The Home Buying Process
A STEP-BY-STEP GUIDE TO HOME OWNERSHIP
STEP 1: Let's chat!
Are you a first-time buyer? Have you purchased a home before? Are you new to the city? Is this a military posting? What kind of home are you looking for? I want you to love where you live, so it's important that I have a clear understanding of your wants, needs, and it-would-be-nice-to-haves.
STEP 2: Mortgage pre-approval
Before we start looking at properties, it's a good idea to make an appointment with your lender to determine how much house you can afford. This info will help us narrow our search, and you'll avoid any disappointing surprises after an offer to purchase has been accepted. When you meet with your lender, make sure to bring the following:
- recent pay stub
- letter of employment stating the length of your employment, the number of hours you work per week, and your salary/hourly rate of pay
- your Notice of Assessment from the previous year's tax filing
- any debt statements
- any monthly payments
STEP 3: View properties
Now that I know what you're looking for and your budget, we can start viewing properties. This is the fun part!
STEP 4: Offer to purchase
You found a house you love! Now it's time to submit your offer, including a dollar amount, terms and conditions. The most common conditions are financing and a home inspection, but every transaction is different. Expect a quick back-and-forth negotiation at this stage.
In the event that other buyers are interested in the property, it's my job to help you put together your strongest offer possible. I will then present the offer to the sellers on your behalf.
STEP 5: Acceptance of offer
Your offer has been accepted. Yay! At this point, you pay a deposit (typically about one percent of the purchase price) that will be held in trust until the property closes. Now is also the time to meet any of the conditions outlined in your purchase agreement. So, solidify your financing, book your inspections, etc. You also need to hire a lawyer.
STEP 6: Removal of conditions
With your financing secured and your inspections completed with no issues, it's time to remove your conditions. Congrats! You just purchased a house!
STEP 7: Meet with lawyer
In the days leading up to your closing, you'll meet with your lawyer. You'll need to bring a certified cheque or bank draft that covers your down payment, land transfer tax, and any associated fees and adjustments. You'll also need to provide proof of home insurance.
STEP 8: Closing day!
Your lawyer will handle the transfer of funds and pay all associated fees and adjustments. Then you can pick up the keys to your new home!