Step
One
You’ve decided that you wish to make a purchase! Congratulations!
The first step in the process is to decide on an area(s) where you wish to
live. Being specific about a region will allow you to better focus your
attention and will save you both your time and money.
Step Two
Create a criteria list. Determine your actual “needs” and separate them
from your “wants”. Have a clear understanding of your “needs” versus “wants”,
and prioritize both of your lists. This will assist you from start to finish,
as it will be clear to you which prospective properties best fulfill and suit
your needs.
Step Three
Obtain your pre-approval for your mortgage by speaking with your banking
institution or a mortgage broker. Pre-approvals are relatively easy to
obtain and are the best method for determining your budget. Having a
pre-approval in place allows you to confidently move forward knowing that your
financing is in place for when you need it. This level of organization
will provide you with a competitive edge during negotiations.
Step Four
Allow me to
begin working for you to find your perfect home! This step involves
viewing pre-selected properties of interest to you and narrowing in on finding
your new home.
Step Five
Your Offer. When you have determined that you wish to place an Offer of
Purchase and
Subject/Conditional Offers: are offers which have stipulations and
clauses that require attention prior to entering into a legally binding
contract. Example clauses: property inspections, review of strata minutes and
financials.
Unconditional Offers: are offers that are binding once accepted and
signed. This form of offer is generally used when the subject criteria
are already met prior to signing. Example: financing is pre-approved;
property inspection is completed or waived/deemed not necessary; strata minutes
are reviewed/not applicable.
Step
Six
Subject removal stage – if applicable to your offer. The length of time
for subject removal varies with each offer. During this allotted time you
will work in conjunction with your realtor and other service providers (such as
mortgage broker, home inspector etc.) to satisfy the conditions of your offer
and obtain answers for any outstanding questions you may have regarding the
subject property.
Step Seven
You will need
to decide on a lawyer/notary public at this stage. The law office/notary public
office will work on your behalf to transfer the title of the property into your
name and register mortgage documents.
At this time you should work to finalize your mortgage details, if not already
completed. The law/notary public office will require copies of your
mortgage paperwork preferably a month in advance of closing.
Step
Eight
Move-in and live happily ever after!