THE BUYING PROCESS

Buying a home is one of the biggest decisions you’ll ever make. To ensure that you make the  best choice, ask yourself a few questions. What do you really want in a home? What is your  current financial situation? What are your financial and lifestyle needs? 

Prepare your finances and save for the down payment and other expenses.

It’s important to figure out how much you can afford to spend before you start looking for a home. Your mortgage payment will probably be the biggest expense,  but there are other costs you should be aware of. You don’t want any unpleasant surprises! The more you know about your current financial situation, the more prepared you’ll be when you meet with your lender or broker. 

Meet with your mortgage lender or broker to discuss your financing options  and confirm that you are financially ready to buy a home. They will discuss mortgage terms and interest rates and will explain what you must do to ensure that you get approved  for a mortgage once you find your home 

Obtain a pre-approval letter from your financial institution. Now that you have a clear picture of your finances and mortgage options, it’s time to start  thinking about the kind of home you want to buy. 

Identify your home buying goals - from renting to home ownership, downsizing/upgrading, investment or building your dream home.

What are your home requirements? What are your neighbourhood preferences? Which area of the city?

Check houses that are within your preferences – budget, location, etc.

 Visit REALTOR.ca. Check the classifieds. Drive around neighbourhoods you like looking for For Sale signs. Talk to your REALTOR® about your needs and start looking at properties. 

You are free to attend Open Houses but please inform the listing agent that you are already working with a Realtor. This way, I can represent and put you in the best position as a buyer.

If you feel that you found the perfect home, we will write an offer together. I will guide you to make sure your offer puts you in the best possible position moving forward.

An offer should include:

• your legal name
• the name of the seller and the address  of the property
• the purchase price (the amount you’re offering to pay)
• the amount of your deposit
• any extra items you want included in the purchase such  as window coverings or appliances
• the closing date, which is the date you want to take  possession of the home
• a request for a current land survey of the property
• the date the offer expires
• any other conditions that must be met, such as a satisfactory  home inspection or lender approval of your financing 

NOTE:  If your offer is accepted, the contract will only become final once all the conditions have been met. You should expect to negotiate. While the process can be stressful,  it’s all about making the best deal for you and the seller. 

 Once your conditions are satisfied,  congratulations are in order! You bought a house! 

 Buying a home is one of the biggest investments that you make, so it’s normal to have questions about the best ways to insure it. Your home protects the people and things that are most valuable to you, so make sure you have coverage effective on possession. 

Home insurance is important because when the unexpected happens, the result is often costly. The right insurance could help handle such expenses. 

 Once your offer is accepted, visit  your lender or broker to verify and  finalize the details of your mortgage.  Be sure to review any conditions  that were part of the offer. Your  lender or broker can advise you on  exactly what you will need to bring  to the meeting.

 NOTE:  Your lawyer might give you the keys to your new home at the time of your meeting. Please do not enter the property until the time of possession as stated in the offer to purchase document. 

 Closing day is an exciting time. It’s when you finally get to  take legal possession of your new home.

Moving day checklist: 

• Book your moving service early to avoid scheduling problems.
• Send out your change of address information and fill out a card at the post office.
• You’ll need to notify healthcare professionals, government  agencies, banks, service providers and several others when you  know your new address 
• Take the meter readings of your utilities - electricity, gas, water, etc. and advise them that you moved in as new owner.
• Contact your phone, home internet and other utilities provider to connect your new home to your existing accounts.