Thinking About Buying A Home? … It’s Time To Get Your Team Together!
Once you’ve decided that home ownership is right for you, you’ll need to build your team of experts to help you get to the finish line. Here are your next steps and the key people you should be talking to…
Team Up With a Real Estate Agent
Purchasing a home is a complicated transaction that requires professional knowledge and guidance that only an experienced real estate sales representative can provide. They understand the local market better than you do and are experts in their field.
They’ll guide you through the entire home buying process. From showing you homes that best match your criteria to drafting and overseeing the contract of purchase to negotiating on your behalf for the best possible price for your home, they act as your advisor, consultant and negotiator at every step of the process until the deal is closed.
Seek Professional Mortgage Advice
Mortgage pre-approval is a critical step needed before the house hunting process begins. Getting pre-approved for a mortgage confirms how much financing you are approved for to buy your new home, allowing you to start the house hunting process focusing on properties within your price range and budget. Then, when you find that perfect dream home, you can proceed knowing that you have already met the necessary financing conditions.
Once your offer has been accepted, completing the mortgage process is the next critical step in securing your home. With a copy of the Offer to Purchase and the necessary financial information in hand, your application will be submitted to the mortgage lender that you have selected. The lender will complete a valuation on the property you have purchased and give final approval for your mortgage application.
Once you’ve been approved for your mortgage, your Mortgage Broker will walk you through the forms and answer any questions you may have. With the help of your mortgage broker, your lender will forward the mortgage instructions to your lawyer.
Hire A Certified Home Inspector
Before finalizing the purchase of a home, it’s important to know its true condition. It ensures that the investment you are making is sound and avoids unexpected and costly future repairs.
A home inspection is a professional, comprehensive written report, by a certified home inspector, that provides you with a transparent, independent third-party assessment of the interior and exterior condition of the property and the major components of the home – from structure to heating and cooling, plumbing and electrical to appliances, and provides a detailed account of any deficiencies that need to be addressed.
If the home is free of needed repairs, you can move forward confidently with your purchase price. If repairs to the home are needed, you can negotiate with the seller either to complete the repairs prior to taking possession of the property; negotiate a reduced asking price or withdraw your conditional offer.
Meet With Your Real Estate Lawyer To Finalize and Close The Deal
The final stage is to meet with your lawyer to sign all of the legal documents. With the deal finalized, and the financing in place, your real estate lawyer will review the Agreement of Purchase and Sale, do a property title search, check that your home complies with current building and zoning codes, ensure utilities and property taxes are paid, review the mortgage agreement and get all of the paperwork ready for closing. Your lawyer will also arrange for a survey to be completed, if necessary.
On closing day, your lawyer and the seller’s lawyer will exchange documents and cheques. Your lawyer will also register your new home in your name. When these tasks are complete, you’ll get the keys to your new home, allowing you to move in.
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Make Your Way Home….
Buying a home takes experience. Our dedicated team will help you make the best decision. Our home buying services are at no charge to you. Why go it alone? Give us a call today!
