FAQ’S

We understand that there is a lot of steps involved during the process of purchasing a home. The last thing you want to worry about are all the contracts and agreements. We know that this can become overwhelming and a little intimidating as the legal jargon is not always easy to interpret. We want to help make this process as smooth as possible and as stress free as possible.

The buyer will be required to pay a deposit following the removal of all subjects. This money is usually paid to the realtor who then holds the funds in a trust account pending completion. The amount of this deposit can be negotiated between the buyer and seller and if the buyer is using the assistance of a realtor, the realtor will assist and advise on this when the time comes. If the buyer does not complete, the seller can claim the deposit and consider the contract completed. It is in the buyers best interest to keep the deposit amount as low as possible, however we normally do not see deposit amounts less than $5000.00.

Common items on a title to be reviewed include building schemes, mortgages, easements, restrictive covenants, and rights. We will review these items and explain them to the client.

A mortgage broker is paid by the lender but works for you. He or she will take your specific terms into consideration when searching for, and obtaining a lender. Your mortgage broker should have your best interest at heart and work to find you the best interest rates available on the market. You have the option of course, to work directly with your financial institution however, your mortgage broker will most likely be able to find you a better rate by canvassing financial institutions that might be more aggressive in obtaining new clients. He or she will most likely have access to less popular (or less known) lenders. These lenders are usually based out of Ontario and will often consider loaning to borrowers with less than perfect credit, or who require more flexibility than the average financial institution can provide. If you need assistance in obtaining a mortgage broker, don’t hesitate to contact Smith Alliance today. We can guide you in the right direction.