Buyers FAQ
Determining your wants, needs and priorities when purchasing a home is vital. An agent representing you will assist you through this process. Below are some questions you might have about buying and buyer agency. Q: Why should I sign a Buyers Agent Agreement?
Q: Where do I start, I have never purchased a home before?
Q: I am not sure what I can afford, do I qualify for this property?
Q: By the time I finally find a property I am interested in, it is sold. Are there other resources for viable properties for sale.
Q: I don’t have a lot of time to spend looking at properties which do not meet my criteria.
Q: How do I arrange to see a property?
Q: What if there is something wrong with the property I have decided to make an offer on?
Q: How do I find industry statistics and information?
Q: How am I assured that I will get the best possible price for the property?
Q: What if the property I am about to purchase has termites?
Q: Do I have another opportunity to view the property prior to closing?
Q: At what point does my Agent stop handling the sale?
Q: What if the property I am about to purchase has termites?
Q: Do I have another opportunity to view the property prior to closing?
Q: At what point does my Agent stop handling the sale?
Q: Why should I sign a Buyers Agent Agreement?
A: All the services you require, at NO CHARGE TO YOU! – Many people mistakenly think that a listing agent represents the buyer and seller equally, however this is usually not the case. In residential transactions, listing agents are the legal agents of the sellers and are under contract to pursue the best interests of the seller. The best way to make sure that your interests are looked after is to hire a Buyers Agent to work exclusively for you. Sellers make an arrangement with the listing brokerage to pay a buyer's agent a commission for selling the property. The commissions are paid from the sale of the home to the seller's agent who intern pays the buyer's agent, as per the MLS listing ageement. When a property is for sale through an exclusive agreement there is no specific offer to pay a buyers agent. Therefore, there is no out of pocket cost to you to hire a Buyers Agent, only the benefit of having one help in looking for and then negotiating the purchase of your new home.
A: All the services you require, at NO CHARGE TO YOU! – Many people mistakenly think that a listing agent represents the buyer and seller equally, however this is usually not the case. In residential transactions, listing agents are the legal agents of the sellers and are under contract to pursue the best interests of the seller. The best way to make sure that your interests are looked after is to hire a Buyers Agent to work exclusively for you. Sellers make an arrangement with the listing brokerage to pay a buyer's agent a commission for selling the property. The commissions are paid from the sale of the home to the seller's agent who intern pays the buyer's agent, as per the MLS listing ageement. When a property is for sale through an exclusive agreement there is no specific offer to pay a buyers agent. Therefore, there is no out of pocket cost to you to hire a Buyers Agent, only the benefit of having one help in looking for and then negotiating the purchase of your new home.
Q: Where do I start, I have never purchased a home before?
A: Buyer Interview Session – Your agent will sit down with you for a preliminary buyer counselling session. Your agent will listen to your needs and wants and your time frame, and discuss with you the best plan of action to accomplish your goals.During this session you will begin to learn about market conditions, financing, housing, and neighbourhood options. Your agent will explain the process involved in buying a home to you thoroughly and in a comprehensive manner.
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Q: I am not sure what I can afford, do I qualify for this property?
A: Financing Pre-qualification – Your agent will offer to arrange a pre-qualification or pre-approval appointment with a reputable lender to identify your range of affordability, and to explain to you the different financial options available to you. As well, your agent will provide you with a preliminary estimate of closing costs and the down payment requirement anticipated in the transaction.
Q: By the time I finally find a property I am interested in, it is sold. Are there other resources for viable properties for sale?
A: Unlisted/ New Properties – Your Agent will present your property search criteria to the Prudential Properties Plus sales team. The Agent’s goal is to present you, when possible, with properties as they debut or before they appear on the open market. Through consistent networking your Agent will have access to the occasional “Hot”, not yet listed property, and can bring them to your attention right away. Also if you are looking for a property that is not on the market now, your buyer's agent can contact potential sellers for you who are not yet listed.
A: Unlisted/ New Properties – Your Agent will present your property search criteria to the Prudential Properties Plus sales team. The Agent’s goal is to present you, when possible, with properties as they debut or before they appear on the open market. Through consistent networking your Agent will have access to the occasional “Hot”, not yet listed property, and can bring them to your attention right away. Also if you are looking for a property that is not on the market now, your buyer's agent can contact potential sellers for you who are not yet listed.
Q: I don’t have a lot of time to spend looking at properties which do not meet my criteria?
A: Agent Pre- Inspection/ Criteria Matching – Your agent will save you valuable time, by pre-inspecting available properties and matching your criteria against them. Your Agent will look at your needs, such as local Schools, local activities, proximity to local transit, and all necessary conveniences for you and your family. Your agent will also review features of a property that may affect its value and future resale.
