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We will get to the key elements of Buying a property but here’s basically how it all flows…
1. After speaking to your Mortgage Broker you know exactly how much you are approved to spend and you have researched and chosen the best Realtor® for you.
2. Sign the documents to make it all go! Here is some of what will need to be filled out initially:
• Consumer relationship Guide – This shows the different types of relationships you can have with your Realtor when buying or selling. It also explains the duties your Realtor has to you and the duties you have to your Realtor.
• FINTRAC – This form is a validation of your identity for the Government to ensure you are not a financing terrorism or attempting to complete a Real Estate transaction to launder money (for real).
• The Exclusive Buyer Agreement – This form is the meat and potatoes of how your relationship with your Realtor® works.
3. You and your Realtor have narrowed down "your want and need list" so you both know exactly what to look for and exactly where to look for it.
4. You hit the streets and begin walking through potential properties. Since walking through multiple properties helps you further narrow your search down (and is key to knowing what properties are worth)...you walk through as many homes as you can stomach.
6. Eventually you find the one! Now, you and your Realtor® put together an Offer to Purchase to specifically lay out your Terms for Buying the home.
It is normal to make an offer with basic conditions attached to it. The most common condition is Subject to a Home Inspection. This allows you time to hire a professional to inspect the home and ensure nothing is wrong. The second most common condition is Subject to the Buyer Securing Financing. This just means your bank agrees with the homes’ value and gives final approval of your financing application by a certain date.
7. After some quick back and forth, your Offer is accepted and you move on to getting the home inspected while your Lender lines up the financing.
8. Once those conditions are lifted we fast forward to about a week before possession day when both parties will sign documents with their designated lawyer. On possession day, when the Sellers’ lawyer verifies funds have been received, you get the keys!