Buyers, in particular first time and non residents, often find the buying process overwhelming. Here is a brief explanation to help you understand what is involved in buying a home:
Review Properties Matching Your Criteria - Realtors have access to all the listings in your area and will work with you to create a short list of homes to view.
- Preview Properties - Your realtor will tour you around to view your chosen short list while explaining the merits of each neighbourhood.
- Offer - Once you have found the right property, your realtor will prepare an offer to be presented to the Sellers Realtor. Your offer will be either accepted or countered by the Sellers with a counter offer.
- Counter Offer - This is when the Sellers return the contract with their terms and conditions. At this point you have the choice to either accept these terms or re-counter with new terms.
- Accepted - When both you and the Seller agree to all the terms and conditions in the contract the deal is considered accepted.
- Lawyer, Notary, Mortgage Advisors - Your realtor will assist you in finding suitable professionals.
- Due Diligence - Your Realtor will assist you in researching, evaluating, and reviewing all aspects of buying the property in order to start removing your conditions of sale.
- Subject Condition - These are specific terms on which the offer is conditional and each will have a date by which you have to complete them. By removing subject conditions the contract becomes firm and binding.
- Deposit - Your deposit will be held in trust by your real estate company and forms part of the purchase price upon completion.
- Firm - Once subjects have been removed the contract is firm and binding. Your lawyer/notary will contact you prior to the closing date to facilitate your understanding of the contract, mortgage contract and releasing of funds.
- Closed - The title of property is now transferable to your name and you will be able to take possession of your new home.