When you visit a property, it is normal to have certain questions to ask the seller. This allows you to clarify certain things that will help you in making a decision. It is the seller?s responsibility to respond adequately and honestly to the buyer?s questions. It is up to them to make the buyer feel secure in their decision making.
Here is a list of general questions for buyers to ask during a visit. This list can also be helpful to sellers in preparing for a visit.
1. What are the monthly/annual heating costs?
It is possible to confirm this by contacting the electric company and providing them with the property address.
2. Has the roof been updated?
If yes:
a. What year?
b. How long is the guarantee?
c. Is the guarantee transferable to the new owners?
If no:
d. What year was the roof installed?
e. Has it leaked recently?
3. Does your fireplace/woodstove conform to the insurance company standards?
4. Who owns the fences?
5. What buses pass in this area?
6. What are the closest schools and/or daycares?
7. Have the windows been updated?
If yes:
a. What year?
b. How long is the guarantee?
c. Is the guarantee transferable to the new owners?
If no:
d. What year were the windows installed?
e. Are there any problems with certain windows?
Did you know that you could verify if the owner has told the truth about the year the windows were installed? By looking at the window frame, usually at the bottom, you can find the year of fabrication. If you find a discrepancy, tell them!
8. What furnishings/appliances are included with the asking price?
9. What furnishings/appliances are excluded with the asking price?
10. Are any of the furnishings/appliances rented? Ex: hot water heater
11. What year was the hot water heater changed/installed?
12. How many amps are in the electrical entrance?
13. Do you have your receipts for any repairs?
14. What year was the property built?
15. Why do you want to move?
16. What are your neighbours like?
17. Have you already received any offers?
18. What is the date of possession?
19. Have you had any damages in the last few years?
20. Has the septic tank been changed? Inspected? Cleaned?
21. Are there any repairs that will need to be done shortly?
22. Is the price negotiable?
For a condominium, you can add the following questions:
23. How much are the monthly condo fees?
24. What do the condo fees include?
25. How much money is in the joint ownership fund?
26. What are the main restrictions in regards to the association?
This list is designed to help those purchasing their first property. Generally, those purchasing their second or third property are already experienced in what questions to ask. This list is nevertheless a good starting point and remember to never hesitate to ask a question. You risk possibly having unexpected surprises by not asking something.
For sellers, you need to be well prepared to answer any question a buyer might have.
