Home Buying Process

Below is a quick guide to the home buying process.

1)      When you are ready to take the fulfilling step of purchasing a home, contact a Mortgage Specialist to get fully pre-approved.  Some of the information they will require is a job letter, proof of income, list of assets and liabilities, and Notice of Assessments to name a few.  The benefit of this step is to understand your financial position in order to find out what your budget for a home should be.  Also, your Mortgage Specialist can hold the Mortgage Interest Rate for you for 90 – 120 days.  This is beneficial in case interest rates rise so you have the security that your rate is held temporarily for when you make your purchase.

2)      Talk to a REALTOR® and make sure you ask any questions you have whatsoever.  This is the best way to find an agent that is right for you.  Let’s face it, personality types can differ and you want a Real Estate Agent that you are comfortable working with.  This is one of biggest purchases to date and you want to trust your Real Estate Agent and a bonus, like your Real Estate Agent.

3)      Once you’ve met your REALTOR®, you can provide a list of “Must Haves” and “Must not Haves” and collectively decide which properties to see.  Your REALTOR® will have access to new listings the moment it hits the market, even before the public websites.

4)      After seeing homes, your criteria will likely change.  Whether it is location, exposure, size, and features, eventually you and your Real Estate Agent will have a better idea of what you want and hopefully narrow down your choices.

5)      You’ve found “the one”.  Your REALTOR® will search comparables and find the market value of the home you would like to purchase, go over the contract, and discuss a strategy for negotiations.  Remember, it’s not just the price that is negotiable.  Dates and terms can be just as important to Sellers.

6)      Congratulations, you have an accepted offer.  Not so fast though.  If you have subject clauses, you will have usually about a week to remove them.  Subject clauses can include conditions that gives the Buyer time to perform their due diligence and ensure they know what they are buying, and are able to purchase it.  Whether it is reviewing the Property Disclosure Statement, Title Search, all the Strata Documents and Bylaws, an Inspection Report from an Inspector of the Buyer’s choice, making sure you can obtain Property Insurance, and lastly, getting full approval from the Lender of the price and property.

7)      Once you are confident in what you are investing in, you can remove the conditions and provide your deposit bank draft to secure the property.  This deposit is usually required immediately after you have fulfilled the conditions (if all goes well, about a week after you submitted the offer).  This deposit will form part of your down payment.

8)      Your Real Estate Agent will forward all your documents to your Mortgage Specialist, Lawyer/Notary Public, and Conveyancing Department.  All of the above parties are on your side to ensure that the money accounted for ends up to the rightful parties, and that the title is transferred to your name.  This will occur on the Completion Date.

9)      A few days before the Completion Date, you will visit your lawyer/notary to sign the transfer papers, as well as provide them with a bank draft for the outstanding balance.  This number will include the remainder of the Down Payment, Legal Fees, Adjustments, Property Transfer Tax and other fees if any that was explained by your Lawyer/Notory.

10)   Completion Date:  Congratulations!  This is the day when the property is registered in your name and the funds have been processed.

11)   Possession Date:  Get ready to pack and unpack because you are an owner of your new home.  Your Realtor will have your keys for you.  You can try to bribe your agent to move a couple of boxes, or maybe not!