You've decided to "take the plunge" and purchase a home- congratulations! The following will provide a list of the steps involved in the buying process
Get preapproved for a mortage before starting to look- that way you can determine exactly how much you can afford to spend and you'll be able to focus your time and effort looking at homes which you can afford. Click here for additional information regarding the preapproval process. Our Sutton Member Program has the lowest mortage rates in Canada for a 1, 2, 3, 4 and 5 yr closed term as well as a 5 yr variable. Calculate your mortgage cost using this handy mortgage calculator
Identify your "needs and wants" in your new home. Some things to consider include area itself, neighbourhood, number of bedrooms, detached vs semi detached, commuting distance to work, proximity to schools and public transportation, age of the house, finished basement
Spend some time on line first and get a feel for "what people are offering versus their asking price". You can search for properties either thru my website or by clicking Realtor.ca which is the public website
Select a Real Estate Agent who instills a level of confidence, is knowledgeable about the market and ideally is working full time in the business. Click here for a checklist of additional questions you may wish to ask
At the earliest opportunity, an Agent should provide you with a copy of the "Working with an Agent" brochure which explains the different types of legal relationships that you can enter into with a Real Estate Brokerage
Once you and your Agent have mutually decided to work together your Agent will have you sign the Buyer Representation Agreement which now formalizes the working relationship.
Have your Agent send you listings that closely match the requirements you've identified. Select 3-4 properties and then have your Agent book appointments so you can see first hand what the house has to offer. Take your time and remember there's no need to rush given the current Real Estate market conditions favours the Buyer! (you should never feel pressured or rushed to buy and if you do- find another Agent!)
Once you've found your dream house and you're ready to place an offer, your Agent will prepare the Agreement of Purchase and Sale and include such details as your offer price, closing date, various conditions as well as any other clauses deemed necessary.
Once the Seller accepts your offer your deposit is placed in the Listing Brokerages' trust account and is applied towards your purchase on the day of closing.
Once all the conditions in your offer are met/fulfilled the deal becomes binding on both sides
There will be certain costs incurred on the day of closing including;
