The Process of Owning Your First Home
If this is your first real estate transaction, you will have questions. Here is a step by step process to help ease this process.
The purpose of this is so that we can meet and see if we can work together. You can tell us your needs, identify the areas, prices, terms and conditions you require.
We will explain the buying process, tell you about the prices in your neighbourhood, and we can discuss options.
Before we go out to look at houses, we both need to know the amount of house you can buy. None of us will be happy if we show you houses that you cannot afford.
Going through a pre-approval process will help you to know what you can afford, and it will also advise you if you need to improve your financial health.
Searching for a home
This is the fun part. Now that we know how much you can afford to spend. We can start discussing areas, properties and prices.
Writing An Offer
When we find a house you like we will put in an offer to buy that house.
Putting an offer in on the house means that we tell the owner that we would like to buy their house, but we will buy it under written terms and conditions. For example; we will buy their house on the condition that passes inspection. We will also insert and explain the necessary clauses and conditions to protect your interest. As your real estate team, we will prepare this document.
Negotiating the Offer
This is the other part of the service we provide to you. Our job through this is to negotiate the best home you want, at the best price and terms possible.
Reaching a deal
When both parties are happy with the deal, then the seller would accept the offer. The next step is that other professionals help to complete this deal.
Typically a real estate deal is conditional on home inspection, financing, or even a status certificate. When these conditions are met/waived then the deal is firm. You have bought a house! Time to celebrate.
A home inspection is done to ensure that the home you choose is in good repair and is structurally sound. This is usually a provision included when we tell the seller we want to buy their house. The inspection checks that the mechanical, electrical, plumbing and structural portions of the property are in sound condition. After the inspection is completed you receive a written report itemizing areas of concern. If repairs are needed, the seller can be asked to make them.
An appraisal is done to insure that the home has been purchased at fair market value or below. This appraisal is done by your mortgage company. If the property is appraised for the price you purchased it for, then the deal becomes firm and binding. Paying for the appraisal is negotiated between you and the mortgage company.
The lawyer will do a title search to make sure that the property is legally owned by the person who sold you the property and that there are no debts or restrictions against it.
The lawyers meet; financials are exchanged for the title and keys to the property. The transaction is recorded at the registry office and then the property is yours. At this time you have taken ownership of the property.
Before the closing date, your lawyer will tell you about all monies which you need to pay. The signing of the final document is done at the lawyer’s office.
Keep those documents in a safe place for future reference.
Now that we have the process down, contact us so that we can get started.