The homebuying team you need when purchasing a home

Purchasing a home is one of the biggest decisions you’ll make, and it’s vital to have a strong team by your side to help you navigate the complex process with ease. Like any winning team, your home buying team should consist of reliable and experienced professionals who can work together seamlessly to ensure you get your ideal home.

This team will consist of your realtor, mortgage advisor, lawyer, insurance broker, and home inspector. Understanding each role and key things to ask before working with them is essential to building a great home buying team for your future home.

Realtor

A realtor is a key player who guides you through the home buying journey. They have an in-depth understanding of the local real estate market, can help find a property, and help negotiate on your behalf to get a great deal. From helping you find your ideal property, their roles include:

• Real estate knowledge: A realtor can help provide you with up-to-date information about your chosen market, allowing them to see neighbourhoods and local amenities that align with your preference and budget.
• Property selection: Based on your budget and preferences, a realtor compiles a selection of properties, schedules showings, and gives insight into a property’s potential. They can also provide property comparables to provide an estimate of how much your preferred property will cost.
• Transaction support: A realtor can help you go through the conditions needed when signing a property under contract, help sign the agreements of purchase and sale, and ensure you have all the documents needed when closing on a property.

When selecting a realtor, consider asking the following questions:

1. Which area do you focus on?

Finding a realtor focusing on a specific area is crucial when actively shopping for a property. They’d be able to tell you neighbourhood insights that will help you decide on a location that fits your needs. This includes local amenities and even upcoming public or commercial developments that would be beneficial for your selecting process.

2. How many deals do you typically work on and close in a year?

Generally, you want to ask how many deals they typically close in a year and whether they are a part-time or full-time realtor to get a good grasp of their experience.

A well experienced realtor can be very helpful when negotiating on a property. Additionally, they can be a great support when making sure your purchase and contract agreement is properly prepared with strong conditions.

3. Can you provide references from past clients?

References can give you insights into a realtor's track record and client satisfaction. By speaking with previous clients, you can have a better understanding of what the realtor can offer and their strengths.

Looking for the right home and realtor? Having the right resources at your disposal can help you refine your house-hunting and find the right place faster and more easily. What’s more, having a dedicated realtor helps you with other insights about a property and neighbourhood which will help you make better decisions.

With Zolo, you can browse local listings and get connected with a dedicated realtor. And if you’re not sure where to start your search or which neighbourhoods may be right for you, Zolo allows you to check out the fastest-selling neighbourhoods in your city and see the average selling price in each of your city’s neighbourhoods.

Check out Zolo today to start looking at properties and connect with a realtor.

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Mortgage Advisor

A mortgage advisor is instrumental in securing the best mortgage terms for your financial situation. They’ll assist you in understanding your financing options and help guide you through the mortgage application. They also help you with other things such as:

• Financial assessment: Mortgage advisors analyze your financial situation and evaluate how much mortgage you can borrow and the monthly payments you can comfortably manage when you purchase a property.
• Mortgage options: Aside from helping you determine your mortgage capacity, they can provide you with mortgage options, including fixed or variable rate mortgages, and explain the pros and cons of each.
• Mortgage application support: Mortgage advisors are there to help you complete a mortgage pre-approval and mortgage application. They can also tell you the important documents needed for each application.

Some examples of questions you can ask a mortgage advisor include:

1. How many years of experience do you have in the mortgage industry and what kind of mortgages do you offer?

This question can be important in determining the level of experience of a mortgage advisor. Typically, you want to work with an advisor who has experience working with people in different financial situations. They’d be great in providing suggestions on how to get better mortgage rates, or offer different mortgage options that fit your situation. For example, if you’re self-employed, you may want to ask a mortgage advisor if they have experience helping business owners before and if they have mortgage options for people in that situation.

2. Do you have mortgages that have flexible terms?

Knowing if mortgage advisors offer mortgages with flexible terms such as great prepayment privileges, mortgage portability, and renewal options (early renewals, variable conversions, blended terms, etc.) is helpful for those buyers looking for more options.

3. Do you charge a processing fee?

Some mortgage advisors may charge you a processing fee to start and arrange your mortgage application. See whether they charge one to ensure you add it to your budget.

4. How long does it typically take to get a mortgage pre-approval and mortgage approval with you?

When buying a property, timing is very crucial. Understanding the typical timelines such as mortgage pre-approval (including locking in a rate) and mortgage approval from a mortgage advisor you want to work with will help you establish realistic expectations and make timely decisions throughout the home buying process.

