The Basics of Buying Real Estate:
1. Decide its time to buy a home.
2. Establish important information:
* Price Range
* Desired Location(s)
* Required or Desired Space & Features
3. Your Sales Representative will look for and inspect available homes within your criteria, then show you homes which they feel meet your needs and would be suitable. By working with a Sales Representative you save the time of visiting many properties during open houses or seeking for more information about a property online - your Sales Representative can narrow down listings to find the most suitable properties for you to view.
During this time your Sales Representative will also provide valuable information and insight into certain areas, types of homes and pricing - education you throughout the process to help you make the best decision!
4. Once you've found your dream home your Sales Representative will draft an offer for the property. The offer may include conditions and is a key document in covering all of the details important to you in purchasing this property.
5. Negotiation time! Your Sales Representative will negotiate the terms of your offer with the Seller's Agent. Once the offer is accepted, any conditions that were included such as Financing or a Home Inspection need to be dealt with. If the conditions clear - such as a healthy and acceptable Home Inspection, then the conditions are waived and the deal is firm based on the terms previously agreed upon.
6. Time of obtain a Lawyer! Your Lawyer will complete all further required tasks to prepare for the closing of the transaction; such as Title Search and registering the title into your name.
7. Prepare to Move! Be sure to call utility companies, service providers etc and let them know about your move. Canada Post also provides a mail forwarding service for up to 12 months. This is also the time to arrange for Packers and/or Movers if necessary.
8. Closing Day. You take possession on closing day. Either the day of or the day prior will be the time to meet with your lawyer to discuss closing and prepare for the final fund transfer.
Your main expenses will be:
* The Purchase Price (Less deposit)
* Land Transfer Taxes - Provincial & Municipal.
First time buyers are eligable for a rebate - see Land Transfer Tax page
* Legal fees
* Moving Costs
* HST for new and extensively renovated homes
9. Your Sales Representative should be available to you throughout the process to provide information & insight when you have questions, resolve any issues that may occur during or after a transaction.