent who doesn't answer calls promptly and provide you with updated and thorough information on the market. If an agent is not easily accessible, you could miss potential prospects, both buying and selling a home.

3. When choosing a selling agent, find out what the realtor plans to do to market your property. Don't assume you'll get full size ads and an agent who will be available to show all prospective buyers through your home. Some agents rely on lock boxes and the buyer's agent to show your home. Ask.

4. In choosing a home inspector, call several first and interview them to find their qualifications. Check to see if they are members of the Canadian Association of Home Inspectors and carry out inspections and provide reports according to the CAHI's standards of practice. Stay away from inspectors who don't want you to be present when they are carrying out the inspection.

5. Shop around for your mortgage and pre-qualify so you know what you can spend.

6. Always get a survey of the property you are buying.

7. Don't assume everything the vendor or agent tells you is correct. It is a case of buyer beware. For example, if you are buying based on the promise that the lot is subdividable or can be used for a bed and breakfast, check it out yourself and make such conditions part of the sales agreement.

8. Sellers can be held responsible for the accuracy of the information they fill out on the disclosure statement, so don't agree to statements you cannot back up. It is better to admit you don't know rather than make assurances about the condition of the property. If you are buying, make sure the disclosure statement forms part of the sales agreement. But don't let it replace your own due diligence. If you find an error was made in the disclosure statement, you may have to go to court if you want compensation. It can be a long and costly process with no guarantee you'll be successful.

9. Buy ahead of the trend if you want to get in below market value.

10. If you are counting on extensive renovations, get opinions from contractors or builders you trust on cost estimates before you make your offer.