Buying a property whether it is your dream home, a vacation home or an investment property can be a complicated process. With the technology on this website you can get access to the listings as they come to market and I can help you sort through them to find your perfect property. My goal is to make the buying process stress free so that you can make the right decision for you.
Here are the steps in the buying process that you can expect as you search for property.
THINGS TO THINK ABOUT BEFORE YOU BUY
Before you start the buying process it is important to make a few decisions.
The first and most important is the decision to be a property owner. Owning a home or investment property has many rewards but there is also the financial responsibility and the care and maintenance that are required. You need to be honest about whether you are ready for the requirements of owning a property. If you currently own a property you need to decide if you will be selling the property before you buy or keeping it for the long term
Knowing your budget is also critical. There are many costs associated with buying and owning a property from the closing costs to ongoing maintenance. It is important to know what funds you have available and your cash flow so that you can budget your finances.
Once you have decided to be a property owner you have to give some thought to the location, type of house and features that you are looking for. Of course some of these will change as you see different properties but it is a good idea to start with a simple checklist.
Click here to view and print a checklist for your dream property.
KNOW WHAT YOU CAN AFFORD
Getting pre-qualified will help you and your agent know what you can afford. This step alone will save you time and energy because you will be able to narrow your search area and the criteria in a house you are looking for. You will also strengthen your position during negotiations and make the mortgage process simpler once you have purchased a property.
CHOOSING THE RIGHT REALTOR
My job is to facilitate the buying experience for you. That means I will work with you to find the property that is right for you. I am here to help you sort through properties, evaluate the pros and cons of each one, evaluate the financial aspects, prepare agreements and other paperwork, negotiate on your behalf and help you with closing.
Now that you know what you are looking, what you can afford and who you will work with, it is time to see some properties. For some people this is fun and for others it is exhausting. Either way I will help you sift through to your dream property more quickly. At this stage you will most likely be searching on the internet, driving by properties and going to open houses. These are all great ways of seeing what is out there but the most efficient will be the MLS listings I will send you that fit your criteria.
Take along this checklist and keep track of everything you see so that we can discuss it after your visit.
MAKE AN OFFER
Once you find a house you want to make your home, I can help you develop an offer. In the offer, you should specify how much you’re willing to pay. State when the offer expires and suggest a closing date for the transaction. You can also propose some conditions on the offer.
You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. Note that the seller’s agent, if they are represented by one, is bound by law to bring all offers to the seller’s attention.
Expect to receive a counter offer on the property. With an aggressively placed offer, the seller will often counter back at their best price as well as the best deal on the property in question. Once we have reviewed this , you can begin the next phase of the purchase which is acceptance of the counter offer.
Once acceptance of the offer is received, we will work together to satisfy the conditions on the agreement. Once all the are conditions met, the offer becomes binding on both sides. If you later refuse to honour the agreement, you may lose your deposit or might be sued for damages. Before signing, make sure you understand and agree with all terms of the offer.
A home inspector’s report will review the condition of the home’s heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. Many inspectors will also offer additional services not included in a typical home inspection, such as mold, radon testing, water testing, thermal imagery and heat/air loss inspections typically known as energy audits without the diagnostics.
I will assist you in remedying any issues or problems identified during the home inspection or if warranted, with negotiating a price that reflects the value of the property.
Before the property can formally change hands, there are still a few things to do. Be prepared to furnish proof to your lender that you’ve insured your new house. On or before closing day, both side’s lawyers will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer’s trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.
At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase.
Once you’re satisfied and the keys to the front door are in your hands, there’s nothing else to say, except welcome home!
Congratulations! Now it’s time for the big move. I will assist you with picking your moving company and making sure your utilities are connected when you arrive, for a stress free move-in.