Below is list of major steps involved when you are on search of property.  Please contact me directly to discuss further in details and I will be happy to answer any questions asked.

If you are currently renting then are you financially ready to buy a home?  Think about the followings when considering to purchase.

Down Payment:
A mortgage down payment is the amount of money you pay upfront when purchasing a home in addition to financing with a mortgage. Buyers typically need a minimum 5% of the purchase price as a down payment.  More is better and paying down 20% can avoid you paying for CMHC insurance.

You need to provide a deposit with your offer to purchase. Your deposit funds are typically part of your down payment.

Closing Costs:

Closing costs are separate from your deposit and down payment, and are typically due on possession date, which is the date when the real estate transaction is complete and the property is yours. Closing costs include lawyer fees, property tax adjustments, title insurance (if any), etc.

Market conditions:

• Buyer’s market – where property supply is strong and buyer demand is weak.
• Seller’s market – where buyer demand is strong and property supply is weak. 
• Balanced market – where demand from buyers is keeping pace with the supply of properties for sale.
Market conditions affect home prices.  Contact me to discuss further.

If you believe you’re financially ready to buy a home, your likely next step is to find a Realtor to assist you.

You want to find a Realtor that you can trust, who can answer your questions, help you secure financing, help you find a property, and help you successfully negotiate a purchase.

Please fill out form below to consider me in your search for Realtor.  I will assist you every step of way to find your dream home.

The two most common sources of a mortgage are directly through a bank or through a mortgage broker. Typically, banks only offer their own mortgage products while mortgage brokers can source mortgage products from different lenders including banks.

You can choose either source of mortgage that meet your need, but get a pre-approval.

When you get pre-approved, your lender will tell you the maximum amount you’re able to borrow.

It’s time to find your dream home.

It’s a good idea to make a list of your needs and your wants so you can better focus your search. 

Key examples of need may include following list.

  • location
  • home style—condo apartment, condo townhouse, single family home
  • number of bedrooms / bathrooms
  • features—garage, yard, basement suite
  • price
  • size

 Key examples of wants or wish list may include following list.

  • upgrades in house example: spicy kitchen, triple garage etc.

These times can be fun or stressful.  When you go through many properties then it can be hard to decide?  Your Realtor can assist you to stay focused on your needs and show you properties that meet your search criteria.

Once you have decided on property then next step is to make an offer to purchase.

Offer to purchase include following key items:

  • Offer price – How much you willing to pay?
  • Deposit amount – How much you want to put down?  This shows how serious you are about a property.
  • Terms – Possession date, items included in offer to purchase etc.
  • Conditions – Some common conditions include home inspection, financing, sale of your existing home and a review of condominium documents (if buying a condominium).

All conditions mush have expiry date and leave enough time for you to satisfy these conditions.

Realtor can explain these points in greater details in process to write an offer to purchase.

There will likely be some negotiation between you and the seller after you submit an Offer to Purchase.  Sellers can outright accept or reject your offer, make a counter offer, or ignore your offer completely.

  • If the seller accepts your offer, congratulations to you! If your Offer to Purchase contained conditions, your realtor will help you do what needs to be done in order to satisfy those conditions
  • If the seller rejects your offer, you can either submit a new Offer to Purchase or look elsewhere
  • If the sellers provide a counter offer, carefully review it and any terms and conditions. A counter offer likely contains a different selling price, but the sellers may also counter on possession date, inclusions/exclusions, terms, or conditions. If you want to accept their counter offer, make sure you review everything in it. If you want to change anything, you are essentially providing the sellers with a counter offer rather than simply accepting their counter offer
  • If the seller ignores your Offer to Purchase, it’s essentially the same as rejecting it. It’s up to you how you want to proceed. Do you want to write a new Offer to Purchase or look for a different property?

If your accepted offer was conditional, you need to try to satisfy your conditions prior to expiry date.

If you meet all of your conditions and you’re prepared to proceed with your purchase, your realtor will provide you with a waiver to sign.

If you do not waive all of your conditions prior to expiry date then your accepted Offer to Purchase is null and void. The seller has no further obligations to you and you have no further obligations to the seller.  

You will need to find and meet with a real estate lawyer. Your lawyer will go over the legal documents with you, including the RPR and the title. They will also highlight any possible restrictions or caveats registered against the property, discuss closing costs and disbursements, and have you sign the documents to transfer the property’s title to you after your lawyer advances the purchase funds to the seller. You’ll need to bring photo ID to your meeting with your lawyer. Some lawyers require two pieces of identification. Ask your lawyer specifically what forms of ID they accept.

Congratulations!!  This is last step of buying process.

You’ll get the keys – around noon on possession day or as indicated in offer to purchase after funds are transferred and seller’s lawyer releases keys to buyer’s Realtor.

You can call to move utilities and services under your name.  You are now proud owner of newly purchased property.

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