BUYER's GUIDE

1. CHOOSE A MORTGAGE BROKER

A mortgage broker will be able to help you get pre-approved and determine your affordability based on income and various factors, as well as search for the best rate and term for you based on your real estate goals.

2. DETERMINE YOUR BUDGET (PRE-APPROVAL)

A lender will have determined the maximum amount of money they will lend you, along with an estimated interest rate and monthly mortgage payment. Many home sellers nowadays will not even look at offers if the buyer is not pre-approved.

3. CHOOSE A REALTOR

It is important that you work with a licensed Realtor® when buying your most valuable asset. Whether you’re a first-time home buyer or an experienced investor, choose a Realtor® who is completely committed to guiding you through the entire process.

4. VERIFY YOUR CLOSING COSTS

To complete the transfer of title, there are a number of costs in addition to the purchase price that you will need to consider. Some costs associated with closing are: Notary or lawyer fee, Appraisal fee, Property transfer tax, Maintenance fee adjustment and Property tax adjustment.

5. SEARCH FOR A HOME

Once you’ve determined a list of needs and wants, it’s time to search for a home. You’ll have the chance to attend open houses. Your realtor can check availability and also book private showings.

6. WRITE AN OFFER

Once you’ve found the home that you can see yourself living in the next step is to write an offer with a Contract of Purchase and Sale. After careful subjects are drafted, some negotiation we work towards an accepted offer.

7. REMOVAL OF SUBJECTS

Subject removal is there for the buyer to perform due diligence on the property as well as ensure that their finances are in order prior to handing in the deposit.

8. COMPLETE THE PURCHASE

Prior to closing, your realtor will instruct their conveyancing team to send your notary or lawyer all of the documents that they need to work towards completion. Your lawyer or notary should have already calculated how much money you will need to bring in a week or two prior to closing in order to complete the transaction. You will be instructed to bring them a bank draft or certified cheque to cover the balance of any funds necessary to close, along with proper government issued ID.