Once you find the right home there are several steps involved in making it your own. From negotiations to getting everything together for the closing things can get pretty stressful. Having a real estate agent to guide you through this part of the process can be very beneficial, especially for first time home buyers. Real estate agents can also assist with homes that are for sale by owner. Here is a general guideline of what you can expect during the last phase of buying your new home.
Making an Offer
Your real estate agent will draw up an offer to purchase and send it to the vendor. The offer will include how much you wish to pay for the home, what will be included in the sale and the terms for closing. Pay special attention to what chattels are included in the sale. Make sure anything you wish to stay like appliances, window treatments or carpets are included in this section. The contract will also set a date for the closing, a time period for inspections and the deposit amount. Make sure you fully understand your offer as it is a legally binding contract as soon as the vender accepts your offer. Backing out of the contract can result in a lawsuit and loss of your deposit.
Negotiations
After your offer is drawn up it will be sent to the vendor who will either accept, decline or counter the offer. These negotiations can go back and forth several times before an agreement is reached. Your real estate agent will guide you through this process to help you get the best possible deal. Once you reach an agreement the deposit is due which is usually 1-3% of the total purchase price.
Under Contract
Once you and the vendor come to an agreement on the terms of the sale you are considered under contract. At this time you should contact your lender and supply the property details and other necessary information so that financing can be secured. Financing can take as little as two weeks to complete. However it is important to supply your mortgage broker with all the necessary documents as soon as possible in case there are any delays.
You should also complete an inspection of the home before the closing. A licensed inspector can determine if any major repairs are needed. If repairs are needed you may be able to negotiate a lower purchase price. The time period for inspections should be specified in the contract.
You will also want to consider purchasing a new home warranty. A home warranty will help cover any necessary repairs to your home in the next few years. Home warranties on real estate in Canada are specific to certain areas. Your real estate agent will be able to provide you with information on new home warranty programs specific to your province.
Closing Day
Closing day is the day where everything is finalized. You should be prepared to pay the down payment on your home today. You'll also need to pay closing costs which usually run anywhere from $ 1000-$ 2000. You'll finally get the keys to your new home - then all you have left to worry about is moving in!
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