FAQs

In most PEI purchases, my commission as your buyer’s agent is paid by the seller out of the sale proceeds, so my services typically cost you nothing out of pocket. Before we start, I’ll walk you through our Buyer Representation Agreement, so you know exactly how I’m paid — no surprises.

1. Get pre-approved so you know your budget
2. Meet with me to talk about your must-haves, areas and timeline
3. Tour homes and get alerts as soon as new listings hit the market
4. Make an offer, usually with conditions such as financing and a home inspection
5. Remove conditions once financing, inspection and other checks are complete
6. Your lawyer handles the title search, transfer and closing
7. Pick up your keys on closing day

Yes. A pre-approval tells you how much you can borrow, locks in a rate for a period of time and shows sellers you’re a serious buyer. In a competitive market, it can be the difference between winning and losing the home you want. I’m happy to connect you with trusted local lenders and mortgage brokers.

For a home you’ll live in, the minimum down payment in Canada is:

• 5% of the first $500,000 of the purchase price
• 10% of the portion between $500,000 and $1.5 million
• 20% if the purchase price is $1.5 million or more

For example, a $600,000 home needs at least $35,000 down ($25,000 + $10,000). With less than 20% down, you’ll need mortgage default insurance, which is added to your mortgage. For a rental or investment property you won’t live in, plan on at least 20% down.

Beyond your down payment, plan for roughly 1.5% to 4% of the purchase price in closing costs. On PEI, these typically include:

• Real Property Transfer Tax — 1% of the greater of the purchase price or assessed value
(qualified first-time buyers may be exempt)
• Legal fees and disbursements, including title insurance
• Home inspection (and well water and septic testing for rural properties)
• Property tax and utility adjustments with the seller
• Moving costs and home insurance

Yes, and they can make a real difference. Depending on your situation, you may qualify for:

• PEI Down Payment Assistance Program — an interest-free loan toward your down payment (income and price limits apply)
• PEI Real Property Transfer Tax exemption for qualified first-time buyers
• First Home Savings Account (FHSA) — save up to $40,000 tax-free
• RRSP Home Buyers’ Plan — withdraw up to $60,000 from your RRSP
• First-Time Home Buyers’ Tax Credit — up to $10,000 claim amount
• GST/HST rebate on eligible newly built homes

Programs and limits change, so I’ll help you confirm what you qualify for with your lender and lawyer.

It varies with the price and how competitive the situation is. Your deposit is held in trust by the brokerage and goes toward your purchase at closing. If a condition in your offer isn’t met — for example, financing falls through — your deposit is generally returned. I’ll advise you on the right amount, so your offer is strong and your money is protected.

No, it isn’t legally required, but I strongly recommend one. A qualified inspector can uncover issues with the roof, foundation, electrical, plumbing or heating before they become your problem. For rural and cottage properties, I also recommend well water testing and a septic inspection.

The best approach is to make your offer conditional on a satisfactory inspection. That way, if something serious turns up, you have options — renegotiate, ask for repairs or walk away.

Yes, there’s no legal requirement to use a REALTOR®. But buying privately comes with risks that often don’t show up until after you own the home. Working with a REALTOR® helps you:

• Access more listings, including new ones the moment they hit the market
• Avoid overpaying, with a clear picture of what similar homes have sold for
• Avoid unfair terms and protect yourself with the right conditions
• Stay on track with key steps such as financing, inspections and deadlines
• Understand how much deposit is appropriate and when you can get it back

Yes. On PEI, a real estate lawyer handles the legal side of every purchase and sale. Your lawyer will review the contract, complete a title search, check for liens or other issues, register the transfer so you’re the legal owner, and manage the closing funds. I work with excellent local lawyers and am happy to share recommendations.

In a multiple-offer situation, sellers usually review all offers at a set time and choose the best one — which isn’t always the highest price. Clean terms, a solid deposit, a flexible closing date and a strong pre-approval can all help your offer stand out. I’ll help you build a competitive strategy without overextending yourself.