Buying in Halifax

Most buyers start with a mortgage pre-approval, then we tour homes and write an offer on an Agreement of Purchase and Sale. Once the seller accepts, you work through your conditions, such as financing and inspection, before the deadlines in the agreement. When all conditions are met the deal is firm, and your lawyer handles the paperwork and money through to closing day.

Source: boyneclarke.com

The most common are financing, a home inspection and, for homes on a well, a water test, and each one has its own deadline. Many offers also include a lawyer review clause, so talk to your lawyer within that window. If a condition isn't satisfied and you don't give notice in time, you could be on the hook to complete the purchase, which is why I keep a close eye on those dates.

Source: boyneclarke.com

You pay a deposit when your offer is accepted, it is held in trust under the terms of the agreement, and it goes toward your purchase price at closing. The amount is negotiable and depends on the price and the market. Ask me what is typical for the home you are looking at.

Yes. In Nova Scotia, your lawyer reviews the agreement, works through the title and title insurance, prepares the closing adjustments like property taxes, receives your mortgage funds in trust, pays the deed transfer tax and registers your deed and mortgage. Hire one early so they can review the agreement during your conditions.

Source: boyneclarke.com

Yes. The Property Disclosure Statement is the seller's honest account of what they know, but it is not a warranty, and the buyer is responsible for checking the information. A Nova Scotia small claims case called it a classic buyer beware situation when the buyer didn't act on what their own inspector flagged. Read the inspection report closely and ask me about anything it raises.

Source: cbc.ca

For a resale condo, the corporation provides an estoppel certificate with the declaration and bylaws attached. It covers what the owner owes, the reserve fund, special assessments expected in the next 12 months, 24 months of meeting minutes, planned major spending, lawsuits and insurance. Condo buildings with 10 or more units must base reserve fund contributions on a reserve fund study that is updated every five years and fully redone every 10. Have your lawyer review the certificate during your conditions.

Source: cmhc-schl.gc.ca

Many older peninsula homes still heat with oil. The Province's homeowner guide treats tanks over 15 years old, or with rust or damage, as a higher leak risk, and says non-metal tanks are far less likely to leak. Insurers will ask about the tank's age and condition, so call your insurance broker before your conditions are removed.

Source: novascotia.ca

It can be harder. Insurers are generally reluctant to cover pre-1950 homes with knob and tube wiring, and many also treat aluminum wiring and 60-amp service as higher risk. If the inspection finds old wiring, get an electrician's opinion and talk to your insurance broker before you firm up the deal.

Source: canadianunderwriter.ca

Outside the serviced areas of HRM, many homes use a private well and septic system, so I usually recommend a water test condition and a septic inspection. Nova Scotia recommends testing a private well for bacteria at least once a year and for chemicals every five years, because arsenic, manganese and uranium are common here. As a rough guide, the Province says an average family of four needs the septic tank pumped every three to four years.

Source: novascotia.ca, novascotia.ca