Kelly Wilson

Why Use an Experienced Buyer Agent When Purchasing a Home?

Why Use an Experienced Buyer Agent When Purchasing a Home?

Buying or selling a home is one of the biggest financial transactions most people make during their lives, so it’s important to do it right – and that means tapping into the expertise of someone trained in the field: A Buyer Agent.
You wouldn’t do your own dentistry or try to remove your own appendix; you’d turn to someone specially trained to do the job. The same holds true for a real estate transaction: you want to be able to rely on someone with knowledge and skills you don’t have to ensure the result is a
positive one. A Buyer Agent is your real estate “surgeon,” guiding you through the proper steps to purchasing the property you want with no unpleasant side effects.
Of course, there are a lot of Buyer Agents in the marketplace, and you want a skilled one. But what, exactly, does that mean? Here’s what a good Buyer Agent will provide:
 Quick access to the MLS system. A Buyer Agent sees the listings posted on the Multiple Listing System (MLS) before they arrive in your inbox. They can stay ahead of the game and identify those properties that require quick action so you don’t lose out on a dream home. In a hot market, time matters.
 A proactive approach. A good Buyer Agent will be out knocking on doors in desirable neighbourhoods, looking for opportunities that may not have appeared on MLS yet. They can alert prospective sellers that there are interested buyers just waiting for an opportunity to invest in the property. As the saying goes, “If you don’t ask, you don’t get.”
 Negotiating skills. Buyer Agents negotiate for a living. Can you say the same? They know your needs and your limits, and they are skilled at assessing the seller’s perspective, too. Add to that their knowledge about the selling landscape in your market and you have an advocate who can help you reach your ultimate goal: obtaining your dream property while negotiating a deal that both parties view as a win-win situation.
 The big picture. Skilled Buyer Agents know their customers’ needs, wants and goals, both long- and short-term. While you may get excited by a property with all the bells and whistles, it’s the agent’s job to keep a level head and remind you that, for example, the property won’t appreciate enough during the three years you plan to keep it for you to pay the asking price. They aren’t swayed by the emotion and excitement you may feel for a property that doesn’t meet your needs. Consider your agent as a valuable sober second thought.
 Knowledge of the landscape. Would you want someone from Halifax to sell you a home in Vancouver? It’s unlikely. You want a Buyer Agent who knows and understands the local marketplace. They are familiar with the neighbourhoods, the school system and the public transit options. They can recommend a good family doctor and a great sushi restaurant, or point you to a great cycling path or a spacious park. They speak from experience.
 Trusted feet on the ground. If you’re buying an investment property from a distance, you want a Buyer Agent who will be your eyes and ears. They’ll know what you’re seeking and they’ll have the judgment to determine if a property meets your needs. You can surf the Internet all day, but there is nothing like having someone available to view the property in person and decide whether there are concerns that don’t show up online.
 An understanding of new builds. If you’re buying directly from a builder, there are details you may overlook or intricacies that escape you. A skilled Buyer Agent knows how the purchase of a new home differs from choosing an existing property, so he/she will ask the right questions and defend your interests.
 Proper packaging. In a competitive market, a good Buyer Agent will know how to get your offer to the front of the line so it will be noticed. It requires someone who is well- connected and has good working relationships with other agents and someone who knows what makes a good offer.
 Contracts done correctly. When you use a Buyer Agent, you can be confident that the contract and paperwork you sign will protect you from any problems that might arise. They know real estate contracts backward and forward and know which clauses are essential to a contract to ensure that you aren’t surprised by hidden issues or expenses. Don’t leave the details of such a purchase to amateurs, like yourself. As mortgage brokers, we at the Wilson Team have worked with numerous agents, both skilled and not-so-skilled. We want to match you with the cream of the crop. Are you willing to do what it takes and set up the plan in order to get the property on? Are you willing to do the work you put yourself in front of everyone else? If so, you might be the right fit for us. Please start with filling out this questionnaire and we will have one of our experts reach out to you.

