Your home is usually the largest and most personal purchase that you are going to make and we do not take that lightly! There are many things to think about when you are buying a home from mortgages to contracts, property types and market value. It can feel intimidating but that's where I come in! Let's talk about the home buying process step by step.
CONSULTATION
The initial process is to set up a call or meeting with a real estate associate. If you haven't already, you will have to get pre-approved for a mortgage. Reach out to a mortgage specialist and if you do not have one in mind, I can put you in touch with a few of my mortgage contacts.
We will discuss what you are looking for in a home. As agents, we ask a lot of questions to get a clear picture of how you envision your next home but do not worry if you do not have all of the answers just yet. What areas of the city jump out at you? How many bedrooms are you looking for? How long do you plan to stay in this home? Do you have a Plan B if you do not find a place?
SHOPPING
Based on your criteria, I set up a personalized Property Portal for you. This is where you can access listings that match your criteria. We funnel out all the properties that are most suited for your taste & filter out the properties that do not work. You could also utilize the search tool on my website to get some idea of what you are looking for.
Once we've created a short-list of properties that pique your interest, we book appointments to view them in person - this is the fun part! Most buyers look at about 10 properties and are ready to make an offer. If we haven't found what you are looking for then I HIGHLY recommend we review your criteria to make sure we are looking for the right house.
If & when we find you the right home, I study the sales history of similar properties in the area to determine a market value for the home that you love.
OFFER
It is time to write an offer. The offer process can be exciting! When you are ready to write an offer, I will walk you through the Purchase Contract and help you strategize it. It is important for you to write a fair offer or you run the risk of the seller not responding. If this happens, you could lose the property or lose negotiating leverage if you choose to submit another offer. The goal is to get a counter.
CONDITIONAL PERIOD
Your offer has been accepted! Now what? This means the property is conditionally sold to you - the seller must sell it to you but the sale is not final yet. I will give you more detailed step-by-step details but in a nutshell, this is what will typically happen next. First, we deliver your deposit to the listing brokerage. This will go towards your down payment.
Once the deposit is taken care of we work away to satisfy your condition. The most common buyer conditions are financing, home inspection, condominium document review (only applicable if you are buying a condo). These are included in Alberta's standard Purchase Contract. Depending on your situation, some or all of these may apply to your purchase. I will work through the process with you to make sure your conditions protect you.
When all of your conditions have been satisfied, I will present you with a Notice of Waiver for signing. When this document is signed and returned to the seller, the sale will be final.
CLOSING
Almost there! This stage of the process is when your hands are busy signing documents. Sign mortgage papers with your lender so that they can send Mortgage Instructions to your lawyer. When you lawyer receives instructions, they will prepare your Transfer documents. The lawyer's office will then reach out to you to book a signing appointment.
When possessions day comes closer, I will do a final walkthrough of the soon-to-be-your's home. We typically do this the day before or the morning of possession. Funds are usually transferred to the seller around 12PM on possession day and then I give you your shiny new keys!