A: Agent Pre- Inspection/ Criteria Matching – Your agent will save you valuable time, by pre-inspecting available properties and matching your criteria against them. Your Agent will look at your needs, such as local Schools, local activities, proximity to local transit, and all necessary conveniences for you and your family. Your agent will also review features of a property that may affect its value and future resale.
Q: How do I arrange to see a property?
A: Property Showing - Your Agent has access to vendor agencies and will make calls and arrange times to view properties, that suit your schedule and availability.
A: Property Showing - Your Agent has access to vendor agencies and will make calls and arrange times to view properties, that suit your schedule and availability.
Q: What if there is something wrong with the property I have decided to make an offer on?
A: Property Disclosure/Inspections - Your Agent will review with you any available inspection reports, written seller’s disclosure, and any other available documentation, pertaining to the property, and answer all questions regarding the property, to the best of their knowledge. Because you have an agreement with a Buyers Agent, your agent will obtain as much information about the property as they can, on your behalf. An inspection by a recognized Property Inspection Company is always recommended when practical. Your Agent will be glad to recommend several for you to choose from.
A: Property Disclosure/Inspections - Your Agent will review with you any available inspection reports, written seller’s disclosure, and any other available documentation, pertaining to the property, and answer all questions regarding the property, to the best of their knowledge. Because you have an agreement with a Buyers Agent, your agent will obtain as much information about the property as they can, on your behalf. An inspection by a recognized Property Inspection Company is always recommended when practical. Your Agent will be glad to recommend several for you to choose from.
Q: How do I find industry statistics and information?
A: Market detail – each step of the way, it is ’s your Agent’s job to present you with industry facts and information, in order to ease the process. Your Agent has access to…
A: Market detail – each step of the way, it is ’s your Agent’s job to present you with industry facts and information, in order to ease the process. Your Agent has access to…
- Market Statistics, both Nationally and Locally
- Comparable Listings in the areas of interest
- Schools and geographical territories
- Local area knowledge- people, local businesses, activities and trends
- Tools – giving you access to tools both online and offline to help you better define your needs
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Buying to Your Advantage
A Buyers Agent can save you valuable time, effort and money, from pre-inspecting homes prior to presenting them to you, to helping you to determine what is within your budgetary requirements and negotiating to meet your financial needs. Your Agent is a resource for tools, information and contacts to help you through the process from purchase to move-in day. Partnering with a Buyers Agent, will save you time, money and effort, and will benefit you exponentially in the long run!
Buying to Your Advantage
A Buyers Agent can save you valuable time, effort and money, from pre-inspecting homes prior to presenting them to you, to helping you to determine what is within your budgetary requirements and negotiating to meet your financial needs. Your Agent is a resource for tools, information and contacts to help you through the process from purchase to move-in day. Partnering with a Buyers Agent, will save you time, money and effort, and will benefit you exponentially in the long run!
Q: How am I assured that I will get the best possible price for the property?
A: Offer Preparation and Presentation- Your Agent will prepare a written offer or “Agreement of Purchase and Sale”, on the property you choose to purchase, with price, terms, and conditions approved by you. Your Agent will also walk you through challenges and assist you in managing your priorities. Once agreed upon, your Agent will endeavour to present your purchase offer directly to the seller in the presence of the Listing Agent, and manage you through this occasionally arduous process. All Prudential Properties Plus Agents have specific training in the art of negotiation and will use these skills to your advantage.
A: Offer Preparation and Presentation- Your Agent will prepare a written offer or “Agreement of Purchase and Sale”, on the property you choose to purchase, with price, terms, and conditions approved by you. Your Agent will also walk you through challenges and assist you in managing your priorities. Once agreed upon, your Agent will endeavour to present your purchase offer directly to the seller in the presence of the Listing Agent, and manage you through this occasionally arduous process. All Prudential Properties Plus Agents have specific training in the art of negotiation and will use these skills to your advantage.
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Q: What if the property I am about to purchase has termites?
A: Building and Termite Inspection -Your Agent will advise you to obtain a professional building and termite inspection, and will be on-site with you and your chosen inspector on the day of the inspection. Your Agent will advise you on how to deal with any deficiencies that may arise as a result of the inspection.
Q: What if the property I am about to purchase has termites?
A: Building and Termite Inspection -Your Agent will advise you to obtain a professional building and termite inspection, and will be on-site with you and your chosen inspector on the day of the inspection. Your Agent will advise you on how to deal with any deficiencies that may arise as a result of the inspection.
Q: Do I have another opportunity to view the property prior to closing?
A: Walk-through- Your Agent will accompany you on a thorough walk-through of the property (if one is provided for in the Offer to Purchase contract) before closing, and will assist you in dealing with any problems discovered during the walk-through.
