Knowledge centre
Use the listing to decide what must be verified—not as proof that every description, income claim or improvement is acceptable to the lender or municipality. Listing photos are marketing. The useful information may be in property taxes, condo fees, lot and parking details, legal description, rental claims, inclusions, exclusions and wording that signals renovation or condition concerns.
Write five needs, five preferences and five deal-breakers before the first showing, then confirm which items affect financing or resale. Without agreed priorities, every attractive listing can rewrite the plan. Buyers may stretch the budget for finishes while overlooking commute, ownership costs, future space, resale limits or a property feature the lender cannot accept.
Give the Realtor three numbers: the comfortable target, the tested upper range and the absolute ceiling that cannot be crossed without another mortgage review. The maximum mortgage approval is not a target purchase price. A buyer still needs room for property taxes, condo fees, utilities, maintenance, insurance, closing costs and changes in the property used by the lender.
Understand the form of representation, the services that will be limited and the alternatives before consenting. A buyer may assume the agent can continue giving the same negotiation advice when the brokerage or designated representative also represents a competing interest. The permitted services and loyalty can change materially.
Do not sign until you can explain who represents you, what services are included, what you may owe, the exact scope and how the relationship can end. A buyer may believe the form only allows an agent to book showings. It is a contract with a brokerage and can define the services, geographic scope, property types, compensation, expiry, cancellation and obligations that continue after it ends.
Interview more than one registered professional and choose according to the area, property type, communication and services required—not pressure or popularity. A friendly conversation or fast showing does not prove that an agent has the local knowledge, property experience, availability and negotiation approach the buyer needs.
Complete a mortgage strategy review and a personal budget before asking a Realtor to build the property search. Opening a listing app is easy. The costly mistake is beginning the search before the buyer understands the comfortable payment, available cash, approval weaknesses and property types the mortgage can support.
The word ‘approved’ can sound final, but a conditional approval means the lender is prepared to proceed only after every stated condition—and sometimes an updated closing check—is satisfactory. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
The purchase agreement and mortgage approval do not disappear when the relationship ends. One buyer may no longer want the property, while neither person can assume their name can be removed from the contract or mortgage. Disclose the change before relying on an earlier approval. Rajiv can rebuild the file using the current legal obligations, income and ownership plan, then compare the existing lender, A and alternative lenders, or a temporary MIC/private option only where it solves a defined transition.
Clients often hear that a co-signer can be removed after one year. Removal normally requires the remaining borrower to qualify and the lender to approve a refinance, release or renewal change; time alone does not create that right. Disclose the change before relying on an earlier approval. Rajiv can rebuild the file using the current legal obligations, income and ownership plan, then compare the existing lender, A and alternative lenders, or a temporary MIC/private option only where it solves a defined transition.