Need the advice of a building expert or an architect? Looking for legal or financial advice regarding the purchase of your home? Have a look at a list of resources and useful addresses that may come in handy.
Professionals that can help you
- Your Caisse advisor
- Building inspector
Your Caisse advisor
This person is the pillar of your team! In addition to helping you choose the mortgage that best suits your borrowing profile, this ally will act according to your needs and interests throughout the entire property acquisition process.
Before buying your home, make sure it passes the final test: the inspection. An engineer, building technician, architect or chartered appraiser can do the job and provide you with a written inspection report. The inspector will check the state of the foundations, roof, structural elements, windows, insulation and plumbing, as well as the electrical, heating and ventilation systems, etc. A professional inspection provides the following:
- An expert opinion confirming that the asking price is reasonable with regards to the quality and value of the property.
- An evaluation of the cost of any repairs needed.
- The detection of any hidden defects.
A surveyor will prepare the certificate of location, a document required by most mortgage lenders. The certificate contains the following information:
- Description of the lot and building.
- Any illegality or irregularity (e.g., fence encroaching on a neighbour’s property).
- Servitudes and easements (e.g., right of way).
- Specific bylaws or regulations that may restrict a property owner’s rights.
The role of the notary is to ensure that the transaction is carried out in accordance with all applicable rules. To this end, the notary:
- draws up the mortgage deed (official document that specifies the mortgage conditions, along with the rights and obligations of the borrower and the financial institution)
- draws up the deed of conveyance (official document, drafted from the offer to purchase, by which the seller transfers the property title to the buyer)
- performs a title search and examines documents published by the Bureau de la publicité et des droits*
- scrutinizes the documents supplied by the seller (tax receipts, location certificate, marriage contracts or divorce papers)
These procedures are intended to ensure that no one other than the seller has the rights to the property, and that there is nothing that could compromise the seller’s title to the property (e.g., previous mortgages, easements, pending probate settlements).
Then, the notary:
- has the mortgage deed signed by the buyer and mortgage lender (financial institution) and publishes it at the Bureau de la publicité et des droits
- convenes the seller and buyer (and spouses if necessary) and has the deed of conveyance signed
Realtors are housing specialists. Explain to him your budget, lifestyle and type of area that you are looking for. The realtor will:
- help you find the home that meets your needs in the shortest time possible
- will arrange appointments and accompany you on visits
- advise you during negotiations
- help you with your offer to purchase
When buying or building a new home, always ask for the contractor’s references to be certain of his credibility and competence. Find out also if he offers new home guarantees, or visit homes built by the contractor you’ve selected. If you’re having a home built, an architect can also be of great help.
|Association canadienne de l’immeuble (ACI) / The Canadian Real Estate Association (CREA)||613 237-7111
|Ontario Home Builders’ Association||1-800-387-0109 / 416-445-1545
|Ontario General Contractors Association||905-671-3969
|Bureau d’assurance du Canada (BAC) / Insurance Bureau of Canada (IBC)||Au Canada 1 800 387-2880 poste 4700
|Canadian Home Builders’ Association||613 230-3060
|Genworth Financial Canada||1 877 470-4144
|Société canadienne d’hypothèques et de logement (SCHL) / Canada Mortgage and Housing Corporation (CMHC)||1 800 668-2642