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Home buyers Guide

 The 6 Step Home Buyers guide

 

This step-by-step simplified  home buyers guide is meant to give an over view of the purchasing process in a real estate transaction. For detailed  information use your local realtor partners are happy to help with advise and answers for free with no obligations. We have partners with some of the best Real Estate companies across Canada, our partnership with Coldwell Bankers allows us the ability to offer their service  in your community. 

 

Step 1

Work with a real estate agent to find a house that fits your budget in the neighborhood where you want to live. Interview the Realtor , ask for references and contact his previous client to ensure that you are working with the professional that meet your particular need. This will be a relationship of trust, you must have confidence in this person and be willing to have them guide you through the entire process . All Realtors in Canada a licensed and will trained to negotiate your contract, but their can be personality differences, so it is wise to address all concerns at the beginning of relationship.

 

 

Step 2

Visit several properties but be aware that the house that looks the best on the surface may not be the best purchase. Compare costs of repairs, utilities, property taxes and other bills before making your decision. Get to know the neighborhood, the rate for the school district and the community in general. Is this where you want to live for at least 5 to 10 years.

 

 

Step 3

So you like every thing you see of this house or apartment on the surface, it time to make a decision. Have your Real Estate Agent provide you with at least 6 comparable of similar home that have sold in the last 6 months. Do your own online research to compare the value before making an offer.

 

 

 

Step 4

When you’re ready to make an offer, have your real estate agent prepares the Contract of Purchase and Sale.  The contract will be written specific to your need by your agent. They will discuss with your your financing requirement, the home inspection  requirements and strata documents  information if its a condo, apartment or a townhouse.This is a binding legal document so you may want to have a lawyer look at it too.

 

Step 5

Once the home buyers requirements are written in the offer the Realtor will present it to the owner or fax the contract to the selling realtors office. The agent is working on your behalf, accept his advise and ask for explanation if you do not understand anything.

 

Step 6

The real estate agent presents the offer to the vendor from the home buyers. What happens next?

  • The seller counter-offers asking for a higher price or different terms. You sign the offer back to the seller offering a higher price, but lower than their counter-offer. If the vendor accepts, you’ve just bought a house
  • The seller makes another counter-offer asking for more money or different terms. Be very sure that you know exactly how much you can afford before you start negotiating. You don’t want to end up spending more in the excitement of the deal. You either refuse the counter-offer because the price is still too high, or you can’t agree to the conditions. If the sale doesn’t go through, your deposit is returned
  • The seller accepts your offer and you move on to the next steps in the buying process
  • Removing the conditions by getting your financing in place, have the home inspected or reviewing the strata documents to ensure the building has no problems.
  • Once the subjects are removed, you will asked to provide additional deposit and at this time the contract is firm
  • A firm contract means it you have bought the house and it will transfer to you on the date of completion

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