Many people are involved in the home buying process. These professionals have based their careers on helping you find and purchase the home of your dreams.
But do you really know just what do they do for you?
1. Real Estate Consultant
The first person that you’ll probably become involved with when you begin your search for a home is the Real Estate Consultant.
This term includes real estate agents, sales persons, brokers, Realtors, Listing agents, and Buyer’s agents, all of whom must be licensed to serve you. The agents and salespersons work for a broker.
Those licensed to sell may represent either buyers or sellers.
In most transactions, the listing agent represents the seller and a separate buyer’s agent represents you, the buyer — keeping the two sides distinct to avoid conflicts of interest. It’s also possible, under Ontario’s real estate rules (TRESA), for agents from the same brokerage to represent both the buyer and seller in one deal — this is called multiple representation, and it requires extra disclosure and safeguards (called designated representation) to protect both parties’ confidential information. Your real estate consultant can explain exactly how they’re representing you before you sign anything.
Did You Know?
Only those that are members of the Canadian Real Estate Association (CREA) may use the designation “Realtor”.
2. Lender
The person that you work with to get your loan is generically called a Lender. This person may also be a mortgage loan officer, banker, or broker.
The job of the lender is to take your application for a loan, and verify your income, employment and credit history.
3. Lawyer
There are usually two lawyers involved in the purchase of a home, one for the seller, one for you the buyer.
The role of YOUR lawyer is to make sure that you avoid any pitfalls in your purchase contract.
They also examine the title, insure the title, and issue a title report – verifying that you can become the rightful owner of the property.
4. Appraiser
The Appraiser, who is usually certified, is frequently involved after you purchase your home to verify that you paid a reasonable price.
They examine the appearance, condition, size, and quality of the home – then estimate the home’s value based on other sales in the neighbourhood or area.
5. Home Inspector
The Home Inspector checks the working condition of electrical, mechanical, structural, and plumbing systems in the home.
Choose Carefully
In Ontario, home inspectors have been required to hold a provincial licence since February 2024, so make sure whoever you hire is licensed, and ask your real estate consultant who they’d recommend.
Generally, an inspection lasts about three hours. It will focus on determining potentially large expenses and safety-related concerns.
Tip: Tag along! It’s an excellent opportunity to learn and ask questions about the house.
Most inspectors don’t mind at all if you tag along. In fact, this is a great opportunity to learn about any major problems first-hand and to find out ways to keep your future property in good condition.
Summary: The 5 Key Professionals
- ✅ Real Estate Consultant: Guides you through the buying/selling process.
- ✅ Lender: Handles the money and verifies your finances.
- ✅ Lawyer: Protects you from legal pitfalls.
- ✅ Appraiser: Verifies the home’s value.
- ✅ Home Inspector: Checks the physical condition of the property.
Knowing the roles of these 5 people involved in the purchase process will ensure you know what to expect during the process.
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
Want to know what your home is worth?
Before you put your house on the market, you need to find out how much it’s worth in today’s market, so you can make your plans based on the most current information available.
We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!
