Trusted Partners: Mortgage Specialists, Lawyers & Inspectors
Buying or selling a home in London or St. Thomas means working with more than a broker. Here is who else you will deal with, from the mortgage specialists at the banks Andy works with to lawyers and inspectors, what each one should cost in Ontario, and the questions worth asking before you hire them.
Mortgage Broker
Before you tour a single homeA broker shops multiple lenders instead of selling one bank's products. That matters most if you are self-employed, newer to Canada without established Canadian credit, or buying a rental where the lending rules are different. What you want from them is a pre-approval underwritten against real documents, not a rough estimate — that is what tells you your actual budget and holds a rate while you shop.
Typical cost: Usually no direct cost to you on a standard residential purchase — the lender pays the broker.
What to ask before you hire them
- Are you licensed with FSRA, Ontario's mortgage broker regulator?
- Is this a pre-approval underwritten against my documents, or a pre-qualification?
- How many lenders are you actually able to place my file with?
- Have you placed files like mine before — self-employed, newcomer, or investment?
Bank Mortgage Specialist
Before you start touring homesA mortgage specialist works for one bank and can only offer that bank's mortgages. That trade-off can still be worth it: if you already bank there, or are willing to move your banking, there may be room on the rate, and many specialists will meet you outside branch hours. Andy works with mortgage specialists at several banks, so he can introduce you to the one whose lending fits your situation, and you can compare their written offer with a mortgage broker's before you commit.
Typical cost: Usually no direct cost to you on a standard purchase. The bank pays its specialist.
What to ask before you hire them
- Which bank do you work for, and are you limited to its own mortgages?
- Is this a full pre-approval with a written rate hold, and how long does the hold last?
- How is the prepayment penalty calculated if I sell or refinance before the term ends?
- Does the rate depend on moving my chequing, savings or other banking to you?
Real Estate Lawyer
As soon as you have an accepted offerA lawyer is legally required to close a real estate transaction in Ontario. They run the title search, arrange title insurance, register the mortgage and move the funds on closing day. They are also who reviews a condo status certificate before your condition period expires, which is the single most important document in a condo purchase.
Typical cost: Roughly $1,500 to $2,500 including disbursements on a typical residential closing.
What to ask before you hire them
- Is residential real estate an actual focus of your practice?
- Can I get the full quote in writing, including disbursements and title insurance?
- Are you available on my closing date, and who covers if you are not?
- How quickly can you turn around a status certificate review?
Home Inspector
During your inspection condition, usually 3 to 7 daysAn inspection is not legally required in Ontario, but it is strongly recommended on any resale home. You get a written assessment of roof, foundation, electrical, plumbing and HVAC. A rural property with a well, septic system or pool usually needs additional specialist testing beyond a standard inspection, so budget time for that in your condition period.
Typical cost: Roughly $400 to $600 in the London area for a standard resale home.
What to ask before you hire them
- Do you carry errors and omissions insurance?
- Can I attend the inspection and walk through the findings with you?
- When do I get the written report, and does it include photographs?
- Do you handle well, septic or pool testing, or do I need a separate specialist?
Moving Company
Six to eight weeks before closingGood crews fill up first for month-end and summer weekend closings, which is when most people move. If you are downsizing, some companies also handle sorting, donation runs and full clear-outs — worth asking about specifically, because that is the part almost everyone underestimates.
Typical cost: Varies widely. Insist on a written estimate after an in-home or video survey, never a phone quote.
What to ask before you hire them
- Do you have a valid CVOR, Ontario's commercial vehicle registration?
- Is this a binding written estimate based on seeing the actual contents?
- What is covered if something is damaged, and can I buy replacement-value coverage?
- Do you offer short-term storage if my closing dates do not line up?
Need an introduction?
Andy does not hand out the same list to everyone. Who he points you to depends on your situation — a newcomer without Canadian credit history may be better served by a particular bank's specialist or by a mortgage broker, an investor buying a fourplex needs a lender comfortable with rental income, and a rural property with a septic system needs a different inspector than a downtown condo. Tell him what you are working on and he will make the introduction.
Andy receives a referral fee from some of the professionals he works with, including some mortgage specialists. When that applies to an introduction he makes for you, he will tell you in writing before you decide. You are never obliged to use anyone he suggests and are always free to bring your own lender, lawyer or inspector to a transaction.