STEPS TO BUYING A HOME 

 

First, meet with a REALTOR®, discuss the process and build a relationship.  They will be able to explain the steps and what you should do prior to looking for a home, they should also have a network of contacts for you if you so required one.

Things you should do before and while looking:

□       Meet with your bank or a mortgage broker to get a pre approval.  When you meet, ensure that they have approved you for both the financial criteria and Mortgage insurance if applicable (less the 20% down).  Many people get caught here and become disappointed.  Not all pre approvals check both, many only check your financials, this then has you looking, finding the house of you dreams and then when you try for the mortgage you find out the mortgage insurance companies will not insure you.

□       Talk with your REALTOR® about being set up on an email search for properties of interest in your area.  This will keep you abreast of what is going on and in many cases provide more info than realtor.ca.

□       Watch for a property you like, when you find something contact your REALTOR® and ask if the can make arrangement for you to be able view this.  It’s good if possible to try to see a few properties on the same outing.  This allows you to see more and make less trips, this also helps the REALTOR® learn your likes and dislikes faster and can hopefully be able to narrow your search to find the home of your dreams faster.

□       Once you have found a home that you may or would like to put an offer in on let your REALTOR® know right away.  This allows them to keep a watch on the property and do the research and documentation to be ready when you are.  Some markets do not have time to think and you need to react fast.  Talk to your REALTOR® about your market and how you may need to react.

□       When you have an offer ready, ask your REALTOR® about his or her negotiation style how and when the offer will be presented.  Each deal is different, your REALTOR® should be able to explain this process with you. 

Once the deal is accepted:

□       You will need to provide the deposit cheque within the time stipulated on the offer.  Depending on the market you may already have this ready for acceptance.

If applicable, this is the time conditions need to be satisfied.  You may have a short period of time to satisfy these, for some this may be a very stressful time.

Here is a checklist of some of the conditions that might need to be fulfilled;

Condition                

Apt. Date

Condition Exp.

Mortgage

 

 

Home Inspection

 

 

Home Insurance

 

 

Well Inspection

 

 

Water Test

 

 

Septic Inspection

 

 

WETT Inspection

 

 

Soil Test

 

 

Environmental Asses.

 

 

Seller Property Info. Sht.

 

 

Third Party Approval

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

□       Once you have gathered the required info to your satisfaction you will need to provide document’s to the listing party(s) of your intentions in order to “firm up” the deal.  Speak with your REALTOR® about what form’s and process his/her brokerage uses.

Congratulations! Your deal is firm and you have bought your house.

Here are some people you may need to contact prior to the house closing if not done already, to notify of address change, set-up or cancel services, arrange help.

To Do List

Apt. Date

Contact Info

Choose a Lawyer

 

 

Book mover/ truck

 

 

Sign Mortgage

 

 

Contact Insurance

 

 

            Home

 

 

            Auto

 

 

            Life

 

 

            Other

 

 

Gas Company

 

 

            New

 

 

            Old

 

 

Hydro Company

 

 

            New

 

 

            Old

 

 

Water Company

 

 

            New

 

 

            Old

 

 

Water Heater/Filter

 

 

Internet Serv.

 

 

Television Serv.

 

 

Cell Company

 

 

Canada Post

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Other

 

 

Thank you, I hope you found this info useful.  I look forward to helping you in anyway with your real estate need’s, please feel free to contact me with any questions any time.

 

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