Buyers

Buyers Guide Simplified

 

When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.

While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. I will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.

I am always familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.

 

1.  Loan Pre-Qualification

Get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.

Call me and I will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.

2.  Call a Realtor and discuss the following;

A) Your pre-qualified Price range

B) Purpose of your purchase (To stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house?)

C) What is your time frame?  ASAP, 3mths, 6mths, 1 year or Can you wait for a pre-sale to complete? or in no rush at all?

C)  Area (City, Suburban, Country)

D)  Community (North, South, East or West side)

F)  Neighborhood (Older and Settled or Sparkling New)

G)  What are your 'must have list' (Close to work, Pet friendly, Secure Parking, Safe Neighborhood, Number of bedrooms & bathroom, Storage, Concrete buidling, Certain exposure etc.)

H)  What are your 'want to have list' (Large windows, fenced yard, view, new appliances etc.)

I)  How long do you plan on living/holding this new property?  

3.  Schedule, View, Compare properties with a Realtor

4.  When you find the property you want to purchase, write an offer (Contract of Purchace and Sale)

5.  Subject Removal:  Once you have an accepted offer, it will take about 1 week to 10 days depending on the property to remove your subjects (mortgage, inspection, viewing title search, starta documents), Sign a subject removal document if all the conditions are met and you are happy to move forward.

6.  Deposit:  About 5% will be placed in Buyer's Agent's Company Trust Account

7.  Find a Lawyer or Notary Public.

Ask the lawyer of notary what additional charges are not included in their fee, such as registering the mortgage, land title transfer, registration fee and miscellaneous office disbursements.  Service fees also have both GST and PST charged.  There are some closing adjustments/adjustments which have to be calculated to cover items such as city municipal property taxes if pre-paid (# of days to end of year) x ($ taxes/365), municipal water and sewer fees, strata maintenance fees (# of days left in the month) x (maint. $ x 12/365), rent and security deposits. 

8.  Completion Date:  About 30 to 90 days after acceptance.  

A) Contact your lawyer and let them know an Agreement has been signed. 

B) Call a moving company ask about their bonding/insurance for any items damaged, book a date.

C) Send out change of address cards including Ministry of Transportation for your BCDL etc.

D) Arrange utility companies to transfer service to your new address.

F) Get home insurance.

9.  Possession Date:  1 to 3 days after completion date.  Receive keys from the seller.

Congratualtions!!! You are now the owner of a new property!

 

Useful links

Canada Mortgage and Housing Corporation

Property Transfer Tax

Mortgage Basics

First Time Home Buyer

Rent vs. Own Calculator

GST Calculator for new homes

Closing Costs