Avoiding getting scammed is key for one of the biggest purchases of your life
Another option is to ask your agent to schedule an extended viewing before the offer date and then schedule a home inspection for that time, explains Lambros Demos, a real estate agent with Toronto-based Royal LePage Realty Plus.
It’s what Colin and Mary Schmidt learned after making an offer on a White Rock, B.C. home in early 2020 . Despite a very competitive seller’s market, the Schmidts insisted on a home inspection, and the sellers accepted. Turns out the home had mould due to a significant leak. Rather than eat the more than $20,000 it would have cost to cover remediation costs, the Schmidts walked away.
“Sure, sellers have the upper hand, but that doesn’t mean buyers need to take chances. Whenever possible, get the seller to agree to a price reduction based on the appraisal report.”When you buy a resale home, the seller will sign paperwork that gives you the legal ownership of the property. This paperwork is known as the “deed” or “title” of property, and copies of every change are kept on file at the land registry offices in your district.
For Mark, a first-time buyer who bought a townhouse with his wife in Ajax, Ont., title insurance saved them from a nasty financial surprise. He still recalls how shocked he was when he read the letter from the municipal tax office demanding $11,000 in unpaid property taxes. The previous owners had sold the townhome without clearing their tax bill. Mark immediately called his lawyer, who submitted a claim through the couple’s title insurance policy.
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