BUYER'S REAL ESTATE GUIDE
BUYER'S REAL ESTATE GUIDE
This is a general overview of the home buying process, from offer to closing. The specifics of your transaction may vary; thus, I will be by your side every step of the way using my own mortgage industry background and experience to guide you. It typically only takes about a month (or less) to close on a house once you find the right home to buy!
LOOKING TO BUY? LET ME HELP YOU
STEP 1 - GET PER-APPROVED FOR A MORTGAGE
If you are not paying in cash, then you will want to get "per-approved" for your mortgage loan before you start shopping. This will help you understand what you can afford before you put an offer in on a house. I can provide some names to you of very skilled loan originators that will take excellent care of you.
STEP 2 - SEARCH FOR HOMES AND VISIT OPEN HOUSES
Once you have determined your needs and set your criteria and budget, I will assist you with finding homes that meet your requirements. We can start attending open houses or private showings at a pace that you're comfortable with. This is the phase where you will be able to determine what is a must have and what is a nice to have.
STEP 3 - SUBMIT AN OFFER
Once you’ve found the perfect home, it’s time to make an offer. A buyer and seller must enter into a written contract called a “Contract of Purchase and Sale”. Typically the process begins with the buyer’s written offer to the seller. I will use a standard form to draft an offer and present it to the listing agent with terms and conditions that will protect you as a buyer and help you negotiate.
STEP 4 - ACCEPTED OFFER
When both parties have agreed to the terms of the offer, and the seller has signed the offer and communicated acceptance, an offer becomes a Accepted Offer. You’ll need to address the next steps quickly in order to complete on time.
STEP 5 - TERMS AND CONDITIONS (SUBJECTS)
If your accepted offers have subjects, you will have some time to go through each of these conditions before removing them (usually about 1 week). Some of the conditions may include
- Subject to Fiance - making sure your mortgage will be approved and have an appraisal ordered
- Subject to Home Inspection - schedule a home inspector for a detailed inspection of any defects
- Subject to Title - Making sure the sellers are on the title search and that there are issues on Title
- Subject to Reviewing Strata Documents - ensure that there are no surprises with the building
STEP 6 - SUBJECTS REMOVAL AND DEPOSIT
Once the subjects are all removed, then the offer becomes a Firm Offer and binding contract. Usually the Deposit by way of bank draft to the buyer's Realtor's brokerage In Trust will be due within 24 hours of all subjects removal.
STEP 7 - DOCUMENTS SIGNING WITH LAWYER / NOTARY PUBLIC
The Lawyers or Notary Public from both parties will prepare all the documents and calculate everything in regards to the transaction. You will usually need to sign the documents within one week of completion date.
STEP 8 - OBTAIN HOME INSURANCE / SET UP UTILITIES
Mortgage lenders also require buyers to purchase a homeowner’s insurance policy. The policy covers any accidental damage to the home and the owner’s possessions due to theft, storms, fires and some natural disasters. I would recommend having the home insurance start on the completion date even if the possession date falls at a later date. You will also need to make arrangements to set up your utilities for your new home.
STEP 9 - COMPLETION
The completion typically occurs at the title company and takes about an hour. On completion day, your lawyer will transfer all the funds to the seller's lawyer and complete the transaction. Once the title is transferred, your lawyer should contact your of the successful transfer and you will officially become the new owner.
STEP 10 - POSSESSION
I will meet you on possession date to hand over your keys and do a walk-through to make sure that everything is in good shape! Congratulations!
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