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  • Step1: Educate Yourself
  • Step 2: Consultation Itself
  • Step 3: Get Your Finance in Order
  • Step 4: Begin the Search
  • Step 5: Place an Offer
  • Step 6: Satisfy Conditions
  • Step 7: Closing Day
  • Step 8: Possession Day

Step 1: Educate Yourself

You are planning on getting one of the biggest investments in your life. It is important to educate yourself and learn the area and neighborhood you will be living in.

  • The Internet. The internet is your superpower to learn about market best you can.
  • Books. Even though internet saves you bunch of time on finding the information you need, if you are still hungry for knowledge, books and magazines is another great way to learn real estate deeper.
  • Consultation. It’s still better to have consultation booked to speak with professional agent. You’ll be able to find answers to all of your questions faster than searching for it via internet and other sources.

Step 2: Consultation Itself

It is important to have a personal meeting to discuss and address all of your needs and concerns. You don’t want to skip this step. As real estate market changes, you’ll need this meeting to stay informed of every change in the home buying process.

Step 3: Get Your Finance in Order

It is the right time to get pre-approved or speak with your mortgage specialist to finalize your budget for your newly planned investment.

Step 4: Begin the Search

As you’ve agreed on types of homes you’ll need and budget, it is time to start looking. It may take days or months to find the right house, but good real estate agent will be able to make this process as smooth as possible.

Step 5: Place an Offer

Once you have made your decision on placing an offer, it is important to consider following steps:

  1. Deposit. How much are we planning to sign on and will it have a good impact on the offer.
  2. Price – is another important aspect when buying a home. Price should be negotiable for the seller to consider you as a serious buyer.
  3. Conditions. This section should be discussed thoughtfully as well. Having conditions in your offer protect you and this is what we are looking for as a priority. However, having too many conditions may complicate an offer and scare away the seller.

Step 6: Satisfy Conditions

If your offer is accept, it is time to start satisfying conditions. It may be upcoming home inspection, attaining mortgage with your specialist or bank institution. After all, written notice is provided to the seller and their agent. The sale is considered firm and closed, when every condition is fulfilled and removed.

Step 7: Closing Day

At a closing day, you or your lawyer will take care of few things before Buyer takes possession:

  1. Notify utility companies of your planned move.
  2. Notify the city to avoid paying extra property taxes.
  3. Cancel your home insurance.

Step 8: Possession Day

Typical possessions are 30 – 60 days. Home buyers begin taking care of paperwork related to home buyer process. Meeting with lawyer is recommended a week before the possession. Down payment, insurance and other related to title concerns are addressed.

On the possession day you are meeting with your agent for a complete walk through of the home. At this time, we are looking for everything to be in a working order and ready to go. It will still give us enough time to notify lawyer of any problems before closing the offer fully. Once you receive your keys – it is time to enjoy your new and beautiful place called home!

Get the Homebuying Guide from Canada Mortgage and Housing Corporation here.