Step-By-Step Home Buying Guide
This guide was compiled to give you an overview of the steps involved when buying residential real estate. Depending on your specific situation, certain steps may be different or additional steps may be necessary. Please consult a real estate agent, mortgage specialist or lawyer for more detailed insights.
1. Contact your sales representative.
2. Conduct an in-depth analysis to determine the price range of the property that would suit you the buyer. Recommend you be pre-qualified for mortgage financing.
3. Review the features and amenities you desire in a home to set clear targets.
4. Select the most desirable properties in your price range chosen from our extensive inventory of available properties.
5. When you have selected the home you want to own, we prepare an Agreement of Purchase and Sale.
6. Negotiations with the seller.
7. When the Agreement of Purchase and Sale is accepted by the seller, the property is sold. Copies of Agreement of Purchase and Sale go to the buyer's and seller's solicitors. Deposit has to be paid.
8. Working on satisfying any conditions, if applicable, often home inspection and financing. If a
mortgage is required, we can assist in the mortgage application and
approval process up to obtaining a mortgage commitment from the lending
institution.
9. When the transaction becomes a binding agreement, the buyer's solicitor searches title to determine:
a) Outstanding work orders issued by the municipality.
b) An accurate description of the lawful use of the property.
c) Restrictions as to the insurability of the property.
d)
Encumbrances, liens, easements, restrictions, encroachments or other
claims registered on title (e.g. undisclosed mortgages, right-of-ways.
etc.)
10.
Buyer's solicitor makes requisitions to the seller's solicitor within
the pre-determined date set out in the Agreement of Purchase and Sale.
11.Buyer’s solicitor verifies financing commitment with the lending institution.
12. When all searches are satisfied, the solicitors arrange with lenders for the transfer of funds.
13. Buyer arranges insurance coverage from the date of closing.
14. Buyer's
solicitor contacts the utility companies and the tax department to
determine amounts, if any, in arrears for closing adjustments.
15. Buyer
and seller meet with their respective lawyers to review and sign
closing documents (mortgage, deeds, declarations, undertakings, etc.).
16. Lawyers
for both parties meet on the date of closing to exchange documents,
funds, keys, and register all documents on title.