Home Buyers Guide
This step by step approach to home buying is a guide to help you. Each client and transaction are unique; we encourage you to ask questions throughout the home buying process to ensure that you always have a clear understanding of where you stand and how events are proceeding.
Step 1 - Financing
How much to spend plus where and how to borrow the money?
In order to maximize your purchasing power for your wants and needs in a home without making yourself “house poor,” you’ll need to have a clear idea of what you can afford based on your income and down payment. We highly recommend using an experienced mortgage broker. A mortgage broker takes the stress out of shopping around and negotiating directly with the banks, saving you time and money.
Step 2 - Buyer Interview
Meeting with me so I can better understand your needs.
In order to maximize achieving your wants and needs in a home, it is important that you meet with us to discuss exactly what you are looking for. Every buyer’s knowledge of the Real Estate market varies. As well, the market will shift from month to month. Once we have an understanding of what exactly you are looking for in a home, we can then start the researching process. We will take this time to discuss the Agency relationship between you and us.
Step 3 - The Search
Finding the right home for you.
We take your wants, needs, price range and your preferred areas of the city, and start searching for your new home. We will review current listings that match your criteria as well as investigate all new listings. We’ll search for homes that may be contemplating a price reduction that will cause a home to fall into your price range. We will arrange a convenient time to go and look at any properties that are of interest to you. At this point we will keep on top of the market to ensure that we notify you when new homes that meet your needs become available.
Step 4 - The Offer
Writing a win/win offer.
Once we find a home that matches your criteria and you decide it’s the home for you, we need to write the offer as soon as possible. Having all your ducks in a row, e.g. Deposit, pre-approval, a home inspector selected, legal and moving costs calculated, will put you in position to structure a desirable offer and in turn achieve better value.
Here are the key aspects negotiated in an offer:
- Included items, known as chattels
- Excluded items
- Possession date
- Conditions e.g.: financing, home inspection, condominium documents, etc.
- Terms e.g.: completion of painting, repairs, etc.
- Total Purchase Price
Step 5 - Legal Paperwork
The transfer of title/ownership from the seller to you
A home purchase may be negotiated with at least one or more conditions. These conditions must be satisfied to make the transaction firm and binding, e.g.: approval of financing and satisfactory home inspection. All conditions will need to be satisfied normally within 7-10 days of the offer being accepted. The next step is to meet with your lawyer to sign the transfer of land over to your name plus sign any mortgage documents, if applicable. This step is generally completed 10-14 days prior to the possession date. We recommend using an experienced Real Estate Lawyer for the transaction.
Step 6 - The Possession
Moving into your new home
Providing that steps 1-5 have been completed properly and in a timely manner, possession day should be smooth sailing. Twelve noon is generally the time of possession; however it is quite common for delays in title transfer and/or transfer funds. We encourage you not to make any plans that would cause hardship if possession is delayed. At possession time all the purchase monies will be released to the seller unless both parties agree in writing to hold back some funds due to unforeseen complications. E.g. Movers taking appliances that should have stayed in the home.
Note: There are too many possible scenarios to speculate about since they may or may not come up. Our team will monitor the transaction from start to finish to eliminate these scenarios.