The Buying Process
Buying your next home can be such a rewarding experience.
This guide has been created to help you through the steps of purchasing your next home.
Whether you are buying your first condo, a house, fixer-upper, or a brand new home, this guide will help you navigate the process.
Step 1: Pre-Approval
When you first decide you want to purchase a home, it is wise to get a pre-approved mortgage. The pre-approval will tell you how much of a mortgage you qualify for, ensuring you are looking at homes in your price range.
Step 6: Lawyers
You will require a lawyer or notary to complete the purchase. The lender will send instructions to the lawyer after subjects have been removed. Your lawyer will now receive and prepare mortgage documents to effect the sale. Start preparing for the move.
Step 2: House Hunting
Once you know your price range, we will begin researching the available properties and will show you homes that fit your criteria.
Step 3: Offer in and Accepted
Once you’ve found the home you are interested in you will make an offer. Your offer may have subjects such as “subject to obtaining suitable financing,” “subject to a satisfactory home inspection,” or “subject to review of the strata documents.” Once the offer is accepted, you will work towards satisfying those subjects.
Step 4: Subject Period
The subject period is, in many cases, one week long, but can be any length of time you so choose. Your mortgage broker will work with the lender, insurer, and appraiser to get you final approval for your financing. Your mortgage broker may ask you for further documentation at this time. You will use this time to get a home inspection completed and review any documentation related to the property. We will help you with all of this.
Step 5: Firm Sale
Once you have met all of your offer’s conditions, we will remove the subjects from the contract and you will pay the deposit for your property. The deposit is held in a trust account. You now have a firm purchase
Step 7: Meeting With Your Team
The lawyer will call you in to sign usually about 3-4 days prior to the completion date. The completion date is the day that the money is given to the sellers and the property is transferred to your name. Contact your mortgage broker prior to this date.
Step 8: Move In
Usually, your possession date will be within a few days after completion date. This is the day that you receive your keys and can move in to your new home.
