RESIDENTIAL REAL ESTATE BROKERAGE B U Y E R ’ S G U I D E A practical quick ref

RESIDENTIAL REAL ESTATE BROKERAGE B U Y E R ’ S G U I D E A practical quick reference guide for the purchase of your property with a real estate broker Published and produced by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) 4905 Lapinière Boulevard, Suite 2200, Brossard (Québec) J4Z 0G2 © Organisme d’autoréglementation du courtage immobilier du Québec All rights reserved. Legal Deposit Bibliothèque et Archives nationales du Québec Bibliothèque et Archives Canada ISBN: 978-2-921749-95-4 November 2017 edition TABLE OF CONTENTS WHAT YOU SHOULD KNOW ABOUT BUYING A HOME .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 A REAL ESTATE BROKER IS YOUR SECURITY GUARANTEE . . . . . . . . . . . . . . . . . . 6 THE OACIQ’S MISSION .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 THE BROKER AND THE AGENCY PLAY LEADING ROLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Learn the difference between a real estate or mortgage agency and a broker, and find out about their duties and obligations. STRONG SAFEGUARDS FOR THE PUBLIC .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Learn more about the various services the OACIQ has put in place to protect you when you carry out a real estate or mortgage transaction with the help of a broker. 2  DETERMINE HOW MUCH YOU CAN AFFORD BEFORE CHOOSING A HOME. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 HOW MUCH CAN YOU INVEST? .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Make a budget in order to estimate your borrowing capacity HOW MUCH DO YOU NEED TO BORROW? .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Learn how to calculate the loan amount you need based on your downpayment, deposit and indirect costs. THE MORTGAGE LOAN .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Familiarize yourself with interest, loan repayment, types of loans and the Home Buyer’s Plan (HBP). 3 THE BASICS OF WORRY-FREE TRANSACTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 THINGS GO BETTER WITH A REAL ESTATE BROKER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 The main differences between purchasing on your own and retaining the services of a real estate broker THE EXCLUSIVE BROKERAGE CONTRACT - PURCHASE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 See why it is advantageous to sign a brokerage contract with a broker for the purchase of your property. HOW TO CHOOSE A HOME .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Learn how to define your needs, and then acquire tools to organize your search and your visits. See how your broker can help you estimate the market value of a property. THE PROMISE TO PURCHASE.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Make sense of the content of the promise to purchase forms that are used when you do business with a broker, including the information to be included, the conditions to be defined, inclusions and exclusions, etc. THE COUNTER-PROPOSAL .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 See how your broker can help you navigate through conditions and deadlines when dealing with counter-proposals. EXPERTS AT YOUR SERVICE.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . uploads/s1/ home-buyers-guide.pdf

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