1. Agent: it is important to find a realtor that works exclusively on their behalf of the buyer rather than the listing agent for the seller. These specialists are considered Buyer's Agents.

*As of January 1, 2000 the Real Estate Council of Ontario's (RECO's) regulations require that all purchasers who elect to work under buyer brokerage must sign a Purchaser Agency Agreement at the earliest practical opportunity and in all cases prior to the presentation of an offer.

Before a purchaser or vendor enters into a contract with a real estate sales person or broker regarding a real estate transaction, they should understand what type of relationship they will have with the real estate company. If you choose to have a real estate agent represent you as a buyer broker, you will need to safeguard your best interests as well as to protect the interests of the Realtor who is representing you, therefore a written agreement is mandatory for all the real estate professionals in Ontario.

A buyer contract states the agent is obligated to the buyer by:

• Strive to locate the best home available to meet the buyer's needs and desires
• Exercise skill, care and professionalism in all aspects of the transaction.
• Provide pertinent information as required by buyer for desired properties
• Assist in making an objective evaluation of properties
• Provide price information for desired homes
• Keep buyer informed at all stages of the transaction

Buyer's Agreement: usually, the buyer agrees to work exclusively with the Realtor for about three to six months and the Realtor agrees to represent the buyer's interests to the fullest. Another important thing to ask potential Buyer Agents is whether they will give you a written guarantee that you can end your contract with them at any time –no questions asked.

Once you have found your Buyer Agent, he or she will proceed with the following steps:

-read the Brochure Agency Relationship Explained and sign the acknowledgement contained in it:
-complete a Purchaser's Agency Consent Form which specifies how your agent will be compensated for his or her services,
-enter into a Purchaser Agency Agreement which clearly establishes the obligations of both parties.

Buyer's Commission: most buyer's representatives do not charge a fee to their clients. Of course that does not meant they do not get paid for all their work. It is common practice that the real estate representative for the buyer gets paid via a commission that comes from a vendor's listing agent. The commission is a percentage of the sale price of the home.

Other Parties to the Transaction

2. Lawyer: hiring a real estate lawyer (or notary in Quebec ) who is knowledgeable about condominiums is the best way to ensure that your legal interest are protected. Your lawyer will help you by explaining all the documentation for the condominium including the declaration, by-laws, rules and disclosure statements and will review your offer to purchase and the purchase and sale agreement. Your lawyer should be able to determine whether or not there are nay pending legal actions against the condominium that may have financial implications to the unit owners.

If your offer to purchase is accepted, your lawyer will be responsible for many of the closing arrangements.

Remember that the lawyer/notary:

• should be a licensed full-time lawyer/notary
• should be local and understand real estate laws, regulations and restrictions
• should have realistic and acceptable fees
• can explain things in plain language

3. Mortgage Broker: different institutions lend money for mortgages such as banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. Its' a good idea to shop around and speak with more than one lender because terms and options will vary.

Some people find it helpful to use a mortgage broker – who does not work for any specific lending institution or a mortgage specialist – that does work for a specific financial institution. Their role is to find the lender with the terms and rates that will best suit the buyer. To find a lender or mortgage broker you can:

• Get a referral from your real estate agent, family members, friends or other professionals
• Look in the Yellow Pages under banks, Credit Union or Trust companies for a lender and under Mortgage Brokers for a broker
• Contact the Canadian Institute of Mortgage Brokers and Lenders

4. Home Inspector: if you are thinking of buying inspected by a knowledgeable and professional inspector, the home inspector's role is to inform you on the property's condition. He will tell you if something is not functioning properly, needs to be changed or is unsafe. Ou will also be informed of repairs that need to be done and he/she may even be able to tell you where they may have been problems in the past.

Every inspection should include an evaluation of at least the following:

• Foundation
• Doors and windows
• Roof and exterior walls
• Attics
• Plumbing and electrical systems
• Heating and air conditioning systems
• Ceilings, walls and floors
• Insulation
• Ventilation
• Septic tanks, wells or sewer lines
• Any other buildings such as a detached garage
• The lot, including drainage away from buildings, slopes and natural vegetation
• Overall opinion of structural integrity of the buildings
• Common areas (pertains to condos)

5.  Insurance Broker: helps you with your insurance needs including property insurance and mortgage life insurance. Lenders insist on property insurance because your property is their security for your loan.

6.  Appraiser: an independent appraisal done tells you what the property is worth and help ensure that you are not paying too much. Your lender can also ask for a recognized appraisal in order to complete a mortgage loan.

7. Land Surveyor: if the seller does not have a Survey or Certificate of Location, you will probably need to get one for your mortgage application.

8. Architects/engineers: useful when you are considering major renovations.

9. Builder/contractor: usually needed when buying a newly constructed home or require renovations to a resale home. When choosing one:

• Ask for references and other customers about the builder's performance
• Check with New Home Warranty program in the area
• Visit other housing developments that the company has built