Building Your New Home Buying Team

As a first time homebuyer, it is important to put together the right team of professionals, so Canada Mortgage and Housing Corporation (CMHC) offers the following who's who list of experts and what they should bring to the table:

Real estate agent

Among other services, a real estate agent will help a first time buyer find a home, write an Offer of Purchase, negotiate a purchase on their behalf and save them a considerable amount of time, trouble and headaches. When choosing the agent to add to your home buying team, don't be afraid to ask questions or call your local real estate association for advice.

Lender or mortgage broker

Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. As a first time homebuyer it can be a good idea to shop around and speak with more than one lender before you make a choice. Many first time homebuyers choose to add a mortgage broker to their home buying team because mortgage brokers don't work for any specific lending institution, they can often help you find a mortgage with terms and rates that will suit your needs.

Lawyer (or notary in Quebec)

A lawyer can help protect your legal interests by ensuring the property is clear of liens, charges or clean-up orders  and will review all contracts before you sign them and your Offer (or Agreement) to Purchase. Before adding them to your home buying team, make sure your lawyer or notary is a licensed, full-time professional who understands the local laws and regulations, has reasonable fees and can explain things to you in plain language.

Home inspector

When considering purchasing a home, you should hire a knowledgeable and professional home inspector to join your home buying team. He or she will be able to tell you if something in the home is not functioning properly, what repairs need to be done and whether there may have been any problems in the past.

Insurance broker

An insurance broker will help you with property and mortgage life insurance. Your lender can also help you with mortgage life insurance.

Appraiser

An appraiser will assess your property's worth and help protect you from paying too much.

Land surveyor

You may need the services of a land surveyor if the seller does not have a current Survey or Certificate of Location.

If you are a first time homebuyer and would like more information on putting together your homebuying team, visit www.cmhc.ca , and search "Homebuying Step by Step" or call CMHC at 1-800-668-2642. For more than 60 years, CMHC has been Canada 's national housing agency and a source of objective, reliable housing expertise.

Courtesy of the Canada Mortgage & Housing Association