Steps to Owning a Home

Step 1- Make the Decision to Buy

For most people, buying a home is the biggest decision they will ever make. Buying a home is certainly a very exciting time, but it is important that you know all the facts and make sure buying makes financial sense for you and your lifestyle.

Step 2- Get Professional Guidance

Whether you are looking to buy or sell, it is important that you get help and advice from a trusted real estate professional. Your real estate agent should act as a consultant and guide you through the entire buying process. That includes answering questions about the neighborhood, market conditions, schools, and helping you get the finance you need. At the same time, your agent will assist you in acquiring a pre-qualified mortgage loan. This will show lenders you are committed to purchasing a home and make your financing arrangements a lot easier.

Step 3- Begin the Search

To begin the search, you should have a general idea about the type of home you want. Your real estate professional will use all of their resources to find homes that fit your criteria. Your agent will also be able to advise you on “hot” markets and any good deals that are available. After touring some homes, your search will be narrowed down, and you will be one step closer to finding your dream home!

Step 5- Finding your Dream Home

After you find your dream home, your agent will begin the process to get you moved in as quickly and easily as possible. The process usually begins with putting together an offer to the seller that is tailored to your needs. After the seller accepts the offer, closing is usually held within 30-90 days from the offer date, but can be tailored to the needs of the buyer and seller. 

Step 6- Negotiate the Deal

It is very likely that the seller will submit a counter offer. This should not discourage you. Your agent will help you assess the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Your agent will be well-prepared to make this step easy and stress-free. 

Step 7- Arrange Financing

During the closing period, you will be working with your mortgage lender to obtain the financing you require. Your agent will also be involved in this step by gathering the necessary property information that the lender requires to help you get that much closer to the end. At the time of submitting your loan application you will be presented with closing cost estimates and the expected down payment.

Step 8- Choose a Lawyer

Now that the offer is accepted and you've started the process with the financial institution you should also choose a lawyer to represent you in the Transfer of Title, they will look into any issues that maybe on title during what is called the "Title Search" period usually 2 weeks before closing, if anything is amiss or problematic, they will notify you and a request will be sent to the sellers lawyer to correct the matter (if appropriate) before closing. Usually the title search and closing will happen without incident.

Step 9- Close the Deal

On the day of closing you will be asked to pick up the key from your lawyers office and sign the final documents that will have the title transferred to you. Prior to this meeting the lawyer will contact you to request that you bring a certified cheque or bank draft with the total amount due on closing. This amount usually includes but not limited to the downpayment (less deposit), land transfer tax(es), lawyer costs, etc.. and may also include property taxes, utilities & maintenance fees (if any) that may have been payed by the previous owner.

Step 9- MOVE IN!

The most exciting step in the home buying process- moving day! A little bit of planning here will help ease the pressure of moving. Your agent’s work doesn’t end here. You will be provided with a checklist of reminders to help make your moving experience a delight!