Buying

Contact a Mortgage Broker

Home Buyer’s Guide (PDF)

The Initial Meeting

An opportunity to meet to see if we are compatible and if we can work together and for me to understand your real estate needs. I will also conduct an assessment to identify areas, prices, terms and conditions that you require. During this meeting, I will explain the buying process and the various options you have in how I can work for you.

The Pre-Approval Process

Meet with an approved mortgage lender and to get a commitment for a set rate and terms. Become aware of the various financing options (High ratio, Conventional, etc.) and the benefits and cost of each to you and understand and explore the potential of using your RRSP (current and past) as part of your down payment.
Identify the right price range of homes you qualify for and that would fit into your budget, protect yourself should interest rates rise and minimize the trauma of not knowing whether or not you qualify.

Seeing Prospective Homes

See which homes are available and find a home and community that is right for you. Learn about properties, areas and prices.

The Offer

Present to the owner of the property you have chosen the written terms and conditions under which you are prepared to purchase the property. This is done using a standard form called an Agreement of Purchase and Sale.

Negotiation

I will negotiate on your behalf to get you the home you want at the best price and terms possible.

Home Inspection

Ensures that the home you choose is in good repair and is structurally sound. I strongly recommend that all of the homes I sell have a “Home Inspection Clause” in the Agreement of Purchase and Sale. This clause gives my purchasers the right to have the home inspected by a professional home inspector to insure that the mechanical, electrical, plumbing and structural portions of the property are in sound condition.
Purchasers are permitted to accompany the inspector and to ask questions. After the inspection is completed, they will receive a written report itemizing any areas of concern. If repairs are required the seller can be asked to make them in accordance with the provisions in the sales contract.

Appraisal

To ensures that the home has been purchased at fair market value or below. This appraisal is conducted by a certified appraiser sent by your mortgage company. If the property is appraised for the price you purchased for, then the transaction becomes firm and binding.

Title Search

Ensures that the property is legally owned by the owner and that there are no debts or restrictions owing against it that would prevent you from enjoying the use of your home.

Closing

The date set aside where the purchase is completed. The lawyers meet, funds are exchanged for the title to the property and the keys and the transaction is recorded at the registry office. Once this has occurred, the property is yours. At this time, you have taken Possession (ownership) of the property.

The Closing Steps

Before the Date of Closing

Your lawyer will tell you how much money you will have to bring by way of a certified cheque, since all funds are coordinated through your lawyer. The signing of all final documents is done at the lawyer’s office.

On the Date of Closing

Both lawyers will have staff attend at the land registry office for the purchaser’s lawyer to update his title search, and for both sides to exchange documents and register them.

After Closing

You should check to ensure that all items listed in the offer are left on the property. If there are any problems, you should con-tact your lawyer as soon as possible. Later, you lawyer will send you a reporting letter, along with copies of various documents that you have signed. These should be kept in a safe place.