by Kelly Wilson

Calling the Ottawa Area Home

Calling the Ottawa Area Home
Canada’s capital region is a beautiful place to live in. It has something to tempt every interest, from outdoor pursuits to indoor sports to arts and culture. Before you are settled here, however, you’ll be busy. You have a house to sell, a house-hunting trip and home purchase to make and the move itself to undertake. Luckily, the Canadian Forces helps ease your way through its partnership with Brookfield Group Relocation Services (https://www.irp-pri.com/start/cf_members/). In addition, we at the Wilson Team (www.wilsonteam.ca) of mortgage brokers are experienced in assisting members of the Canadian Forces who are relocating to our “neighborhood.” We will be happy to connect you with the services you need and the people you want to query about topics such as school districts, home values, and transportation.
Making the Move:
You will be reimbursed for a door-to-door move of more than 40 kilometers. The formula for calculating the distance is as follows:
1. Distance in kilometers between current residence and new place of duty = (number of km)
2. Distance in kilometers between new residence and new place of duty = (number of km)
3. Line 1 minus line 2 = (number of km)
In addition, you will be advanced funds through Brookfield to allow you to handle personal expenses you incur during the relocation for things such as a house hunting trip or destination inspection trip, your travel to the new home location and interim lodgings, meals and miscellaneous expenses.
Home Purchase Reimbursement Eligibility:
You will be eligible for home purchase benefits if you are posted within Canada for a period of one year, or more or if you are subsequently posted within the same geographical boundaries for a year or more. To take advantage of the reimbursement opportunities offered by the Canadian Forces, you must purchase a new home within one year of your Change of Strength (COS) date or the date that your household goods are shipped, whichever comes later. You must live in the home for at least a year, unless service reasons make that impossible; otherwise, you will be required to reimburse the government for benefits paid.
House Hunting Trips:
The opportunity to move to a new home can be exciting, even though it can be a bit scary, too. Starting over in a new location means making new friends and connecting to new service providers. Do your homework on the geographic area in advance because your trip to find a home will be a quick one. A standard house hunting trip (HHT) includes up to five days and five nights at the new location for you and/or your spouse. The total duration of the trip, including travel, generally should not exceed seven days and six nights. Members of the regular forces should take the HHT after you’ve received the official notification of posting and before your change-of-service date. If you have obtained accommodations in your new location prior to the official notification, you are entitled only to a destination inspection trip
(DIT).

Reservists should take the HHT once an employment message has been issued, but prior to the start date for your new position. If you have arranged for accommodation prior to receiving your employment message, you, too, are only entitled to a DIT. The Commanding Officer of the unit you are leaving must authorize your absence from work in order to conduct the HHT or DIT.
Selecting a realtor:
When you purchase a new home, you are allowed to choose any third-party supplier (realtors, lawyers, etc.) provided that they won’t charge more than the military’s pre-negotiated rates and that they are arm’s-length suppliers. In other words, no family members – aunts, cousins, daughters-in-law – can be engaged.
Choosing a home:
When you’re looking for a home, remember that you won’t be reimbursed for expenses above a lot size of 1.25 acres (1/2 hectare) or, if the zoning and city bylaws require it, up to four acres (2.47 hectares). If you buy or sell additional land, you’ll only be reimbursed for the portion of the costs that apply to the
approved lot sizes.
You must also purchase a home within the geographical boundaries of the area, unless you receive specific authorization to live elsewhere.
Building a home:
If you decide to build a home, rather than purchase an existing one, you are entitled to the same benefits for buying the land and doing the construction that you would have received upon purchasing an existing structure. However, all costs identified in the building agreement are considered part of the
purchase price and won’t be reimbursed separately.
Early occupancy:
If you must take possession of your new home prior to your COS date (or commencement of
employment date for reservists) and those dates aren’t flexible, you will be reimbursed for the following
expenses for up to one month:
 Interest charges on a first mortgage (or on a second mortgage if there are no charges on a first
mortgage);
 Taxes (i.e. property, school);
 Utilities (i.e. electricity, heating);
 Property maintenance (such as lawn cutting, snow removal, and minor maintenance);
 Insurance (house insurance including additional insurance costs for empty residence); and/or
 Rental of a mobile home pad.
Ensuring clear title:
You will be reimbursed for the following legal fees associated with obtaining clear title to your new
property:
 Sheriff's fees;

 Land Transfer Tax/Welcome Tax;
 Name change fee when transferring ownership from builder to purchaser;
 Deed transfer charges;
 Survey costs or Title Insurance Premium (both cannot be claimed unless they are deemed
necessary to obtain clear title);
 Certificate of execution;
 Appraisal and water test fees incurred at the request of the lender to obtain a first or second
mortgage; and
 Legal fees incurred as a result of deed transfer to Land Titles System.
Conducting a home inspection:
Before you sign on the dotted line, it is wise to have your new property inspected by a trained
professional. The Canadian Forces will reimburse you for the following structural inspection costs:
 First structural inspection on each residence where an offer to purchase is made (including
occupied new homes under warranty);
 Well, water potability, and septic system inspection (including the pumping when required for
the inspection); and
 Follow-up termite and pyrite inspections, when recommended in writing by the building
inspector.
Mortgage Assistance
Interest payments:
If you are transferred to an area that is more expensive than your previous location or you upgrade your home, your new mortgage will be pricier than your old one. The Canadian Forces is prepared to assist you with the interest differential, up to a maximum of $5,000, for the remaining term of the mortgage on your previous residence, up to five years. The Canadian Forces will pay the difference between the interest rates on your old and new mortgages, based on the lesser of the outstanding mortgage at your
former place of duty or the new mortgage principal.
Mortgage default insurance:
If you are required to pay a mortgage default insurance premium when you purchase your new home, you’ll receive assistance in the form of an amount equal to the assessed insurance premium and will be reimbursed for any administrative fees incurred in relation to the policy of insurance when:
 you sell your principal residence for the move to your current posting and use 100 per cent of
the equity from the sale for the purchase of your new residence.
 you sell your their principal residence before a posting to a new place of duty where you were
prohibited from purchasing a residence, and in relation to the current posting, you use 100 per
cent of the equity from that sale for the purchase of their new residence, if this posting
immediately follows the posting in respect of which they were prohibited from purchasing a
residence.
Mortgage Financing

