If you would like to purchase your home, it is important to understand the role of a real estate broker.
Realtors play a specific role vis à vis their clients. Many foreigners do not understand the role realtors play and this often leads to confusion and disagreeable situations. In Quebec, like the in the rest of Canada, realtors represent their clients when selling or purchasing a home. It is very important for newcomers to realize that in Quebec, because of our multiple listing service (www.mls.ca) all realtors have access to the same listings and inventory of houses. This means that, unlike in many other countries, it is not necessary to contact multiple realtors when looking for a home to buy. In fact, this practice will not set a positive tone for your relationship with your realtor because such activity will be seen as a sign of distrust or lack of respect. In Quebec, realtors only get paid once their client "closes" a home sale or purchase transaction. Typically, your realtor will receive a commission equal to approximately 2.5% of the purchase price of the home. Should you engage multiple realtors to work for you, they run the risk of working for you and not being compensated if you do not choose to buy one of the homes they showed you. If you do choose to work with more than one realtors then you should inform your realtors of this situation.
At Belvedere, we have screened, interviewed and personally met with dozens of realtors to select the best ones for our clients. The realtors we prefer are not only at the top of their field, but are reputed for their honesty, work ethic, knowledge of the market, negotiating skills and customer service. In addition, they enjoy paying extra attention to our clients. By filling out the home search form located on the right side of this page, we will put you in contact with our preferred real estate service providers.
Realtors are licenced and regulated by a professional governing body. As such, they have certain professional obligations towards their clients: they owe you loyalty, honest, full disclosure of any potential conflict of interest, and objective advice and information about any property you are interested in. A good agent will perform a detailed analysis of your needs, wants and budget. He or she should know the market well and be able to direct you to homes that meet your criteria. Your agent should research the market, book viewing appointments and accompany you on these visits. Once you choose a home, your realtor will handle all the negotiations and will ensure that the closing goes smoothly.
There are certain costs associated with buying a home that you should be aware of:
Notary fees (approx $1000), welcome tax (approx 1% to 4% of the home's evaluation), building inspection (approx $500), moving costs (international moving costs vary widely), any utilitiy adjustment payments (the seller will pay all utility bills up to closing day - the buyer will reimburse the vendor any overpaid amounts), insurance, taxes, renovations, maintenance.
To learn more about working with your realtor and the home buying process visit these links: