The process of buying and selling a home can be both exciting and overwhelming. To help you navigate this complex journey, we have compiled a list of essential tips for both buyers and sellers. By following these guidelines, you can ensure a smooth and successful transaction. If you require legal assistance or guidance, don't hesitate to contact Tiffen Law, your trusted partner in real estate matters.

Tips for Buyers

1. Pre-qualify for a Mortgage: Prior to house hunting, talk to a bank to pre-qualify for a mortgage. This will give you a clear idea of your budget and streamline the home search process.

2. Understand Additional Costs: Factor in legal costs and land title registration fees for representing you during the purchase. These expenses must be paid in advance.

3. Be Aware of Adjustments: The purchase price on your real estate contract may be subject to adjustments for taxes and condo fees (if applicable), potentially resulting in higher costs.

4. Clarify Inclusions: Ensure that the purchase contract specifies which items within the home and on the property are included in the sale, such as moveable sheds or unique fixtures.

5. Ask Questions Before Signing: Inquire about the home's history, including any water damage, renovations, and electrical work, as well as the age of the furnace, shingles, and hot water tank.

6. Make the Sale Contingent on Your Needs: Ensure your purchase agreement includes contingencies for obtaining a home inspection report, securing financing, and any other conditions recommended by your realtor.

7. Confirm Your Financial Plan: Double-check that your down payment and mortgage will cover the purchase price, adjustments, legal fees, and land title registration fees.

8. Choose a Strategic Closing Date: Opt for a Monday-Thursday closing date that doesn't coincide with holidays or peak real estate transaction periods.

Tips for Sellers

1. Obtain a Real Property Report and Compliance: If no changes have been made to your property in the last three years, have an up-to-date real property report and compliance ready.

2. Update Your Real Property Report: If you've added a deck, fence, garage, or shed since purchasing your home, obtain an updated real property report and compliance before listing the property for sale.

3. Keep a Copy of the Real Property Report: Your lawyer will need a copy of the real property report and compliance, as they will not receive one from the realtor.

4. Ensure Permits are in Order: If major renovations have taken place, verify that all necessary city permits have been obtained.

5. Know Your Mortgage Payout: Talk to your bank to determine the outstanding mortgage balance and any penalties for early payout, ensuring that the sale proceeds will cover the mortgage payout.

6. Choose a Strategic Closing Date: Opt for a Monday-Thursday closing date that doesn't coincide with holidays or peak real estate transaction periods.

7. Specify Inclusions and Exclusions: Be clear about which items are staying with the house and which are not, such as family heirlooms or unique fixtures.

Navigating the real estate market can be challenging, but with these tips for buying and selling a home, you'll be well-prepared for a successful transaction. If you need legal guidance or representation during your home buying or selling journey, contact Tiffen Law. Our team of experienced professionals is ready to assist you with all your real estate needs. Don't wait – reach out to us today and find the support you need for a smooth and stress-free experience.