Behind the Scenes of Buying a Home in Hamilton: Who's on Your Team?

Buying a home involves more than finding a property you like and making an offer.

There are several professionals who may become part of the process, each with a different role. Understanding who does what can make the process feel a lot less complicated—especially if you're buying your first home.

Here are some of the people you may have on your team.

1. Your REALTOR®

Your REALTOR® helps you navigate the real estate side of the transaction.

That can include helping you identify suitable properties, arranging showings, providing information about the property and neighbourhood, preparing and negotiating an offer, and helping coordinate the transaction once your offer is accepted.

A good REALTOR® should also help you ask the right questions along the way.

The goal isn't simply to find you a house.

It's to help you understand the property and the transaction well enough to make a decision that fits your circumstances.

2. Your Mortgage Professional

Your mortgage broker or lender helps you determine how you're going to finance the purchase.

Before making an offer, you'll want to understand how much you can reasonably afford and what your financing options look like.

Your mortgage professional can explain things such as mortgage rates, terms, qualification requirements, down payment requirements and other financing considerations.

Remember that being approved for a certain amount doesn't necessarily mean you need to spend that much.

Your mortgage professional can explain the financing. Your REALTOR® can help you understand the real estate transaction.

3. Your Home Inspector

A home inspector can provide an independent assessment of the property's condition.

Depending on the property and the inspection, they may identify concerns involving areas such as the structure, roof, plumbing, electrical systems, heating and cooling systems and other components.

An inspection isn't a guarantee that a home has no problems. It is another source of information to help you understand what you're buying.

Whether an inspection is completed before an offer or as part of an offer condition depends on the circumstances of the transaction.

4. Your Insurance Professional

Before closing, you'll need to arrange appropriate insurance for the property.

An insurance professional can explain the coverage available and help you determine what is appropriate for your circumstances and the property you're purchasing.

It's a good idea to investigate insurance early rather than discovering a problem with insurability after you've already committed to the purchase.

5. Your Real Estate Lawyer

Your lawyer handles the legal side of the transaction.

They can review the Agreement of Purchase and Sale, conduct the appropriate title and registration searches, deal with the transfer of ownership and funds, and address other legal requirements associated with the purchase.

They also handle the calculation and payment of applicable closing costs and land transfer tax as part of the closing process.

Your REALTOR® and lawyer have different roles. Your REALTOR® helps with the real estate transaction; your lawyer provides legal advice and handles the legal closing.

6. Other Professionals When Needed

Not every transaction requires the same team.

Depending on the property, you may also need other professionals, such as a surveyor, engineer, contractor, appraiser or specialist tradesperson.

An older home, a rural property, a property with an addition or a home with a particular structural or mechanical concern may require additional investigation.

That's one of the reasons it's important not to treat every home purchase exactly the same way.

It Takes a Team

Buying a home can look relatively simple from the outside: find a house, make an offer, get the keys.

Behind the scenes, there can be quite a bit happening between those steps.

Understanding who is responsible for what can make the process easier to navigate—and help you know who to turn to when a question comes up.

If you're considering buying a home in Hamilton, I'm happy to help you understand the process and connect you with the professionals you'll need along the way.

Sincerely,
Mike McCarthy, MBA
REALTOR®