Your real estate broker is there to help you develop your promise to purchase in order to signal to the seller that you want to buy his property. If your offer is accepted, the seller agrees to sell the house to you. With the homes for sale in New Jersey the options are plenty. There are two types of offers:
The firm offer for an unconditional purchase
The conditional offer if you include certain conditions to be respected pre-purchase inspection, sale of your current home or approval of your financing request.
The firm offer
This type of offer means that you want to make a purchase without conditions
The conditional offer
This offer means that you want to include certain conditions to be met pre-purchase inspection, sale of your current home or approval of your financing request.
By using a real estate broker, you will be able to understand all the aspects involved in buying a home. In addition, it will ensure that you are protected. You will look together at all the points required in order to put the odds on your side so that your proposal is accepted. This includes the price, the deposit, the terms, the conditions, the elements to be included or excluded, the deadline for accepting the promise to purchase closing date, etc.
Before buying a house or a condominium with a broker, here are four tips to be well prepared. In order to make the right choices when buying a home, it is better to take the time to prepare well. The OACIQ, the real estate brokerage authority in Quebec whose sole mission entrusted by the government is to protect your interests, offers tips to help you get your transaction off to a good start with the help of a duly supervised broker.
Choose your real estate broker carefully:
- Get references or recommendations from those around you,
- Consult the tool Check the file of a broker on the OACIQ website to confirm the validity of his license, take note of the training followed and check if he has any disciplinary information in his file,
- Ask your questions, such as: How is his service different from that of other brokers? How well does he know the sector that interests you? Will it be available in the coming months?
His compensation: different options are possible. It is up to you to negotiate it with him.
Establish the financial flexibility a mortgage broker can help you:
- Calculate your detailed monthly budget,
- Obtain a mortgage pre-authorization,
- Determine your down payment,
- Plan for installation costs, which are often underestimated.
Make a list of your needs:
- Establish the type of housing that meets your current and future needs,
- List the services you want to have near your neighborhood,
- Beware of any favorites. Keep a cool head to check for example if the courtyard is large enough, if the parking lot meets your needs, or if the date of possession is realistic.
- Learn more about the protections offered to you by the OACIQ as a client of a real estate broker, under the Quebec Real Estate Brokerage Act:
- Know how the mandatory use of the OACIQ forms for any brokerage contract or any transaction proposal protects you,
Learn more about the broker’s duties and obligations, including loyalty, transparency, verification, availability and advisory role. For example, they should be able to help you make the right choices according to your budget and your needs.