The process to purchase a home can be overwhelming and exhausting. We have laid out the details in 10 simple steps for you. As a 1-Stop Real Estate Solution, we will take care of each step to help you find your dream home. Just sit back, and relax.
1. Determine How Much You Can Afford
We consider your down payment, income, existing debt, regular expenditures, and your other key financial information to help you determine an affordable monthly payment amount that is within your price range, and most importantly, within your budget.
2. Team Up With a Real Estate Agent
Our multi-service agency allows us to team up with you! We can help you search for you dream home by becoming your personal advisor, consultant, and negotiator. We will show you the best homes out there for you!
3. Make an Offer
When you’ve found a place that you’d like to call your own, we will help you draw up an Offer to Purchase to present to the seller. This legal document specifies the price, the closing date, and any conditions.
4. Retain a Lawyer
We have an in-house law firm association that can help you look over any offers to purchase before you submit the documents – especially if you find yourself in a bidding war.
5. Arrange the Home Inspection
Many buyers consider including a home inspection as one of the conditions on their Offer to Purchase. A professional inspection is a good way to uncover major problems with the home. If the home doesn’t pass the inspection, you can adjust or withdraw your conditional offer. See our blog post that tells you what to expect from a home inspection here.
6. Get the Mortgage Approved
With a copy of the signed Offer to Purchase and the necessary financial information, we’ll submit your application to the mortgage lender that we have selected. The lender will qualify the application and complete a valuation on the property you have purchased. Mortgage insurance gives you the ability to buy a home with a down payment of less than 20% of the purchase price.
7. Get Property Insurance
Apart from the mortgage, you’ll need to purchase property insurance that protects your home against fire and other damages. Once you have a policy in place, we’ll forward a copy to the lawyer.
8. Check the Legal Details
With the deal finalized, and the financing in place, the lawyer can now search the title and check whether there are any unpaid property taxes outstanding.
9. Complete the Paperwork
A few days before the deal is set to close, you’ll meet with the lawyer to review, sign, and get copies of all the documentation. At this time, you’ll also provide the remainder of your down payment, pay legal fees, and any additional costs such as, prepaid utility expenses for which the seller should be reimbursed, that are due on closing.
10. Pick Up the Keys
On the closing day, your lawyer and the seller’s lawyer will exchange documents and cheques. Your lawyer will also register your new home in your name. When these tasks are complete, you’ll get the deed and your keys to your new home, and you can officially move in. You just purchased a home! Congratulations!