As you navigate the ins and outs of mortgages, don’t hesitate to call on the Wilson Team. We’re mortgage specialists and are intimately familiar with the options available to you.
Bridge financing:
If you are unable to immediately transfer the proceeds from the sale of your home to enable purchase of a replacement property, you are eligible for reimbursement for the interest you pay on a bridge loan
or line of credit, as well as the associated administration fees charged by the financial institution, given
that:
 interest on the bridge loan does not normally exceed 14 days; and
 the amount of loan does not exceed the amount of money that is frozen.
Short-term financing:
You are eligible for reimbursement of the interest charged on a short-term loan or line of credit that is used solely for the minimum deposit required to buy a residence at your new place of duty or to construct home there.
The amount of the required minimum deposit must be in accordance with the written purchase contract and can’t exceed the minimum amount required by the local market. You are not entitled to reimbursement when the building agreement for a new home describes a payment schedule or advance
payments.
Yes, there’s lots to remember; moves are complicated, but they’re also exciting. And, you’re not alone. Don’t hesitate to call on the Wilson Team for assistance in navigating all of the move requirements.

by Kelly Wilson

Making Your Military Move Manageable

Making Your Military Move Manageable
Members of the Canadian Forces are often men and women on the move. When a change of service
(COS) is in the works, an accompanying move brings its own worries and concerns.
It’s only natural to have questions. Will the family like the new location? Are there good schools for my
children? Will we find a good home at a reasonable price?
Luckily, you can turn to the Wilson team (www.wilsonteam.ca) to help you put all of your
understandable relocation worries behind you. This family-owned and run team of mortgage
professionals is part of Invis, one of Canada’s largest mortgage brokerage firms. Not only does the
team have access to a range of mortgage products from more than 30 respected lenders; the team
members will ease your transition to the Ottawa area by connecting you with local realtors and a range
of respected service providers from physicians to hair stylists. After all, it’s the little things that make
your new house feel like a home!
The First Step: Selling Your Current Home
Before you can relocate to the Ottawa area, you’ll need to put your existing home up for sale. The
Canadian Forces will ensure that you are suitably reimbursed for the sale, and you can take the lovely
memories along to your next abode.
Although the Department of National Defence (DND) has a series of regulations regarding selling your
home prior to a move (https://www.canada.ca/en/department-national-defence/corporate/policies-
standards/relocation-directive/2018.html), allow us to lend a hand by summarizing the key points for
you in laymen’s terms.
The home must be your residence:
You or your dependents must actually live in the home you are selling prior to putting it on the market
in order for you to claim the associated reimbursement benefits generated by the sale.
Holding the title:
You must have clear title to your property in order to be reimbursed for its sale. DND will reimburse you
for some of the expenses related to ensuring you have clear title, as follows:
 Land survey costs, if your lawyer or notary certifies that:
o the last survey is more than five years old;
o there have been observable changes to the lot since the last survey; or
o the seller is required by law to provide a survey.
 Charges, such as administrative fees and mortgage disbursement fees levied by a lender, for the
disposal of one mortgage on the property.
 Legal fees you incur as the result of the deed transfer to Land Titles System.
 Municipal fees associated with a municipal name change for tax rolls.
Your current mortgage:
Most financial institutions currently offer portable mortgages where the members can avoid or reduce
any charges or penalty by arranging to transfer all or part of the mortgage to the new residence. When
selling a residence, CF members must make every effort to port their mortgage when it is practical and
reasonable to do so.

If you are entitled to receive relocation benefits and are required to pay a mortgage early repayment
penalty (MERP) in relation to the discharge of one or more mortgages held against your principal
residence at the time of its sale, is entitled to be reimbursed the amount of the mortgage early
repayment penalties incurred if:
 the terms of the mortgage or mortgages require the MERP to be paid to the mortgage lender;
and
 at the new place of duty, the member either
o does not purchase a replacement principal residence, or
o purchases a replacement principal residence and the transfer of the discharged
mortgage to that residence was not permitted.

