Whether you are planning to buy your first home or your fifth, home buying can be a lenghtly, complicated process. Here are the basics steps for purchasing a resale residential property. The process will differ for other types of properties such as new construction, multi-family, land etc.
1. Get pre-approved by bank or mortgage broker
2. Hire Sales Representative to assist with home search
get set-up on automatic search in order to receive new listings daily
view homes with your sales rep
3. Prepare offer on the home you wish to purchase
offers are normally conditional upon financing, inspection, status certificate (condos), sale of buyers property etc.
4. Once you have an accepted offer
arrange financing, do home inspection etc.
5. Waiving of conditions
once conditions are met waivers are signed
6. Firm deal (Congratulations!)
7. Pick a lawyer to close transaction
8. Start making arrangements for closing date
cancel utilities at present home, arrange for utilities at new home
9. Sign paperwork with lawyer (a day or two before closing)
bring in cheque for lawyer's fee, down payment, land transfer tax and CMHC fee if applicable (lawyer will advise of amount)