1) Determine How Much You Can Afford: By consulting with a financial expert, figure out how much money you can put down on the house. You will also need to review your existing debt, regular expenditures, income, credit score and other key financial information. Upon reviewing this information, the financial expert will guide you on how much you can afford to spend on the house.
2) Team Up With a Realtor®: Real Estate professionals have access to all the listings in the province as well as having experience with the process. This expert will show you the homes that match your criteria, guide you through the home buying process and negotiate the best price possible for your home.
3) Make An Offer: When you’ve found your dream home, your real estate agent will help you draw up and present an offer to the seller. This legal document (Offer To Purchase) specifies the price, the closing date and any conditions.
4) Hire a Lawyer: Lawyers play a very important role in the closing of the house. You would also want a lawyer to overlook all legal documents.
5) Arrange the Home Inspection: Most buyers consider including a home inspection as one of the conditions on their Offer to Purchase. A professional home 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.
6) Get the Mortgage Approved: With a signed copy of the Offer to Purchase and the necessary financial information, your mortgage professional will submit your application to the mortgage lender that you have selected together. The lender will qualify the application and complete a valuation on the property you have purchased.
7) Get Property Insurance: Apart from the mortgage, you’ll need to purchase property insurance that protects your home against fire and other damages.
8) Complete The Paperwork: A few days before your closing date, you will meet with your lawyer to review, sign and get copies of all the documentation. At this time, you will also provide the remainder of your down payment and pay legal fees + any additional costs.
9) 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. Once this is done, you will get the deed and your keys to your new home!
Century 21 Border Real Estate