Choosing a realtor:
When you put your home on the market, you are allowed to choose any third-party supplier (realtors,
lawyers, etc.) provided that they won’t charge more than the military’s pre-negotiated rates and that
they are arm’s-length suppliers. In other words, no family members – aunts, cousins, daughters-in-law –
can be engaged.
Private sale of your home:
If you decide to sell your home privately, you are entitled to reimbursement for the actual and
reasonable costs related to the sale. The reimbursement won’t exceed the commission that would have
been paid if a realtor had sold the property.
Home/Structural inspection:
If your realtor recommends a pre-sale structural inspection of your home in order to sell the property
and the relocation consultant agrees, you will be reimbursed for the inspection at no more than the pre-
approved corporate rate. A pyrite inspection may also be reimbursed.
Keeping your principal residence: Canadian Forces members who elect to keep their principal residence
receive an incentive equal to 80 per cent of the pre-negotiated corporate real estate commission rate
based on the appraised value of the principal residence, not to exceed $12,000.
Finalizing the sale: The sale of your home is not considered final until the transfer of ownership takes
place. You will be reimbursed for the real estate commission with a sum that shouldn’t be more than the
pre-negotiated corporate rates.
If your house doesn’t sell until after you have relocated, you or your spouse are authorized to return
there to attend the closing. You must take annual leave for this purpose, and the following conditions
apply:
 qualified for TDRA;
 subsequently sold the former residence;
 could not arrange to courier documents/materials between legal firms;
 could not complete the sale by a power of attorney; and
 clearly demonstrated that all other avenues were exhausted.
The maximum reimbursement you can claim is as follows:

 up to two days travel, meals and incidentals;
 one night’s lodging; and
 return transportation by the most economical means.
Since you are expected to be present at the closing of the sale transaction, so fees for a Power of
Attorney aren’t usually reimbursable. However, if you can’t attend, you may be reimbursed for various
costs, as follows, provided that your base commander and base administrative officer certify your
unavailability:
 Cost to courier documents between legal firms;
 Power of Attorney; and
 Mandatory attending fees as per provincial requirements.
Reimbursement for financial losses from home sale:
You are eligible for reimbursement if you sell your home for less than you originally paid for it. You are
entitled to receive 80 per cent of the reimbursable amount or $30,000, whichever is less.
The reimbursable amount equals the difference between the original purchase price and the sale price,
minus any reduction in the sale price that is identified in the agreement of purchase of sale and is due to
any repairs or replacements required to the home prior to selling.
Reimbursement for real estate commission:
If you don’t claim a real estate commission, you are entitled to receive 80 per cent of the commission,
based on the appraised value, up to a maximum of $12,000. This incentive will be paid into personalized
funds. Your eligibility depends on the following conditions:
 You or your dependants occupying the residence immediately prior to official notification of the
posting;
 Application for this incentive within 15 working days after receipt of the appraisal; and
 Signing a waiver foregoing any future reimbursement of real estate fees, legal fees or other
related disposal costs for the property. If you decide to move back into this residence on a
subsequent posting, this home would be designated as a principal residence for any further
relocation that might occur after re-occupancy.
Temporary assistance for maintaining dual residences (TDRA):
Actual and reasonable expenses associated with maintaining two residences are reimbursed provided
that the former residence remains unsold, vacant and actively marketed. Remember, the sale of a
residence is not considered final until the ownership is transferred.
The expenses of maintaining two homes is offset for six months. Such expenses include:
 Interest charges on a first mortgage (or on a second mortgage if there are no charges on a first
mortgage);
 Taxes (i.e., property, school);
 Utilities (i.e., electricity, heating, alarm monitoring);

 Property maintenance (such as lawn cutting, snow removal, and minor maintenance);
 Insurance (house insurance including additional insurance costs for empty residence); and/or
 Rental of a mobile home pad.
If you haven’t sold your home before the move and haven’t had an offer in two months, request the
marketing incentive benefit to ensure that your home is being actively marketed. If the real estate agent
recommends their use and the service provider is supportive, reasonable expenses will be reimbursed.
However, all marketing incentives must be clearly identified on the original or amended Property Listing
Agreement and the Offer to Purchase documents.
Remember, relocating need not be a fear-inducing, painful experience. The Wilson team is here to assist
you in making your move an exciting one, as we assist you and support the DND-assigned moving
specialists. Questions? Get in touch with us at www.wilsonteam.ca and be sure to check out our blog
post on buying a home in a new area. (Link to follow once written!)

by Kelly Wilson