BUYING A HOME
Investing in the Canadian real estate market is a complex process, but it doesn’t have to be. I take pride in fighting for my clients to ensure that your buying or selling experience is simple, enjoyable and profitable.
You need a realtor who understands you.
Before you start looking for a home you should ask yourself a few questions:
- Where do you want to live? Are there particular neighborhoods or communities that you like?
- What kind of house would you like (need)? Are you looking for a particular style? How many bedrooms and bathrooms do you want?
- Is a home office a necessity? Do you need a bonus room or flex-room?
- Do you entertain often? Is a home suitable for entertaining something you’re looking for?
- Do you want a yard, pool, gated or guard gated community?
- Have you determined your price range or consulted a lender to determine the best price range?
Searching for your dream home can be a time-consuming experience. My focus is to make the process much more efficient!
Before looking at homes there is an onboarding process to ensure that I understand you, your needs, exact criteria and all the necessary details to make sure we are looking at the right properties for you. This is a simple process of us having a conversation and answering a list of questions that I have created to better understand you.
Your total monthly payment
I have written a quick step by step guide of what the buying process will look like for you. Identify the amount of down payment that you have available and make sure to equate for closing costs and pre-pays.
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- Get pre-approved through a mortgage lender or bank to find out the amount you are qualified to borrow so that you can shop within your price range/ask for closing estimate.
- Choose your agent and discuss all the specifications that you would like to have on the property, be careful to list the must haves vs. the wants.
- Sign the agency disclosure form, which helps clarify that the agent can provide assistance and representation as your agent.
- Get ready for the house tours! Now you’ll be able to tour properties that fit your search criteria with your agent.
- Once you find the one, then it’s time to review the seller’s disclosure and lead paint disclosure (if built pre-1978).
- Now, it’s time to submit an offer, your agent will take care of this and will advise you of any necessary clauses and details that should be included.
- Once your offer is accepted, a deposit check will be drafted and should be delivered to the listing brokerage within 24hr of acceptance.
- Once offer has been accepted by the seller, if you have a property inspection contingency then you will set up an inspection to inspect the property for any material defects and other issues, which ranges on average between $300-$700 depending on the size of the property and if there are out buildings. Optional tests, if desired, Radon test, which averages between $100-$200. If the property is serviced by a well then having a water quality testing is also recommended, which can be anywhere from free to $100.
- If any major issues show up during property inspection possibly renegotiate, or if nothing major then move on to the next steps.
- Make sure to fill out formal mortgage application within 1-2 days of signing of the purchase and sale agreement (P&S) with the mortgage provider.
- After the formal mortgage application, the mortgage company will send out an appraiser the property.
- The bank will also conduct a title search to make sure the property is free and clear of all liens and encumbrances and the seller has clear and marketable title.
- Once everything is processed, the mortgage company will issue you a commitment letter which is the bank’s notification to you that they are fully committed and ready to issue the funding to close the deal.
- It’s highly suggested for you to conduct a final walk-through within 24 hours before closing to ensure the property has no issues.
- Attend the closing and make sure to bring any required checks and get ready to sign all the required paperwork and the deed will be filed with the registry.
- Make sure to get all keys, garage door openers, warranty information, instruction manuals and alarm system passwords.
CONGRATULATIONS! The property is officially yours!
Don’t forget to recommend your agent to your friends and family.
Buying or selling a home is one of the biggest decisions you’ll ever make, and having the right realtor makes all the difference.
Together, let’s find that perfect place to call home.
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