Looking to buy a property?
Whether it is your first purchase, the purchase of an income property or an investment, the search for the property that meets your expectations can sometimes be a real obstacle course. It is then necessary to be by a competent and professional broker.
Your broker will support you from start to finish. It is necessary to verify a few points before starting the adventure with him.
- First, check his or her brokerage record with OACIQ, the real estate brokerage authority in Quebec.
- Look at the social networks and the comments. This will give you a good idea of what other people may have thought of the person’s services.
- Trust your instincts. You will spend a lot of time with your broker. It is necessary to have trust and easy contact with it.
Determine your specific needs
The reasons and characteristics related to the purchase of a property vary from one person to another. Therefore, it is very important to discuss your specific needs with your real estate broker before visiting a property so that you can agree on what you are looking for.
Before meeting with your real estate broker, make a list of important characteristics and identify your specific needs such as location, price, type of property, number of rooms, environment, important public services, etc.
Check with your financial institution to see how much of a mortgage you can afford in order to get a pre-approved loan.
Discover our real estate alerts to always be aware of our latest listings.
Checklist for a property visit
From now on, when you visit properties, here is a checklist to help you choose one property over another. Fill out this form every time you visit.
What are the expenses when buying a property?
- Inspection by a building expert
- Opening the mortgage file at the bank: how to calculate your mortgage?
- Conventional loan (20% cash)
- CMHC insured loan (less than 20%)
- Deposit on the promise to purchase
Expenses to be expected at the signing of the deed of sale
- Notary fees
- Allocation (refunds) of taxes. The calculation of the reimbursement to the seller (if applicable) will be made from the date of occupancy. Therefore, you will have to reimburse the seller for the number of days already paid by him, for the following property taxes: municipal taxes and school taxes.
- Oil heating tank. If the property is equipped with an oil heating system, the seller must have the tank filled on the day of the deed of sale and bring the invoice to the notary’s office, which the buyer must reimburse in full.
- Electricity (Hydro-Québec) and gas (Gaz Métropolitain) meters. The buyer and seller must notify Hydro-Québec and Gaz Métropolitain (if applicable) of the date of the change of ownership so that the meters can be read on that date and the amounts charged to the buyer and seller respectively on the date of occupancy of the property.
- Homeowner’s insurance. In addition, you must not forget that at the signing of the deed of sale, you will have to provide proof that home insurance is in effect. In fact, it must be for an amount equal to or greater than the mortgage in place.
Expenses to be expected after signing the deed of sale
- Real Estate Transfer Tax or “Welcome Tax”:
- The municipality in which you have moved will send you a transfer tax bill, within four (4) to six (6) months after the signing of the deed of sale, and it is calculated according to the sale price and according to the following scale:
- 0.50% on the first $50,000
- 1.00% on the portion of $50,000 to $250,000
- Province of Quebec, excluding Montreal:
- 1.50% on the portion exceeding $250,000
- Montreal only:
- 1.50% on the portion between $250,000 and $500,000
- 2% on the portion exceeding $500,000
- Moving expenses, painting, decorating, etc.
Discover our team of brokers:
At Langevin Real Estate, our brokers have many years of experience and are recognized in the industry as being attentive, responsive and very competent.
