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The Steps to Home Ownership
If you are interested in buying a home. Colleen offers you a wide range of information designed to help you make the right decision concerning this substantial investment & when you are ready to buy you will need a professional, well established real estate company to represent you and guide you through the entire process.
Step 1 Make the Decision to Buy
Step 2 Find a REALTOR®
Step 3 Get Pre-Approved for a Mortgage
Step 4 Begin House Hunting
Step 5 Major Elements of an Offer & Negotiations
Step 6 Get the Mortgage Loan
Step 7 Building Inspection
Step 8 Close the Deal
Step 9 Notify Utility Companies
Step 10 Move In!
Step 1 - Make the Decision to Buy
- Make a home buyer wish list
- Does buying make good financial sense?
- Can you afford a home that meets your home buying criteria?
Step 2 - Find a REALOR®
- It's not a good idea to buy a home without professional help.
- Discuss with your Realtor® your Real Estate requirements e.g. Neighbourhoods, schools, parks, economic factors, transportation & other family needs.
- Discuss with your Realtor® your Real Estate requirements e.g. Neighbourhoods, schools, parks, economic factors, transportation & other family needs.
- Get in-depth knowledge of current market conditions.
Step 3 - Get Pre-Approved for a Mortgage
- Get in-depth knowledge of current market conditions.
- Apply for a mortgage loan.
- Having a pre-approved mortgage shows Sellers you are serious. It also helps with negotiations.
Step 4 - Begin House Hunting
- Develop a detailed description of the home you hope to find.
- Take the information & enter your requirements into the Multiple Listing Service® (MLS®) to come up with a list of those homes that best meet your requirements.
- Prepare a list of all homes that best meet your wants and needs.
- View all the selected properties.
Step 5 Major Elements of an Offer & Negotiations
- Colleen will provide current market information so that you can decide what your starting price will be. The price you offer is what you think the value of the home is worth in today's market. It is also determined by the condition & location of the property. Colleen will assist in negotiating the sale, market conditions will play a role in how aggressively we negotiate & she will facilitate the closing.
- The Deposit shows good faith by the Buyer and it will be applied against the purchase price of the home when the sale closes. Your Realtor® can advise you on what amount of deposit to offer.
- Term is the price the Buyer is willing to offer as well as the financing details. The Buyer may assume the Seller's mortgage if it is an attractive rate or may arrange their own financing.
- Conditions - The offer will then be drafted with all the standard clauses and if any custom clauses are required to protect your interests. Examples include; home inspection, financing, sale of the Buyer's property, obtaining a survey, status certificate etc. These conditions must be fulfilled prior to an offer being concluded.
- Inclusions & Exclusions may consist of appliances, light fixtures, window coverings, c/air, c/alarm and there also may be some exclusions. These are usually part of the negotiation process.
- Completion Date is when the title of the property is transferred to the Buyer and the funds are received.
Step 6 - Get the Mortgage Loan
- Notify your mortgage company and give them a copy of the Agreement of Purchase and Sale.
- Obtain the mortgage loan outlining the interest rate, term & amortization period, which shows your monthly mortgage payment as well as the estimated cash needed for closing.
Step 7 - Building Inspection
- A Realtor® can provide you with contacts for a registered home inspector.
- Have your new home inspected to ensure there's nothing seriously wrong with the property.
- It can save time, money & title problems if the inspection does find something that you are not aware of. You will have time to find a reputable contractor to make the repairs.
Step 8 - Close the Deal
- A Realtor® can supply you with a list of legal professionals.
- A lawyer oversees the closing of the transaction, Seller signs the transfer, Buyer signs for the new mortgage.
- Old loan is paid off and new loan is established.
- All parties to the transaction are paid e.g. Lawyer, Realtor®.
- Transfer property title to you.
Step 9 - Notify Utility Companies
- Notify the phone company, utilities, post office, newspaper, friends & family.
- Notify the phone company, utilities, post office, newspaper, friends & family.
- Ask us for a free Moving & Notification Checklist.
Step 10 - Move In!
- Congratulations, it's time to move into your new home.
- Congratulations, it's time to move into your new home.
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