Information for Buyers - The Home Buying Process
Pre-Approval for Financing:
You will need to meet with a mortgage lender for a pre-approval. A mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.
With a pre-approval, you can:
- know the maximum purchase price of the home you can buy
- know the maximum amount of a mortgage you could qualify for
- estimate your mortgage payments
- lock in an interest rate for 60 to 120 days, depending on the lender
- The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability.
Take the time to figure out what type of property you want to buy. From single-family, condominiums to acreages, there are many different options on the market and it’s important to choose the type that best fits your needs and budget. Figuring out the town or neighborhood you want to live in is equally important. It is a good idea to list out and prioritize your needs (e.g. large backyard, size of home) before you begin your search. I will set you up on the automated email system so you can automatically receive any new listings matching your criteria the moment they hit the market. Once we find property/properties you are interested in I will arrange the viewings for us to take a look at the homes. I understand you may have a busy schedule and will always find availability that best suites your needs.
Making an offer:
Once you’ve found the home of your dreams, I will help you determine a fair price, based on sold comparisons, and help you structure an offer and negotiate to get the very best deal possible. I am a strong negotiator as well as having a good reputation with my fellow real estate professionals and I will advocate for my buyers to obtain the best possible price. Your offer will include very specific contingencies that will protect you and your money should any issues arise during the transcation.
Once an offer is accepted, I will guide you through the inspection processes and be present every step of the way to help you understand what’s normal and not normal. Should any concerns arise from the inspections, I will help you re-negotiate or remedy the concerns so you can comfortably move forward with peace of mind.
After the Sale:
You will meet with your Real estate Lawyer to sign your purchase documents and mortgage documents about 7-10 days before the purchase closing date. This appointment will take about 1 hour and during it the Lawyer will review all the documents with you and have you sign all the legal papers. Bring in any deposit money or down payment that is required to close the purchase at this time.
The Seller’s lawyer will have sent the Purchaser’s lawyer all the documents that are required by the Purchaser to transfer title to the Government of Alberta and in most cases the Purchaser’s lawyer will review the Seller’s documents with the Purchaser at this appointment.
On the Close date, the Purchaser’s lawyer will send to the Seller’s Lawyer the required money to close the transaction. The Purchaser’s lawyer will then send the documents to Land Titles for registration.
Once the Sellers has received the money from the Purchaser’s lawyer they call up the Seller’s Realtor and tell the Realtor to release keys. The Sellers Realtor then calls up the Purchasers Realtor and they make arrangements to meet the Purchaser to give them their keys to their new home.
Usually, this all occurs before noon on the closing date.
If you'd like to know about the home buying process, I would love to tell you all about it. Contact me!