The Home Buying Process Made Easy
The home buying process is quite simple even for those who haven’t been through it before. Below are listed the major steps everyone goes through to buy a house:
- Establish the reasons you need to buy a home. (i.e., current home too small, tired of paying rent, etc.).
- Decide you want to buy a house (or at least begin the search process).
- Select a good Realtor to work with.
- Establish all the costs associated with purchasing and moving to a new property.
- Determining how much you can spend on a home. You will require the assistance of your Realtor and a mortgage lender.
- Create your wish list with assistance from your Realtor (beware, many buyers, at least initially, have unrealistic expectations of what they can purchase for their budget).
- Pre-inspect properties on the MLS system at your Realtor’s office.
- Determine with your Realtor 4-6 properties that best meet your budget and your wish list.
- Inspect properties with your Realtor evaluating each property. Continue the process until you locate your dream home.
- Have your Realtor prepare an Agreement of Purchase and Sale (Offer) and review its contents in detail.
- Once the agreement is understood and accepted, execute the agreement and provide the appropriate deposit cheque to your Realtor;
- Your Realtor will present the offer to the seller for his/her acceptance or modification. If the offer is accepted, Congratulations, you are on the road to home ownership!
- If the sellers do not accept the offer, but make a counter-offer you will review the terms of the counter-offer with your Realtor and decide to accept or modify further. At this stage, you can decide to continue negotiations until an agreement is reached or look for another property.
- Once the seller has accepted your offer, contact a qualified home inspector to inspect the property (your Realtor can recommend a qualified home inspector).
- Contact the mortgage lender from whom you received your pre-approval, and provide all necessary documents required.
- Choose a qualified Real Estate solicitor and send appropriate documentation;
- After all conditions in the offer have been met, i.e., home inspection and financing, your Realtor will prepare a waiver that will make your agreement firm and binding.
- Start getting organized and get ready for the move.
- Meet with your solicitor to execute final documents before closing date.
- Pick up your keys and move in!
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