This information was designed to help educate you about buying a house. Buying a house is probably going to be the biggest investment you’ll ever make but it can be a lot of fun if you work with the right real estate agent. The Multiple Listing Service (MLS) is designed so that you, the buyer, can work with one real estate agent but still have access to everything on the market.

I have been selling real estate in the Halifax Regional Municipality (HRM) real estate market since 1985 and I take great pride in the service that I am able to provide to my clients. It is my job and obligation to make the whole process as pain-free as possible. I always recommend an initial interview so we can get to know each other better and determine if we want to work with each other. It also gives you the opportunity to ask lots of questions while we examine the whole process so you have the proper education about buying a home!

People who sell houses usually interview their real estate agent before they agree to work with them, and I think you should too. Who you work with can determine whether you have a good or a bad experience. You are not obligated to work with me if you are not comfortable so feel free to email me at rozprince@eastlink.ca or call (902) 456-6375. I know my stuff and would be pleased to provide you with references!

This buyer guide was created to help you plan your buying process. I want to make this process pleasant and memorable for you by providing all the information you need to make an informed decision. In addition to the materials here, I have special information from many of my professional affiliates via my website and my cool links! I’ll work to assure that this is the beginning of a long-term real estate business relationship.

Purchasing a home is an important decision. Too many buyers leave out the important first step: Gathering information and choosing a real estate agent. By consulting with a real estate agent and using this information as a guide, you’ll be taking steps to purchase a home in the right order. This consultative approach assures you’ll have all the information to make a decision that’s exactly right for you!

If you are a first-time homebuyer, you may be unaware of the process and the amount of time necessary to complete each step from starting out to moving in. This timeline can help you avoid surprises and be prepared. If you have some experience with buying, read on - you may find information that can simplify your next purchase. [ More »]

Listener: Determine your needs and wants.

Researcher: Gather information via the MLS system and send to you via the automated search email system; locate information regarding advertised homes, community information, schools, and so forth.

Tour Guide: Assist you in screening and viewing properties in your chosen areas and price range.

Educator: Explain the overall buying process. Review all costs associated with buying a home. Explain real estate terms and practices. Explain agency and real estate agent obligations to you. Provide and explain real estate forms. Inform you of lenders and other professionals’ policies. Update you on market activity and conditions.

Negotiator: Prepare offers at your direction. Present agreements of purchase and sale to parties involved with your interests in mind.

Facilitator: Provide assistance with appraisals, building inspections, financing, furnace inspection, renovators, pre-closing inspections, and more.

Gatekeeper: Ensure and confirm all conditions of agreement are met.

Selecting a real estate agent who will represent you in the purchasing of your new home may be one of the most important decisions of your life. This selection process is just as important as selecting any other professional such as your family doctor, dentist or attorney. The individual selected should be working for you, keeping your best interests in mind as well as advising and counselling you with regards to a large portion of your personal assets. First of all, that person must gain your confidence and trust in but, also, you may want to consider the following criteria for choosing your real estate agent.

Experience, energy level and attitude

• Do they know and like their job?
• How many years have they been in real estate?
• Have they owned their own home and/or built a home?

Appearance and demeanour

• Do they look and act professional?

• Are they professionally trained?
• Do they work full-time in real estate?
• Do they have the ability and willingness to work around your work schedule?
• Do they have the ability and willingness to assist you in all aspects of buying a home?
• Are they able and willing to discuss all costs associated with the sale of your home?

I highly recommend that you buy your home with a real estate agent who has extensive knowledge of the real estate market and house construction details. I've included material which I believe you will find interesting and valuable. I know I can provide you with professional assistance.

I promise to...

…consult with you to determine your particular need in a home; to explain the buying process, and to provide you with pertinent purchasing information.

…educate you about the financial market, new loan programs, and up-to date market information, so we can establish your price range and loan preferences accurately

.…recommend experienced mortgage specialists and other professionals such as building inspectors and lawyers, who will assist you.

…research and follow up on any homes, signs, or ads you may see, thus saving you time and assuring you that only homes matching your needs will be shown to you.

…act as a reference source to help you find school information, utilities, and so forth.

…communicate with you on a regular basis and gather information as requested.

…provide sold information in regards to the home you are offering on so you are familiar with prices in that area.

…present and negotiate your agreement of sale in professional and skilful manner.

…follow up on your transaction during the processing stage to ensure that timelines are followed.

...attend the pre-closing inspection with you.

My goal is to create such a strong real estate relationship with you so that you refer me to your friends and business associates. I want to be your chosen real estate professional for life!

M.L.S. stands for Multiple Listing Service. As a member of the Nova Scotia Association of Realtors (NSAR) I provide information about listings to the real estate board as do other real estate companies. Thus, access to every multiple listed property is available to me even if it is listed and/or advertised by another company. This cooperative effort between real estate firms ensures maximum exposure for listed properties and allows you to work with one real estate agent exclusively.

The NSAR makes this shared information available to all real estate agents through a computer network that is updated daily. I can put you on my auto search program via your email address(es) which will notify you as soon as a listing becomes available on my MLS system. I can also send you upon request more detailed information from my system than what you have available via the www.mls.ca website.

The Nova Scotia Association of Realtors’ MLS system covers the Halifax Regional Municipality including (but not limited to): Halifax, Dartmouth, Bedford, Sackville, Enfield, Fall River, Hammonds Plains, St. Margaret’s Bay, Lake Echo, Cole Harbour, Lawrencetown, Porter’s Lake all the way out past Sheet Harbour, and Timberlea.

