1. First Things First
- Deciding to buy property is very exciting!
- For all Buyers it is important to take stock of your assets and financial commitments. Most major banks have mortgage affordability calculators on-line that will give you a rough idea how much you should plan to spend on a property.
- REALTOR®.ca is a great place to start to look at properties that are for sale in different neighbourhoods to give you an idea of what is out there and at what price.
2. Get Pre-Approved
- One of the most important steps is to get approved by a lender so you know what you can afford.
- Often a Buyer’s first thought is to go to their bank, but there are also other options such as mortgage brokers that will shop around and may get you pre-approved by several lenders.
- One of the first questions your REALTOR® will ask is if you have been pre-approved by a lender and may ask for the letter from the lender. In the industry, we call it “qualifying” the Buyer.
3. Wants and Needs
- Everyone’s choices will be different depending on their lifestyle, family size, abilities, stage in life and personal style.
- You may wish to spend some time thinking about what type of property you would like and often starting with the things you can’t change is most important. This includes things such as location (which town, which neighbourhood, distance from work, school, and shopping) , characteristics of the lot (rural acreage, town lot, waterfront, flat or sloping) type of home (apartment, condo, single detached, duplex, townhouse) .
- Finally, what do you really need? What would be nice to have? What would your ideal property look like? Thinking about this ahead of time will really help you decide what properties you might be interested in.
4. Getting in Touch
- I’d like to hear from you to meet you and talk about what I can do to find you a property that you love.
- I will give you the benefit of working with a Real Estate Professional with experience in looking at the potential for each property to maximize your investment.
- As your REALTOR® I am committed to ensuring that you have the best experience possible from our first meeting to the day you are handed the keys.
5. Finding Your Property
- Knowing your price range and list of wants and needs, I will search on the MLS® System and make inquiries with other REALTORS® for properties that you may be interested in and give you information about them.
- Together we can choose which ones you would like to see, and I will set up appointments for viewings. Seeing what’s out there helps to focus on what you really like and don’t like.
- There is a property for everyone! It may take some time, but we will find the property that is just right for you.
6. Making an Offer
- Once we find THE property and are ready to make an Offer, I will discuss with you what a fair Offer might be. This may be based on the listing price, comparable sales, days on market, and market trends.
- You will decide on the Offer price, deposit amount, closing date, and conditions and I will prepare an Offer for you to review and sign. The Offer will be sent to the listing REALTOR® who will present it to the Seller.
- The Seller may choose to accept, counter, or reject your Offer. If the Seller makes a counteroffer, I will present it to you and help you negotiate a fair deal.
7. Offer - Acceptance
- Once the Seller and Buyer both agree to the Offer, it is considered a “Conditional” Offer. Now you are tasked with satisfying the conditions in the manner and timeframe set out in the Offer.
- At this stage you can finalize arrangements with your lender and arrange insurance. I will make arrangements with the Seller or the listing REALTOR® for the home Inspection, water samples, appraisal and any other items that are required in the Conditional Offer.
8. SOLD!
- I will send the documents to your Lawyer to finalize the sale. You should plan to meet with your Lawyer to sign documents a couple of days before closing.
- Now you can start packing your things and get ready to move in. If you put a condition in the Offer that you can view the property again before closing, I will make the arrangements with the Listing REALTOR®. This is helpful if you wish to take measurements or view the property with your contractor.
- You can close or transfer accounts for utilities to your soon-to-be new address.
9. Closing Day
- This is an exciting day! After a long journey you finally get to take possession of your new property.
- You can pick up the keys at the pre-arranged location as soon as your Lawyer confirms that the money has been transferred and the transaction is complete.
- Wishing you many happy memories. Congratulations!
