Buying a new home can be a rewarding experience. Use this checklist as you go through the buying process:
- I made a list of my household’s needs and wants to guide my search for a home.
- I made a realistic budget for my home purchase, including the down payment, mortgage, closing costs and moving costs.
- I have engaged my own real estate salesperson.
- I checked out the builder, including licensing with the Homeowner Protection Office, past references and professional organization affiliations.
- For a custom-built home, I received a written contract that lists all aspects of the work to be done, the work schedule and all costs; and ensured that the contract includes coverage for new home warranty insurance. I have reviewed the contract with my lawyer.
- For any home purchase, I received a written contract that details exactly what I am buying, what the price is and when payment is due.
- I have considered the option of having the home inspected by a home inspector or engineer.
- For a strata property, I received and read the bylaws, rules, meeting minutes, and any other pertinent information (Form B Information Certificate) before making an offer to purchase.
- For a resale home, I determined how much time, if any, is left in the home warranty insurance coverage.
- For a brand new home, I verified that home warranty insurance is in place, who the warranty provider is and the expiry dates.
- For a strata property that required building envelope renovations, I confirmed if the renovations were done by a Licensed Building Envelope Renovator and if building envelope warranty insurance is in place.
- I reviewed the contract documents and Disclosure Statement.
- I had a lawyer review any documents (including the offer to purchase) before signing them.
- I made myself familiar with what is covered in my home warranty insurance policy and what I must do to keep the warranty in force.
- For a strata property, I determined home warranty insurance expiry dates for common property and the individual unit.
- For owner-built homes, I got a copy of the Owner Builder Disclosure Notice.
- I kept copies of all correspondence related to my home warranty insurance and any claims I have made.
