Buying your Home
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Searching for your new home can be troubling for some. There are many factors to consider when purchasing your home such as location, budget, future goals, proposed developments in the area, and many more. Real Estate professionals can work with you to help you in this process and ensure that everything goes smoothly.
Why Should I Get a Realtor?
When buying a property, it is important to find yourself a Realtor who is reliable and someone you can talk to when finding a home. A Realtor plays a very important role and their job is to:
Help you find a home
Write an Offer of Purchase
Negotiate on your behalf to help you get the best possible outcome
Provide you information about the area and assist with finding other professionals such as Mortgage Brokers, Property Inspectors, and Lawyers who help with completing the purchase.
Do their due diligence and help you review important documents regarding your purchase like Strata documents, Title Search, PDS, Bylaws, Zoning etc.
A buyer’s agent does NOT cost you anything! You have nothing to lose by letting a buyer’s agent, such as myself, assist in your search.
THE HOME BUYING PROCESS IN 6 STEPS
STEP 1: MEET WITH YOUR REALTOR
Helping people buy homes is my passion and I want to make sure the process is as stress free and enjoyable as possible. Buying your home is arguable the biggest investment you will ever make. You will want a skilled and educated professional by your side to assist with every step of the way.I not only want to be part of the process in buying your first home but I am also committed to being there after possession. If you have any questions or concerns, whether you are looking now or years from now, I am just a call away!
STEP 2: Get Pre-Approved
Call your bank or mortgage broker and get pre-approved! This will give us an idea of what purchase price you can afford. If you don’t have a mortgage broker, just send me a message and I can give you a list of mortgage brokers for you to choose from. After getting pre-approved, we can start looking at properties within your budget! It may take some time, but I am sure to find the right property for you, whether you are investing in houses or looking to move in.
STEP 3: Making an Offer
Once you have found a property, and you have secured financing, it is time to work with your Realtor to write an offer to purchase the home and present the offer to the seller.
Writing the offer is a legal proposal to purchase a property. THIS IS A CONTRACT. If for whatever reason you change your mind about the property, it is possible to revoke your offer, but there can be some legal consequences to doing so. Please seek professional advice to ensure you are following the correct procedures. Figure out necessary subjects that you may need when purchasing the home, such as “subject to financing”, “subject to inspection”, etc. to put in the offer to ensure you are protected. Subject free offers are also a consideration when purchasing a home. If your offer is accepted, the terms are legally binding. If you have concerns about the offer or the property, it is always recommended to hire a lawyer to look over the transaction.
WHAT IS INCLUDED IN AN OFFER TO PURCHASE
Purchase Price
A Deposit
Conditions/Subjects
Terms
Closing Date
Possession Date
Adjustment date
STEP 4: OFFER ACCEPTED
These are the steps from accepted offer to subject removal:
Obtain financing approval from your lender. It is time to send off the Contract of Purchase and Sale, Property Disclosure Statement )PDS), and property feature sheet to your mortgage specialist. For Strata properties, they may request strata documents and a Form B
Review all documents.
The Property Disclosure Statement, which informs you of any known issues with the property.
The Title Search, for items attached to the title of the property.
For Detached: Permit history, oil tank scan certificate, zoning, unauthorized/authorized suites, etc.
For Strata: Strata documents, any renovations that were done with strata approval, etc.
Deposit. Ensure funds are available, and obtain a bank draft made out to the brokerage of your Realtor in trust (“Stonehaus Realty Corp.”)
Insurance for the property. I recommend obtaining an insurance quote for the property.
For detached homes, lenders insist on property insurance because the property is their security for your mortgage. Property insurance covers the replacement cost of your home, meaning premiums may vary depending on its value. Please consult an Insurance Broker to assist with your needs.
Get a home inspection. Their job is to inform you on the condition of the property. They will tell you if something is not working right, and what needs to be changed or is unsafe. If there is some work that is required, I will help with recommendations on the issues that arise.
Contract changes. If there needs to be changes in the contract, be prepared to sign an addendum. This could open up the contract and can provide the seller a way to get out of the contract.
Removal of subjects. Once you have fulfilled the conditions, there should be written notification given to the seller that you are, in fact, removing the subject clauses.
Get utility bills. I recommend requesting utility bills such as electric, gas, water & sewer, etc. This will give you an idea of what to expect when you own the property.
We will discuss this process in detail with you as each offer you present may be different. Once all subjects/conditions of your offer have been completed, we will remove the subjects and the property will be classified as SOLD!
STEP 5: CHOOSE A LAWYER
You will need to choose a lawyer or notary that handles Real Estate Transactions. There are a fairly large number of law offices that provide these services so you may want to shop around. This process needs to be done as soon as possible. If you are unsure of who to use, just ask and I will provide a list of recommendations for you to choose from. I will also personally handle getting the necessary documents over to the office you selected.
STEP 6: Tell Everyone about the Exciting News!
The Realtor you hired will advise you when you will be getting the keys to your new home (Possession Date) and will help coordinate with you. If you need help with movers, I can provide you with some recommendations.
Contact Property Manager to arrange move in (Strata) - This is an important step to add when you are preparing your move into a new strata property.