I’m The One Buying A Home -- Just Who Are All These Other People?

Many people are involved in the home buying process. These professionals have based their careers on helping you find and purchase the home of your dreams. But do you really know just what they do for you?


1. Real Estate Consultant
The first person that you’ll probably become involved with when you begin your search for a home is the Real Estate Consultant. This term includes real estate agents, sales persons, brokers, Realtors, Listing agents, and Buyer’s agents, all of whom must be licensed to serve you. The agents and salespersons work for a broker. Those licensed to sell may represent either buyers or sellers. However, the listing agents typically represent only sellers and buyer’s agents
represent only the buyers – so as to avoid potential conflicts of interest. Only those that are members of the Canadian Real Estate Association (CREA) may use the designation “Realtor”.


2. Mortgage Broker
The person that you work with to get your loan is called a mortgage broker, consultant or mortgage planner. The job of the lender is to take your application for a loan, and verify your income, employment and credit history and find a lender who offers the right mortgage product to suit your needs.


3. Solicitor
There are usually two Solicitors/Lawyers involved in the purchase of a home, one for the seller, one for you the buyer. The role of your solicitor is to make sure that you avoid any pitfalls in your purchase contract. They also examine the title, insure the title, and issues a title report – verifying that you can become the rightful owner of the property.


4. Appraiser
The Appraiser, who is usually certified, is frequently involved after you purchase your home to verify that you paid a reasonable price. They examine the appearance, condition, size, and quality of the home – then estimate the home’s value based on other sales in the neighbourhood or area.


5. Home Inspector
The Home Inspector checks the working condition of electrical, mechanical, structural, and plumbing systems in the home. In Canada, there are currently no regulating bodies for home inspectors, so choose yours carefully, and ask your real estate consultant who they would recommend. Generally, an inspection lasts about three hours. It will focus on determining potentially large expenses and safety-related concerns. Most inspectors don't mind at all if you tag along. In fact, this is a great opportunity to learn about any major problems first-hand and to find out ways to keep your future property in good condition. It’s an excellent opportunity to learn and ask questions about the house.