About buying

It’s been my experience that having a good understanding of your needs for not only now, but for 3 to 5 years in the future, and having a good but flexible plan can simplify the buying process. Below are some things to consider.

Financial: Get pre-approved so you can establish a budget, keeping in mind your monthly expenses. It’s not always good to maximize your mortgage.

Purchase expenses: Home Inspection, lawyer, possibly appraisal.

Other expenses: Utility deposits, home owners insurance, moving charges, and re-keying locks are just a few.

Understanding your market: Comparison shopping, community statistics, and recent sales can help you make a strong, reasonable offer.

Making an offer: In making an offer, you’ll need to consider price, closing – possession date, deposit amount, and terms and conditions.

  • Possession often depends of sellers offering, typically short closing dates work more favorably on vacant properties.
  • Home Inspections: Inspections are for the benefit of buyers and should be done shortly after your offer has been accepted. One or both of you should attend. It is not acceptable to bring others without prior permission.
  • Financing: Your offer should be subject to mortgage approval. Even though you may be “pre-qualified” or preferably “pre-approved”, the mortgage company will need to approve the property you are purchasing. (Appraisal)
  • Deposit: Your deposit will need to be by Bank Draft, Certified Cheque, or Electronic Transfer. Once all or your you conditions have been waived, it becomes part of the purchase price; If conditions are not satisfied it should be refunded promptly.
  • Terms: Terms are requests made by either party that are part of the contract, such as carpet cleaning, junk removal, etc. They are not reasons not to complete the contract, and at times can be difficult to enforce.
  • Closing: At 12 noon on the closing day the sellers lawyer should receive funds, mortgage proceeds from your lawyer, or documents indicating that it is in transit. At this point, the sellers lawyer should allow the release of keys.

Closing: Prior to closing we will request a walkthrough within 36 hours of possession to confirm the property is in reasonably the same condition as when you last visited. You will need to have your utilities, internet, telephone service, insurance and mail re-direct in place.