Real Estate Purchasing: Who are the Five Players ?

By Paul Hudson
Published: Oct 18, 2014

Have you recently surfed any of the Squamish real estate websites to get an idea of what kind of property is on the market?  Researching one of these websites is the perfect gateway to learning about local real estate. Like any other purchase you consider in life, you will have questions about what you are purchasing.  In order for your questions to be answered properly, you need to engage at least three, if not five industry professionals when you purchase your home.

The Realtor – Your realtor is going to become one of your best friends while you take the time to find the right home. Your realtor works as a consultant who determines what your needs are, matching those needs with the property that is best suited for you.  Engaging your realtor will serve you well, since he or she will know the local market better than anybody else.

The Mortgage Advisor – Your mortgage advisor will determine how much you can borrow, lock interest rates for you, and match you with the best mortgage terms for your personal situation. Not all mortgages are created equally; ensuring you choose options best suited to your financial needs and your personal lifestyle is paramount.

The Lawyer – Your lawyer’s office is your final destination before receiving the keys to your new home. Your lawyer is responsible for making sure the title of your property transfers successfully from the sellers name to your name.  Other duties your lawyer’s office conducts include corresponding with your realtor and mortgage advisor, verifying your fire insurance is up to date and arranging title insurance

The Appraiser – Typically a lending institution requires an appraisal be completed, to determine the value of your new home. A lender requires a home appraisal since your home is their collateral.  The appraisal report contains additional information about the property, valuable to the lender and you. Some of the key features of an appraisal report include recent sales of similar properties in your neighbourhood, a history of the property/building and zoning details.

The Inspector – Most people will not purchase a used car without getting it inspected. Considering the amount of money you will spend on a home in Squamish, it is also prudent to spend a few hundred dollars on a home inspection. Unlike appraisals, an inspection report focuses mostly on the structural aspects of the property. Although the majority of inspections don’t turn up too many unpleasant surprises, from time to time unexpected information is found that may cause you to reconsider your purchase or offering price.

With the entry point for a real estate purchase in Squamish starting at about $200,000, educating yourself about who you need to engage before making one your largest financial decisions is the responsible thing to do. Squamish has a good selection of local professionals who know the market well. Engaging all of these professionals will give you the piece of mind you need when purchasing your home.