How It Works!
Step by Step Instructions to Purchasing Your Home
1. You've decided to buy - You need to contact a Realtor and set up a meeting to go over all the steps in purchasing a home. The meeting can be at your residence or at the office of the Realtor. Whatever suits your needs
2. Your DNA - What you Desire in a home, what you Need in a home, what you can Afford in a home
3. Pre-approval process - Your Realtor will set up a meeting with your bank or a mortgage specialist to determine your price range. A list of approximate closing costs and your down payment is confirmed
4. Who looks after your interests - How you will be represented in the purchase is explained. What type of agency is common practice. What your rights are and the Realtor's obligations to you.
5. How you find properties to view - The Realtor explains how the MLS system works, about independent realtors listings, how to read a listing, how appointments to view the property are set up.
6. Viewing the property - What to look for at the property, vendor disclosure, how many times you can go back to inspect, who can come with you, what kind of questions to ask and what type of information the Seller should provide.
7. When you are ready to purchase - Your Realtor will go over all the OREA forms, what clauses need to go in and what everything means, the negotiation process is explained, what your Realtor does, time limitations, what happens to your deposit cheque.
8. Now that you offer has been accepted - The conditional sale process, what papers the bank needs, your lawyer's needs, the appraisal process, CMHC when a survey is ordered are explained.
9. The bank has given their approval to your loan - What papers need to be signed, what does the lawyer do now, who do you notify about the purchase (gas, hydro, etc).
10. The closing process - When do you see your lawyer, what time can you move, when to book the truck, where are the keys.
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