I want to buy a home - now what?

Purchasing a home is a major investment, and sometimes people don't know where to start. We've found that the following checklist helps give the process some structure and makes it more manageable. If you have questions on any of the steps outlined below, don't hesitate to contact the members of our team at any time.

STEP 1. SELECT REPRESENTATION THAT MEETS YOUR NEEDS

- No Representation
- Dual Agency
- Buyer Agency

STEP 2. DECIDE IF HOME OWNERSHIP IS RIGHT FOR YOU

- Clarify your financial picture.
- Determine whether or not to put your home on the market while searching for a new home.
- Determine how much house you can afford, predict your monthly payment.
- Determine how much money you can use as a down payment.
- Determine a time frame for moving and clarify your expectations.

STEP 3. MAKE AN APPOINTMENT WITH A LENDER FOR PRE-APPROVAL

- Gather your financial information and documents.
- Talk to a lender about Pre-approval
- Determine purchasing power; define price range.

STEP 4. EXAMINE YOUR NEEDS IN FINDING A HOME

- Set priorities for size, location, style, features.
- Select Search Areas.
- Contact your Buyer's Agent, and provide him/her with the criteria you want in your new home.
- Select Homes with Buyer Agent.

STEP 5. PREPARE AN OFFER

- Discuss with your Buyer Agent what is negotiable and what is not.
- Determine amount of Down Payment you will be depositing.
- Determine Possession dates. (when you need to move in!)
- Discuss any repairs that need to be completed by seller before closing.
- Have your Buyers Agent put personal property items in the contract which you'd like the homeowner to leave with the property.
- Discuss whether or not you will hire a home Inspector
- Discuss subject clauses that you want in your contract For example :
- Subject to Financing: You must be approved for the loan before being approved to purchase this home.
- Subject to Sale: Do you need to sell your existing home before being approved to purchase this home?
- Subject to Inspection: Do you want to inspect the home for defects before purchasing this home?
- Prioritize your needs. Every negotiable item can be favorable or unfavorable to your offer.

STEP 6. NEGOTIATE AN ACCEPTABLE OFFER

- Offer/Counter offer- Make sure you are realistic during this back and forth process, know when to compromise and when to walk away.
- When the contract is accepted, a finalized settlement schedule and deadlines should be in place.

STEP 7. OBTAIN LOAN APPROVAL

Put all documents together for your Mortgage Broker (including a copy of the accepted contract) for final mortgage approval.

STEP 8. PERFORM A HOME INSPECTION

Schedule (and arrange to be present during) Professional Home Inspection.

STEP 9. REMOVE SUBJECTS

- If you are satisfied that all conditions of your contract have been met (eg. Financing, home inspection etc), sign the paperwork to remove the subject clauses. At this point, the contract is a binding legal document.
- Provide deposit to be held in trust until the completion day
- Choose a lawyer or notary tol represent you in drawing up the final documents.

STEP 10. PREPARE FOR CLOSING DAY

- Schedule Moving Company
- Finalize closing date, time, and location and coordinate with all parties.
- Purchase Home Insurance
- Review final documents with your lawyer
- Transfer utilities into your name.

STEP 11. GO TO CLOSING DAY! GO GET YOUR KEYS!