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 for properties.

We’ll identify suitable matches together and send them to you, based on your selections, I’ll arrange times and keys for the showing.
It’s best that we identify and understand your search criteria before actually going out for the first time.
Sometimes our wants are not realistic so we need to have a discuss and identify that.

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 no rush or pressure to buy from the showings.
Often when you view the properties you will realize that what you thought you wanted is not actually what you need/want, so we can adjust search criteria.
Once you are sure you like a property then we 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 the deposit we have 5 days to waive financing and inspection conditions. 10 days in the case of a Condo Status Certificate.
1. Contact your financing institution to get final approval, thereafter we will proceed with the inspection.
2. An inspection in a non-building condo, i.e. a stacked townhouse, townhouse condo complex, or freehold home is recommended. During the inspection you and I will accompany the inspector who will point out any problems if any, and will also train you on how to maintain your home, 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.
Prepare to move
- Book movers,
- Obtain moving boxed from Home Depot, or elsewhere,
- Begin to pack all your items,

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, up to the time of closing they will conduct the various background tasks that only they can do and bring the deal to the a completion:
- including title search (usually 10 days before closing) and
- division of certain expenses such as property taxes, utilities,
- most of the time; transferring of utilities, etc
- title registration,
In the meantime, while you wait you will need to complete the following:
1. Obtain tenant insurance.
2. Transfer names to water, hydro, gas utilities accounts (if lawyers don’t do this)
3. Few days before the closing you will meet with the lawyer for signing.

Closing Day

On the day of the closing we will have completed all moving preparations and load the moving truck and just wait for the lawyer to give the green light that the deal has closed. After which we will meet the lawyer who will release the keys, or some alternative arrangment to pick up the keys,
In worse case scenarios, on the day of closing before transferring the funds, your financial institution may check your profile and deny the financing, right when you are vacating your home and are waiting in the the moving truck,
Usually it is because you, the buyer, 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 the lawyer notifies us that we can obtain the keys, that means the bank has approved and transferred the funds to your lawyer who inturn has transferred to the sellers lawyer, who has authorized you to get the key, you get the keys, and you head towards your new home.