Buying a home is one of the most exciting experiences and one of the biggest financial decisions you will likely ever make. In order to better assist you in the process of finding your perfect home, I have outlined a number of steps that are commonly taken during the process of purchasing a property. Having a better understanding of the process will provide you with the confidence to know to what to expect, while also ensuring you a smooth transaction.
Step One
You’ve decided that you wish to make a purchase! Congratulations! The first step in the process is to decide on an area(s) where you wish to live. Being specific about a region will allow you to better focus your attention and will save you both your time and money.
Step Two
Create a criteria list. Determine your actual “needs” and separate them from your “wants”. Have a clear understanding of your “needs” versus “wants”, and prioritize both of your lists. This will assist you from start to finish, as it will be clear to you which prospective properties best fulfill and suit your needs.
Step Three
Obtain your pre-approval for your mortgage by speaking with your banking institution or a mortgage broker. Pre-approvals are relatively easy to obtain and are the best method for determining your budget. Having a pre-approval in place allows you to confidently move forward knowing that your financing is in place for when you need it. This level of organization will provide you with a competitive edge during negotiations.
Step Four
Allow me to begin working for you to find your perfect home! This step involves viewing pre-selected properties of interest to you and narrowing in on finding your new home.
Step Five
Your Offer. When you have determined that you wish to place an Offer of Purchase and
Subject/Conditional Offers: are offers which have stipulations and clauses that require attention prior to entering into a legally binding contract. Example clauses: property inspections, review of strata minutes and financials.
Unconditional Offers: are offers that are binding once accepted and signed. This form of offer is generally used when the subject criteria are already met prior to signing. Example: financing is pre-approved; property inspection is completed or waived/deemed not necessary; strata minutes are reviewed/not applicable.
Step Six
Subject removal stage – if applicable to your offer. The length of time for subject removal varies with each offer. During this allotted time you will work in conjunction with your realtor and other service providers (such as mortgage broker, home inspector etc.) to satisfy the conditions of your offer and obtain answers for any outstanding questions you may have regarding the subject property.
Step Seven
You will need to decide on a lawyer/notary public at this stage. The law office/notary public office will work on your behalf to transfer the title of the property into your name and register mortgage documents.
At this time you should work to finalize your mortgage details, if not already completed. The law/notary public office will require copies of your mortgage paperwork preferably a month in advance of closing.
Step Eight
Move-in and live happily ever after!