Your Ottawa Realtor!
1. Decide what you are looking for and when in a general sense. (location, type of home or condo, investment)
2. Find a Sales Representative who you feel comfortable with and meet to discuss your purchasing goals. Establish your plans and sign a Buyer Agreement that reflects those goals and deadlines.
3. Seek a mortgage pre- approval. Your sales representative may have a recommendation for this. Pre- approval helps ensure you are ready to make an offer on the right house with confidence. Remember though that this is an approval of your capacity to buy, a financial clause may still be necessary on an offer for your mortgage company to approve the house.
4. Begin looking for a good real estate lawyer. You can ask your sales representative for some recommendations. Meet with your lawyer to learn about typical closing fees so you can buget for these since they are not included in the mortgage funds. Budgeting now saves from being surprised later.
5. Look at homes that meet your criteria as recommended by our representative or choose from among the homes that are e-mailed to you. Report any properties you drive by to your sales representative for he or she to investigate and make an appropriate based onyour criteria
6. Keep your sales rep informed of your changing ideas. Be open to changing your vision. Often as we visit homes we become more realistic about our goals and necessary compromises.
7. The Offer: Once you find the home that meets most of your criteria, ask your sales representative to write up an offer (Agreement of Purchase and Sale). Your offer should consider all the elements the seller has listed as included and it is wise to try to meet the sellers closing date desires as much as possible to make the best possible impression with your offer.
8. Negotiate: Your sales representative will negotiate the terms of your offer through the Agreement of Purchase and Sale by communicating with the seller or seller’s sales representative. Once conditional, get on with actions to fulfilling any conditions you may have. Call your mortgage broker (who will already know you from your having done step #3) and contact an inspector. (Your sales representative will have the names of some inspectors.)
9. Your sales representative will keep you on track and prepare the paper work for fulfilling your conditions as long as you are satisfied that the conditions have been met.
10. Generally papers go to your lawyer as soon as the agreement is firm (conditions fulfilled). Make sure you have provided your sales representative with the name of your lawyer.
11. Your lawyer will do title search and co-ordinate all closing documents. Your lawyer will need to contact your mortgage broker to arrange the money transfer upon closing. Your lawyer will contact the seller’s lawyer to follow-up as well. Stay in touch with your lawyer to make sure that everything is on track. Make sure you visit your lawyer to verify the closing expenses that will be required for the property.
12. As soon as your purchase is firm, book a moving company. Your sales representative can provide some references for this if you need them.
13. Close to closing date your lawyer will make an appointment with you for final signing and for your final payment. Your lawyer will probably require a bank draft or certified cheque for the balance owed by you for closing.
14. Closing Day - Pick up your keys from your lawyer and go and move in!