You may access to MLS online either through this website or on www.mls.ca which allows you to search for properties all over Canada. The information will not be as detailed or as up to date as what I have available but it is a great way to become more familiar with the market in your chosen areas.

There are several variations of home styles from which to choose, depending on your household circumstances, tastes and financial position.

Single Family Detached Homes: These are meant to accommodate one household. Styles include: bungalow, split-entry, bi-level, side split, back split, Cape Cod, 2 storey, 1 1/2 storey etc.

Semi-Detached Homes: Two single family homes joined by a common wall, each having their own deed and title to land.

Duplex: Two dwellings, either one above the other, or side-by-side. You may occupy one unit and rent the other. The rented portion is treated as an investment income for tax purposes.

Row or Townhouses: One of several single family houses joined together by common walls. They can be freehold, indicating you own the building and land, or condominium, whereby the grounds and public areas are tended to, and the costs are divided among the owners in the form of condo fees.

Condominium: A unit to which you buy the individual title and pay a portion of the common services and facilities.

Piece of Land: Having a house built.

Buyers Market

The supply of homes on the market exceeds demand or number of buyers.

Characteristics : High inventory of homes; fewer buyers than available homes; homes stay on the market longer; prices stabilize or drop.

Sellers Market

The number of buyers wanting homes exceeds the supply or number of homes on the market.

Characteristics : Minimal inventory of homes; many buyers; homes sell quickly; prices usually increase.

Balanced Market

The number of homes on the market is equal to the demand or number of buyers.

Characteristics : Demand equals supply; sellers accept reasonable offers; houses sell within reasonable time periods; prices are generally stable.

An informed real estate agent will give you all the information you need to determine what type of marketplace it is, and how that affects you.

Buying a property requires good knowledge of market conditions, personal finances as well as the ability to judge what is a good investment. Equally important is being in a position to negotiate realistically when you do decide to make an offer. That comes of doing as much up-front thinking and preparation as you can before you are actually in the position of preparing a formal offer to purchase.

Homes inspections, water tests, well and septic inspections, etc.

The money you spend on necessary inspections/tests insures your peace of mind. I can give you the names of reputable professionals. I will explain your options if you are not satisfied with the inspections and or test results.

Disclosure of material defects

When a property is listed the seller is usually required to fill in a Property Condition Disclosure Statement (PCDS). Ask me to explain what that is. If you don’t see the form prior to writing your offer to purchase, I would make your final acceptance subject to your approval of this disclosure form.

What comes with the house?

I don’t assume there is any kind of an “understanding” regarding what is included and what isn’t. I always make it clear in your offer to purchase. List the items you expect will be included. These are referred to as “fixtures and chattels”. The sellers will counter-offer if they do not agree.

Time frames

Understanding and coordinating condition dates and other deadlines can be confusing, particularly for first-time homebuyers. I draw a timeline of dates to clarify actions you must take to follow the agreement of purchase and sale.

Pre-closing inspection

It ensures the home is in the same state of repair as when you last saw it and to make sure chattels such as appliances are in working order, as well as be certain fixtures have been left in place. This is your last inspection of the home before your lawyer sends your money to the seller’s lawyer.

A down payment is that amount of money needed upfront in order to buy a home. You can buy a home for as little as 0% down, but remember the larger the down payment the more likely you will receive a lower interest rate and of course the easier any other expenses will be to manage. Part of your down payment will be used as a deposit once you’re ready to put an offer on property, so remember to keep some of it available in easily accessible funds.

You may be able to use your RRSPs towards your down payment.

Registered Retirement Savings Plans are a good way to secure your financial future while enjoying tax benefits today. You may also be able to use your RRSP savings toward the purchase of a home. If you are a first time home buyer, or haven’t owned a home in the previous five calendar years, you may be eligible for the government-approved RRSP Home Buyers Plan.

You and your eligible spouse may withdraw up to $20,000 each from your RRSPs using funds which have been in your RRSPs for at least 90 days. You don’t have to pay income tax on the funds as long as you repay the total amount to your RRSP over the next 15 years. Your payments don’t have to start until the second year after withdrawal. Talk to your mortgage specialist to find out if the RRSP Home Buyers Plan is a viable option for you.

Buying a new home is an exciting prospect. It's easy to get swept up in planning the move, shopping for furniture and countless other preparations. Unfortunately, important details are often overlooked. While most people are well aware of mortgages and down payments, they may not know about other potential closing costs. These include legal fees, mortgage insurance, etc. In some cases, new homeowners are not financially prepared for unanticipated fees and expenditures. [ Read more ]

This handy chart will help you estimate the various costs involved in buying a home. It may be used to determine the expenses related to your purchase. The majority of these costs must be paid on closing day, so you should be prepared.

A deposit will be required upon an accepted agreement between you and the seller. This is held in trust for you until closing.

During the initial phase

Use the consultative approach outlined in this guide

Get information first from a qualified real estate agent.

Choose your real estate agent carefully and they will guide you through the process.

Plan your buying process in advance with your real estate agent.

During your negotiation

Pay attention to market conditions and work with them. “Dream homes” have been lost because buyers failed to understand the supply and demand factors in that particular market.

When making an offer, ensure your deposit is large enough to be considered “in earnest”. This is a strong negotiating tactic.

When making an offer, ensure it is large enough to put you in a favourable negotiating position with the seller.

Always get a copy of what you sign and make sure changes are clear and in writing.

At closing

When you are ready to close and take possession of your home, review your agreement and clarify occupancy dates and times with your real estate agent.

I would be more than pleased to work with you in the purchase of your new home. Email me at rozprince@eastlink.ca or call (902) 456-6375 for a free, no-obligation consultation.