1 – You can do it yourself, if time permits
The jargon home-buying world is relatively difficult to understand, but don’t let that stop you. It’s often better to take the time to do everything yourself. It’s always better to know what you’re getting into. Ultimately, it’s a matter of spending the time that’s required. Taking the time to discuss with the right people, finding the required information and taking responsibility for your actions is always more rewarding.
2 – Agents may be unnecessary
Sometimes, real estate brokers are not really involved in a case, stop by for visits, sign a couple of papers and go home with their commission. It’s your responsibility to get your broker to work! The mere fact of using a broker when buying a new property is not sufficient to take full advantage of his expertise. Make sure he is well aware of surrounding projects, ask questions about the procedure and try to be as specific as possible.
3 – The research is ultimately your responsibility
Today, the majority of buyers do their own research on the internet. Sites like GuideHabitation can help you identify all the projects that may fit your needs and desires. If your broker does not seem to listen to your needs, it may be because he is not really looking. Ultimately, if you do not make sure he is working with intensity and purpose, he might not be of any help. Do your own research; you’ll only be better equipped to assess what’s to come.
4 – In fact, everything is your responsibility, and yours only!
Although it is very rare, there are some dishonest brokers who lack integrity. Shopping for an agent is also your responsibility. Use the internet to research your broker’s past. Meet a few of them, interview them. Make sure your broker has experience in purchasing new homes and ask for references.
If you do not realize you are a victim of unlawful acts, nobody can help. The transaction is ultimately your full responsibility.
5 – It may be easier to negotiate without an agent
When buying a new home, the price of the home itself is rarely negotiable. However, many other things can be – appliances, air conditioning, design, color selection, lighting, parking.
If you hire a real estate agent, his commission is paid in full by the promoter. Try to negotiate using the argument that there is no agent to pay. Who knows?
6 – Speaking to an agent can be cause for concern
If you sign a brokerage contract with an agent, you must deal with him when buying a home.
Did you know that if you visit a condo with an agent, and then complete the purchase of that same condo without the agent’s help, he/she is entitled to claim a commission?
The law states that if you visit a condo with a broker, then hesitate, then stop using the services of said broker, then return to visit the same condo a month later, you must pay commission to that broker, even if you have not signed the brokerage contract.
Let’s not forget that the agent will claim commission from the seller, not you. It’s rare that an agent monitors property sales in such a manner, but it’s still important to know.
7 – A broker is not a lawyer
Although they are more of an exception than the rule, horror stories about the behavior of real estate brokers do exist. While drafting a preliminary contract, for example, be careful with the addendum and other annexes.
Some of these additions might be illegal.
A broker is not a lawyer, but some can’t help themselves and add clauses that could quickly turn against you. Always be on the lookout!
8 – Real estate agents are not all honest
It’s the same in all walks of life: some people are dishonest. That’s the reason why laws were written, why the OACIQ was established, and why a compensation fund for victims exists.
If it’s fair to say that some brokers are crooks, we can say the same of the promoters that sell new homes. You simply have to do a quick search on the internet to find examples of deceit.
Phrases such as “you won’t be a tenant your whole life, will you?”, “It’s better to be a homeowner, all the money you spend will come back eventually”, “aren’t you tired of giving all this money to your landlord?” and “there’s no risk in buying a home, the value of real estate will never go down! ” should alarm you. Do not get scammed.
9 – Sometimes, brokers can’t help
Real estate agents cannot do any more than what you tell them to. They can’t protect you from a certain contractor, from badly negotiating your mortgage, from a budget miscalculation or from layoffs. You are not cleared from responsibility when you are dealing with a broker.