Wayne’s Home Buyer Steps
ARRANGE YOUR PRE-APPROVAL — Before searching for your dream home, make arrangements to be pre-approved for a mortgage with a mortgage broker or bank. When discussing financing with your financial institution, remember to consider additional closing costs such as legal fees, land transfer tax, tax adjustments, appraisal fees, HST on commission and legal fees and other moving expenses.
SEARCH FOR YOUR NEW HOME –- Now, it’s time to show you homes listed on the market in your price range. Our focus is to find you the home that you LOVE. If you only LIKE the house, we should keep looking.
UNDERSTAND THE OFFER PAPERWORK — It is a good idea to familiarize yourself with the necessary paperwork (ie “The Agreement of Purchase and Sale”) in the event that you have to move quickly on a sought-after home. Also, be prepared for a Multiple Offer situation. If this occurs, you must be ready to put your best offer forward as you may only get one chance.
DECIDE TO MAKE AN OFFER — Anxiety is normal when buying your first home and we understand that. To ease your concern and make the process as smooth as possible, we take the time to walk you step-by-step through the offer process. We will provide you with the property’s sales history and details about other sales in the area so that you can make an educated decision. Being well-informed will help you feel more confident in your decision-making.
MAKE OFFER CONDITIONAL — It is prudent to make an offer conditional upon financing and home inspection. This allows time for the financing to be confirmed and for the home to be inspected by a professional to ensure there are no serious structural problems with the home. In addition to the financing and home inspection conditions, we can also insert other conditions depending on the property you are purchasing. For example, you may want to make the offer conditional on getting insurance.
PROVIDE A DEPOSIT — It is customary to provide a deposit when making an offer. The size of the deposit is usually indicated on the listing agreement. The money is held in Trust and credited towards the purchase price. It is considered part of your down-payment or closing costs.
NEGOTIATE THE DEAL — Sometimes sellers are not prepared to sell for what you are prepared to pay. Our job is to ensure that you do not over-pay for a property. If we cannot negotiate a deal that is acceptable to you, then we will need to walk away.
MEET THE CONDITIONS — When your offer is accepted, take the accepted offer to your financial institution for final approval and make the arrangements for your home inspection. We can refer you to a qualified home inspector, if need be. Once you are satisfied with your financing arrangements and the outcome of your home inspection, we will meet with you to sign the waiver(s) to “firm up” your deal. The deal is firm when all the conditions are met. Then, the SOLD sign goes up!
CHOOSE A LAWYER — We will fax or email your completed paperwork to your lawyer who will complete the necessary legal work to ensure your deal closes on time. If need be, we can refer you to an experienced real estate lawyer.
WALK THROUGH YOUR NEW HOME — A few days before the closing date, we will contact you to arrange a pre-closing walk-through to ensure the home is in the same condition it was when you first viewed it.
PICK UP YOUR KEYS — Your lawyer will call you before the closing date to advise you of the amount of certified funds that you will need to bring to his/her office. After signing all the paperwork, you will pick up the key for your new home on the day of closing.