A: Walk-through- Your Agent will accompany you on a thorough walk-through of the property (if one is provided for in the Offer to Purchase contract) before closing, and will assist you in dealing with any problems discovered during the walk-through.
Q: At what point does my Agent stop handling the sale?
A: Follow up through Closing - Your Agent will monitor and inform you of the progress of the purchase agreement, ensuring the waiving of all conditions before the deadline dates, as stated in the offer, including the satisfaction of all contingencies and conditions during the entire transaction.
A: Follow up through Closing - Your Agent will monitor and inform you of the progress of the purchase agreement, ensuring the waiving of all conditions before the deadline dates, as stated in the offer, including the satisfaction of all contingencies and conditions during the entire transaction.
After-Sale Service - Your Agent will contact you after the closing to follow up on remaining details or service needs. He/she will continue to assist you in the years to come, through upgrades, downsizing and any of your re-location needs. Remember that most agents rely on their good performance to help generate future business. If your agent did a great job for you, you can reward them by referring your friends and family to them.
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The purchase of your home is what most people consider a Major Life decision. It is a large financial investment, as well as an emotional decision for you and your family. When making such a major decision, choosing a licensed professional to guide you through the process is critical. At Prudential Properties Plus, we are committed to helping you acquire the property that’s right for you, as well as an Agent to help with this process. If you do not have a Prudential Properties Plus agent at this time, check out our Agent Match facility.
Q: What Should I expect from a Buyers Agent?
A: Skills of a Buyers Agent – Agents have considerable knowledge of market values, properties available in your price range, and homes that will match your individual needs. As noted earlier, an Agent can tell you about financing, property taxes, schools, places of worship, and services in your neighborhood. When you work with an Agent, you have direct access to a vast library of information and experience. An Agent can be helpful with the following:
A: Skills of a Buyers Agent – Agents have considerable knowledge of market values, properties available in your price range, and homes that will match your individual needs. As noted earlier, an Agent can tell you about financing, property taxes, schools, places of worship, and services in your neighborhood. When you work with an Agent, you have direct access to a vast library of information and experience. An Agent can be helpful with the following:
- Review your list of wants and Needs in a home, and help you determine the prices range of homes you can consider.
- Answer your questions about the market(s) you’re interested in, and help you compare homes from one neighborhood to the next.
- Introduce you to a broad range of possible homes; Agents have direct access to the Multiple Listing Service (MLS), which provides details on a wide variety of properties in the markets you are exploring.
- Preview properties so you’re shown only those properties that fit you’re budget and match the list of needs and wants you’ve prepared – a great time saver.
- Make the appointments to show you candidate homes.
- Explain the various financing alternatives available and provide up-to-date information on interest rates and mortgage options.
- Act as a mediator between you and the seller, draw up a legally binding contract and assist you with all the details required to complete the transaction successfully.
Q: What do I look for when trying to find a good Buyer Agent?
A: An Agent Match – There are several criteria one looks for in a Buyer’s Agent. Finding the right Agent for you is an critical piece of the puzzle. A Buyer’s Agent should be able to listen to your needs and find ways to translate those needs into the delivery of the most suitable properties for you to purchase from. The decision, as to which type of Agent you choose to represent you, is a personal one. In order to assist you in your search, we have developed a proprietary Agent Match Facility to help you find an Agent to meet your personal needs. The Agent Match system uses some of the following criteria in helping you find the right Agent for you!
A: An Agent Match – There are several criteria one looks for in a Buyer’s Agent. Finding the right Agent for you is an critical piece of the puzzle. A Buyer’s Agent should be able to listen to your needs and find ways to translate those needs into the delivery of the most suitable properties for you to purchase from. The decision, as to which type of Agent you choose to represent you, is a personal one. In order to assist you in your search, we have developed a proprietary Agent Match Facility to help you find an Agent to meet your personal needs. The Agent Match system uses some of the following criteria in helping you find the right Agent for you!
Specialization - Your agent will typically specialize in one type of product. They may focus their talents on Residential properties, Condos, or Commercial resales. Most agents handle all three areas, but specialize more so in one.
Local Area Knowledge - Your Agent should have specific knowledge, or be able to locate information pertaining to the geographical areas, which are of interest to you.
Languages Spoken- Are you more comfortable communicating in your native tongue? Many agents speak several languages, and may be able to assist you more effectively by speaking to you in your language.
Interests or Hobbies- Choosing an Agent, who has similar interests or hobbies, may be a helpful component in finding the right agent to suit your needs.
Q: Where do I find professionals to assist me during and after the purchase of my home?
A: Resource for the Buyer - Your agent can place all necessary information and services at your finger tips by supplying a resource list including the best in community…
- Mortgage professionals
- Home Inspectors
- Termite Inspectors
- Lawyers
- Contractors
- Movers
- Insurance companies
- Alarm system providers
And…Much More..