How to acquire a residence in Nova Scotia

How to acquire a residence in Nova Scotia

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Real estate is a niche market that calls for expert expertise when buying and selling. Because of the importance of following all applicable rules and regulations when purchasing or selling property, we advise you to seek the help of a professional real estate agency.

Employing a licensee’s services to help you purchase a house does not relieve you of your own responsibilities. Every shopper needs to do their “homework” by considering the following points:

Find out more about the local, or more specifically, the area’s, real estate market:

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  • Browse the internet for information by checking out trading and social media sites.
  • Take part in a homebuyer education program in your area.
  • Talk to a few brokers who have their licenses.
  • To get the best deal, it’s best to hire a professional buyer’s agent.
  • Inquire about a licensee’s disciplinary record with the Commission.

If you hire a buyer’s agent through a brokerage, that agent will sift through listings, set up showings, do research, and otherwise serve as your advocate throughout the home-buying process.

Put your financial house in order.

Before you file for a mortgage, it’s a good idea to check your credit report. By doing so, you can rectify errors and change negative credit habits, making you more attractive to lenders.

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It’s a good idea to get pre-approval for a mortgage.

With a pre-approved mortgage, a lender has indicated their willingness to give you money, with certain caveats (like an appraisal of the property). It’s best to get pre-approved for a mortgage before starting your house search. The amount a lender is willing to lend, the resulting monthly payment, and the estimated closing costs can all be obtained from a mortgage dealer or lender. Before committing to a loan, it’s a good idea to talk to several different ones to get an idea of what the rates, fees, and other costs will be.

Create an inventory of necessities for your home with your licensee.

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If you’re in the market for a new place to call home, you’ve probably got a number of questions. To what location are you drawn? Where did you go to school? How long does it take you to get to work? When do the taxes come due? Just how many sleeping quarters and baths do you require? Maintaining order and concentration will be facilitated by your plan.

Make a household spending plan.

After calculating your available funds, you will be in a better position to decide how much money you will actually spend. Keep in mind that there will be other costs, such as for utilities, restorations, furniture, property taxes, and upkeep. Creating a budget will force you to face reality.

Obtain the services of a professional house inspector.

After deciding on a home and signing an Agreement of Purchase and Sale with the seller, it is time to hire a qualified and experienced home inspector to conduct a pre-purchase inspection and provide a comprehensive report outlining any issues they find. Find out from your licensee what choices you have in the event of costly flaws. You can try to get the seller to make the necessary adjustments or lower the price, or you can even try to back out of the purchase agreement altogether. A professional house inspection is the best way to get an accurate assessment of the property’s condition and make a well-informed choice. Take a look at this article for additional information on exams.

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One last viewing before shutting

A final inspection of the property you are purchasing prior to closure allows you to make sure everything is as it should be. This is not a new inspection, but rather an opportunity to see the house for yourself and make sure nothing has altered in its condition since the time you agreed to purchase it. Your licensor or legal counsel should be consulted if issues arise.

WHEN CHOOSING A LICENSEE

If you need assistance purchasing a house, what factors should you take into account?

Cooperation with the licensee

To complete the purchase, the licensee of the customer will typically:

  • finds assets and details them for the buyer;
  • makes appointments for prospective buyers to view homes;
  • provides, or directs the buyer to, any and all information about the home or property, the neighborhood, the taxes, the utilities, and the zoning that the buyer asks; and
  • discovers facts related to every property for which the industry member takes an agency, which a reasonably prudent industry member would discover in order to fulfill the obligation to avoid error, misrepresentation, or concealment of pertinent facts.

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Typically, the buyer’s licensee will do the following during the selling process:

  • provides the buyer with a detailed study of the property’s position in the current market;
  • helps the purchaser determine an appropriate deal to make to the vendor;
  • tells you how much similar properties in the region have sold for to other buyers;
  • helps the buyer focus on what they need when drafting a deal;
  • helps the buyer get the finest deal possible; and
  • maintains the privacy of the purchaser’s budgetary constraints and goals.

The licensee of the buyer will usually do the following during closing:

  • keeps track of the buyer’s needs (the fulfillment of conditions), including times, events, and requirements;
  • helps solve any problems with the offer’s terms that may come up
  • comes with the buyer to the inspection before closure.

SOLVING DISAPPOINTMENT WITH YOUR LICENSEE

It’s possible that your licensee’s service or behavior has left you unhappy. When a dispute develops between a licensee and a client, it is usually in everyone’s best interest to try to work things out amicably or with the help of the client’s broker. Since your contract is with the brokerage and not the licensee individually, brokers can act as mediators in any conflicts that may arise. In this regard, brokers must:

  • monitor members to ensure they are following the Real Estate Trading Act, its Rules and the Commission’s Bylaw; and
  • enquire into complaints about their clients and take action when necessary.

Simply use the website’s “Search for Licensee” feature to locate the dealer in charge of a specific real estate agency.

If consumers have any questions about filing a report, they can call the Commission’s Compliance Investigator at 902-468-3511 (ext. 306) or call the toll-free number at 1-800-310-1015.

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