Home Purchase Process
Prior to Visiting a Property
- Have a meeting to identify your financing and understand costs involved.
- BEFORE THE NEXT STEP WE MUST IDENTIFY YOUR FINANCING AND DETERMINE HOW MUCH YOU CAN AFFORD WITH THE HELP OF A FINANCING PROFESSIONAL OF YOUR CHOICE.
- Once you have a pre-approval in writing, we can start to actively search properties.
- Nest we identify and understand search criteria.
- Search for properties online.
- Agent will identify suitable matches and send them to you, based on your selections I will arrange times and keys for the showing.
Visiting the Properties
- Physically view properties, based on agents instructions.
- Select a property to offer, be straight forward and frank about what you like and don’t like, there is not rush or pressure to buy from the showings.
- Once you are sure you like a property then you need to submit an offer relatively quickly, if you are unsure and need more time to think, then there is no rush, please go ahead and take your time.
- Once offer is given, they will have about 24hr to accept it or sign back with changes, this can go back and forth till mutual agreement is reached.
- If the offer is not mutually agreed to, it will die.
- If there is a mutual agreement then it will be SOLD CONDITIONAL.
- After sold conditional you will have exactly 24hr after the final signing time to submit the deposit to the listing brokerage, which will stay in trust till the deal closes or cancels.
- Once you submit the deposit to the listing brokerage you will receive a draft deposit receipt.
After Deposit Submission
- After the deposit l we have 5 days to waive financing and inspection conditions.
- Contact your financing institution to get final approval, thereafter we will proceed with the inspection.
- An inspection in a non-building condo, i.e. a stacked townhouse, townhouse condo complex, or freehold home is highly recommended. During the inspection you and the agent will accompany the inspector who will point out any problems if any, and will also train you on how to maintain your home, so this is a very important step which takes about 2-4 hours.
- If during the inspection any problems are identified, then we will advise the seller to rectify those items, for which they will agree to in writing and provide us with proof of completion before closing.
- As an alternative instead of asking them to rectify we can ask them to reduce the price based on inspection report estimates.
- Once the financing is confirmed and inspection complete, we will submit a waiver for these two conditions after which the deal will be SOLD FIRM.
After Sold Firm
- Once sold firm, I will send all docs to the lawyer of your choice, then we will wait till the closing date for the keys to be released.
- Once docs are sent to the lawyer, they will conduct the various background tasks that only they can, including title search (usually 10 days before closing) and division of certain expenses such as property taxes, utilities, etc. up to the time of closing, and bring the deal to the a completion.
- In the meantime, while you wait you will need to complete the following:
a. Obtain tenant insurance.
b. Transfer names to water, hydro, gas utilities accounts (if lawyers don’t do this)
- Few days before the closing you will meet with the lawyer for signing.
- On the day of the closing you will make all moving preparations and wait for the lawyer to give the green light that the deal has closed. After which you will meet the lawyer who will release the keys.
- In worse case scenarios, on the day of closing before transferring the funds, your financial institution may check and deny the financing right when you have vacating your home and are waiting in the moving truck, usually it is because you the buyer has made some major purchase or missed a payment which has resulted in a change of your financial circumstance on which the financing was approved. ONCE YOU HAVE APPROVAL AND SOLD DO NOT MAKE ANY TYPE OF PURCHASE OR MISSED PAYMENT.