Buying a Property

Before you can go house hunting, there are some important steps you need to take!

The first part of the Buying Process involves finding your ideal home and the second part of process involves the legal steps.

Knowing how much you can afford directly influences the location and the type of property you can purchase.

Meet with your bank (or mortgage broker) so you know exactly how much your lender will advance for the mortgage.

This pre-approval process is essential, as it saves you time and effort before an offer is presented! 

Your lender will provide written confirmation of securing a fixed interest rate for 60 days or more.

If you are a First-Time Home Buyer, it’s a good idea to ask your lender about using RRSP’s towards your down payment.

It’s always a good idea to keep a list of professionals in mind. You’ll need a lawyer to prepare the legal documents, and there are other professionals that you should consider using such as a home inspector.

Now that you’re ready to purchase a home and you know your budget, it’s time to begin searching for properties:

  • Do you know which neighbourhood you would like to live in?
  • What type of property are you looking for?
  • Are you looking for a property as your principal residence or an investment?
  • Are you looking to purchase a condo in a specific building?
  • These are just a few of the questions that I would ask you to help you find your ideal home.

The trick is to start with a broad search and then narrow your search to the top 3 to 5 homes.

Once you start looking, it won’t take long until you know exactly what you are looking for 🙂

Once we’ve found your ideal home, the next step is to make an offer!

Below are some steps to consider when making an offer. It’s essential that you understand the basic process when making an offer:

Market Value – What should you pay for the property? I’ll provide you with a full market analysis of the surrounding area and/or building activity.  This will give you a relative estimate of the current market value but improvements or features such as new flooring, additions or renovations will add value to the home. For example, in the downtown area, a unit with a parking stall(s) and additional storage/locker will most likely attain a higher purchase price than a similar unit on a higher floor that doesn’t have parking or additional storage space. I will advise you on the best strategies to proceed.

Presentation – I’ll prepare a Contract of Purchase and Sale and negotiate with the Seller on your behalf. It’s my duty to negotiate the best price and terms such as your ideal closing dates. I’ll recommend and specific subject clauses. The clauses are written in your benefit so that you have time to do a property inspection, finalize your financing and review all the documents.

There are 3 main stages to an offer – Acceptance, Subject Removal and Completion/Possession:

  1. Acceptance – Both you and the Seller have agreed to the terms set in the Contract of Purchase and Sale. Congratulations! What happens next? You need to remove Subjects!
  2. Subject Removal – Now is the time for due diligence. Remember the list of professionals that you prepared earlier?  Now is the time to review documents, contact your lender or mortgage broker to finalize mortgage details, hire a home inspector or other professionals to help you make your decision to purchase the property. I will read all the necessary documents, double check facts such as the lot size, zoning, etc. and give you my feedback. Only when you are satisfied with the home, I’ll prepare a form to remove subjects. Once subjects are removed, the deal is considered ‘firm’.
  3. Completion/Possession – On Completion day, funds are transferred to the Seller and you’ll receive Title to the property. On Possession, you’ll receive the keys to the property.

For Completion to go smoothly, there are a number of documents and other information that your legal representation requires to complete the purchase.

Don’t worry! I’ll ensure all the documents and information are sent to your lawyer or notary well before your appointment.

You officially own your home once the funds are transferred to Seller and the Title of the property is transferred to you.

On Possession Day, I’ll coordinate getting keys for your property from the Seller’s agent.

We’ll do a final walkthrough of the property and ensure everything is in order! Congratulation on your purchase!

I hope you have a better sense about Buying a Property, how I work and how I can help you buy your next home.

If you believe what I offer can benefit you, please get in touch with me.

Compare listings