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BUYING A HOME!
IT'S A PROCESS
This is how it works... Buyer Info
Buying a home can be both exciting and sometimes overwhelming. This guide outlines the steps you and I will follow to make your search a successful one.
Determine What You Can Afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which typically represents between 5 — 25% of the total price of the property. In addition to the actual purchase price, there are a number of other one-time expenses outlined in this document that you might be expected to pay for.
Obtain a Pre-Approved Mortage
A pre-approved mortgage protects you against interest rate increases while you look for your new home. I can help you find a Mortgage Specialist that will help you find the right home and select the best financing. Once you’ve found the home you want to purchase, you’ll require the following documents in order to confirm financing:
A copy of the real estate listing of the property.
A copy of the offer to purchase or the building contract.
Documents to confirm employment, income and source of pre-approval.
Typical One-Time Expenses
Mortgage Application At time of application & Appraisal Fee - (if applicable)
Property Inspection (optional) - At inspection
Legal Fees - Closing
Legal Disbursements - Closing
Property Survey (sometimes provided by seller) - Closing
Land Transfer, Deed Tax or Property Purchase Tax - Closing
Mortgage Interest Adjustment Closing & Take Over Fee - (if applicable)
Adjustments for Utilities, Property Taxes, etc. - Closing
Mortgage Insurance Closing (and Application Fee - (if applicable)
Home and Property Insurance - Closing & ongoing
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
Depending on local market conditions, your opinion of value that you have gained through seeing other comparable properties offered for sale, and past comparable sales research that I will provide you with, the price you offer may differ from the seller’s asking price.
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. I can advise you on an appropriate amount.
This includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.
These might include “subject to home inspection”, “subject to buyer obtaining financing” or “subject to buyer selling their property”.
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise stated.
The Major Elements of an Offer
How to Make an Offer
When it comes time to make an offer, I will provide current market information and assist you in drafting your offer. I will communicate your offer, sometimes known as an Offer To Purchase, to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. I can guide you through this process.
Offer To Purchase (definition): a legal document which specifies the terms and conditions of your offer to purchase the home.
The offer can be Firm or Conditional.
Firm Offer To Purchase
Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer To Purchase
Means that you have placed one or more conditions on the purchase, such as “subject to home inspection”, “subject to financing”, or “subject to sale of buyer’s existing home”. The home is not sold until all the conditions have been met.
Acceptance of the Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counteroffer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
Hire a Legal Professional
A legal professional is there to represent your interests and to provide the legal documentation required. If you don't already have one, I can provide you with the names of legal professionals who specialize in real estate.
The legal process differs from province to province. Your legal professional will advise you on the steps to be taken before the keys to your new home are presented to you.
Have the Home Inspected (optional, but recommended)
Having the property inspected by a qualified home inspector will give you the added confidence that you’ve made the right decision (costs vary). When the procedure is complete, you may wish to ask for a full written report plus estimated costs for any necessary repairs.
With You at Every Step
My goal is to provide my clients with the information they need, in order to make confident and informed decisions. Knowledge can reduce the pressures that can sometimes accompany such important choices — and I will be dedicated to your needs from the search and purchase to the move-in process. Please don’t hesitate to call me if you have any questions.
It's a big decision - it's a big move. Allow me to use my knowledge and experience to make it a pleasant journey.
Here is my personal service pledge;
ONLY THE RIGHT PROPERTY ....... ONLY AT THE RIGHT PRICE!
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