Information for Home Buyers

When we say: Let us do your HOMEwork — we mean it!

In order to make your sale as stress-free as possible, we will guide you through the necessary steps of home buying.

• Financing of your new Home
• Establishing your new home criteria checklist
• Searching for listings matching your criteria
• Arranging viewings of potential homes that match your needs and wants
• Preparing offers
• Inspections and revisits
• Closing the deal
• Preparing paperwork for lenders and lawyers

Where to begin? Whether purchasing your first home, or moving for purposes of growing family, downsizing, or job relocation, the decision to move is the first step.

Searching for a home on the internet can be tedious and often disappointing, as homes may be sold by the time they are posted to some sites. Setting up an automatic MLS search for your individual needs is definitely beneficial; listings that match your criteria will be sent to you as soon as they hit the market! We plug in the information, and you receive the listings. We schedule the viewing appointments and off we go!

Purchasing a home is one of the largest single investments you will make in your lifetime. People often consider their family home a large contributing factor to their retirement savings. Along with the fact that homeowners affix a level of attachment to their homes, it is not difficult to imagine that some sellers may expect to receive much more for their home than the market is willing to pay. They add a value to their attachment. We do our HOMEwork, analysing market trends, and researching recent comparable neighbourhood sales, in order to confidently commence negotiations, and settle on a reasonable sale price.

We strongly recommend including a home inspection and a condition of your purchase. Depending on your purchase, this can cost from $250-$500 and will give you great insight into the home. Inspectors generally inspect the following:

• Roofing - flashings and chimney(s)
• Exterior - gutters & downspouts, soffits & fascia, lot grading, wall surfaces, porches, decks
• Structure - footings, foundations, walls, floor sills, beams, joists
• Heating and Cooling Systems - distribution piping
• Electrical - distribution panel, wiring, GFCI
• Plumbing - supply, drain pipes, fixtures
• Insulation - in attic, walls and basement areas
• Interior - floors, walls, ceilings, stairs, windows, fireplaces/wood stoves, basement/crawl space

This process takes 2-1/2 to 3 hours. The Inspector goes through his findings step by step with the buyer. If you are planning any remodeling, now is a good time to find out what can be done, how to do it and approximate cost.

Your offer, or purchase agreement, becomes a binding sales contract, and it is important to have every element of the sale included in this agreement:

• Address and the legal description of the property
• Names of Buyers and Sellers
• Sale price
• Seller's promise to provide clear title (ownership)
• Target date for closing
• Deposit Amount and where these funds will be forwarded
• Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller
• Date by which lawyers complete the title search
• Other requirements which might include a chance for lawyer review of the contract
• A provision the buyer may make a revisit prior to closing
• A time limit (preferably short) after which the offer will expire
• Chattels in good working order - we include this clause to ensure all appliances, furnace etc are all in good working order upon closing
• Conditions - the offer may be conditional upon the buyer seeking and being approved for financing, the offer may also be conditional upon the buyer attaining a satisfactory home inspection

Closing is generally performed by your lawyer. All necessary paperwork will be sent to your lawyer by our office. If you need help finding a local professional, seasoned in Real Estate closings, we can assist with this as well.

In this wonderful age of technology, all paperwork can all be managed electronically. We can submit offers, attain signatures, and shuffle deals between lenders and lawyers all by ways of the Internet. We will get your paperwork wherever it needs to go!

Click here to download CMHC-SCHL's Homebuying Step by Step: Your Guide to Buying a Home in Canada