Here are a few suggestions to get you started on your way to home buying.
Finances
The time spent planning and building a Mortgage can make the difference in your retirement plans. Go to Financing/Mortgage info to get started.
List your needs & wants
- Living space (i.e. how many bedrooms)
- Your family siz
- Take some time to consider the neighborhoods in which you feel good.
- How close to schools, shopping and other services.
- The size of down payment you can afford.
Amenities & Services
- What security is offered by the location & the building you choose?
- What amenities are you willing to pay for Pool, Gym etc?
- What type of heating system does the building use?
- What about parking and locker space?
- What about ensuite laundry?
Preparing For The Offer
- How muchare you willing to pay?
- Suggesting a closing date.
- Setting out your conditions (financing etc.)
Usually at the time your offer is accepted, a deposit is required. An appropriate deposit will show your good faith to the seller (typically 5% of the price).
After your offer is accepted
After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Therefore, make sure you understand and agree with all of the terms of the offer before signing.
Most offers carry some kind of conditions which have to be met before the sale is complete. Some common types of conditions are:
- Financing with acceptable terms & rates.
- Bylaws of the strata.
- Minutes of meetings of the strata for 1-2 years.
- Information Certificate (Form B).
- Property Condition Disclosure Statement, filled out by the seller.
- The Sale of your current home.
- Title Search of the property.
- Inspection by a qualified home inspector.
- Any extras included such as appliances or fixtures for example.
The seller may counter your offer, by changing the conditions, price or both. It is important to stay focused on what you determine will be points of negotiating.
Closing day
Your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to the purchaser. The mortgage money will be transferred to your lawyer's trust account, and then to the seller. Your lawyer will bill you all additional expenses, Property purchase tax and any outstanding legal fees. Don't forget to ask your lawyer for a list of additional expenses incurred on your behalf. Just before closing day you will meet with your lawyer to sign the final documents. Possession day you meet with your Realtor to get keys.