Lawyer

Purchasing a property involves a lot of legal documentation, and this is where a real estate lawyer can step in and help. They help handle the legal aspects of buying a house, ensuring a secure transfer of ownership and safeguarding your interests. A real estate lawyer can also assist you with the following:

• Contract review: A real estate lawyer can review the purchase of agreement contract, making sure the conditions on the contract align with your interests. They can also advise on legal concerns when purchasing a property.
• Title search: A lawyer can also do the title search on a property to confirm that the property title is clean and there are no claims or encumbrances.
• Closing process: Before and when you close on a property, a real estate lawyer can help ensure the necessary documents are prepared and payments are transferred securely.

Here are some questions to ask potential lawyers:

1. What is the breakdown of your fees (including closing fees) when helping someone purchase a property?

Before working with a lawyer, ask about their fee structure and inquire about any additional fee you may have to pay. In addition, asking about their closing fee (which may include title search, transfer taxes, disbursements) is essential to have the funds needed when you’re closing on a property.

2. How do you work with clients and what’s your process when signing documents on closing day?

When searching for a real estate lawyer, it’s important to ask about their process to align expectations during the home buying process. Clarify with them the tasks they’ll handle versus your responsibilities from the start to ensure regular progress updates. Moreover, ask about their presence on signing day to prevent surprises, whether they need to be there physically or can sign with you remotely.

Insurance Broker

Insurance brokers play an important role in finding an insurance policy that can help protect your new home in case of unforeseen events. Their other roles include:

• Coverage assessment: An insurance broker can analyze the type of insurance you’ll need depending on your property and needs.
• Policy options: Depending on the coverage you’ll need for your home, an insurance broker can provide insurance policy options that would work best with your situation and preference.
• Claims management: In an event of damage or loss on a property, your broker can help support through the claims process to deliver resolutions on the situation.

When looking for a potential insurance broker, consider asking the following:

1. What types of home insurance coverage do you offer?

Asking this question helps you understand the range of coverage options they can offer, from standard policies to creditor insurance and even auto insurance that you can bundle.

2. What’s the claims process like and how do you assist clients during a claim?

Understanding the claims process and the insurance broker’s role during a claim can give you an idea of the support expected if you ever get into unforeseen events such as any damage to the home. It also shows you how complex a process can be when making a claim, so ensure you shop around and work with someone you can work easily with.

Home Inspector

Uncovering any potential issues with a property before closing is crucial to avoid hefty costs of repairing and renovation. That’s why it’s important to get a reliable and knowledgeable home inspector to thoroughly conduct a home inspection. Home inspectors are a great help in your home buying team who can support you with the following:

• Thorough property inspection: Home inspectors can help identify any hidden problems that could impact your decision when closing on a property. Finding problems in a property also helps you, the buyer, to come back to the seller and negotiate on the price (depending on the cost of repairs).
• Damage/repair report: After the inspection, you’ll receive a comprehensive report outlining the findings including all the damage and repairs needed to help you make informed decisions before the closing date.

Some questions to ask a potential home inspector include:

1. Are you licensed and accredited by a reputable organization, and how long have you been a home inspector?

Although having a license isn’t required for being a home inspector, knowing that a home inspector is licensed is essential in determining a level of knowledge and experience in the industry. Always ask and understand how long they’ve been an inspector, how many properties they inspect in a year, and their experience before becoming a licensed inspector.

Sometimes, you’ll meet home inspectors that transitioned from being general contractors for many years. This makes them great candidates for their years of experience seeing problems and repairing them in properties.

2. Do you have insurance?

In a situation where something happens like loss or damage in the property during an inspection, having insurance from an inspector will help protect the homeowner. Typically, an accredited home inspector will have insurance on their service.

3. Can you provide a sample inspection report?

If you haven’t done a home inspection before, chances are you don’t know the details that go into a home inspection report. Asking for a sample can be a great way to have realistic expectations and prepare when you get your own home inspection. Always check if the report has detailed information and photos of a property. This shows how precise the inspector is which will be helpful to determine the condition of a property.

No one is an island

As the saying goes, you can’t always be self-sufficient in life and you’ll need others’ support too. This is very important especially if you’re about to obtain one of the biggest investments you’ll make, that is buying a house.

Assembling the right home buying team is key to a successful and stress-free home purchase. With a realtor, mortgage advisor, lawyer, insurance broker, and home inspector by your side, you’ll be well-prepared to make confident decisions when buying a home.