Finding your Perfect Property
Congratulations, for starting your journey to home ownership there are a number of steps we need to take before we can get you sleeping in the bed of your new home. Let's go over them quickly.
2. Property Search
6. Sales Agreement
Ok I want to explain these quickly and simply so let's get into it.
Pre-qualification This is the stage you find out from a lending institution or mortgage professional how much you are qualified for. Fortunately we have a mortgage specialist that works with our agency who can let you know in less than 24 hours how much you'll be able to borrow. You can fill out our pre-qualification form now to get started. Click here
Property Search This is the fun part where we start to look for a place you will call home. This is when we check the MLS (multiple listing service) the place where every agent listing is posted, and we will check the repossession lists of every bank to ensure we find the right property for you.
Offer After we have found a property you like and and could see yourself living we need to make them an official offer, this document let's the owner know you are serious about moving forward and the terms of the purchase. This document includes purchase price, deposit amount, legal fees, and who pays the VAT in the transaction. It requires the signature of both buyer and seller.
Attorney After the owner has accepted your offer then you need to determine who will legally represent your interests. The law firm that represents you needs to be one that is approved by the lending institution. You can request the list from your financial institution but also ask your agent who they suggest from the list.
Deposit Now that you offer is accepted and you have decided on an attorney now you need to make a deposit to you attorney to show the vendor that you want to move forward and officially take the property off the market.
Sales Agreement This document is the official agreement of purchase this is a legally binding document that includes the terms of purchase and protection for both seller and buyer. The document is. a required document for the bank to offer your official approval of financing.
Appraisal As a part of the documents you need to submit to the bank for your official approval of financing will also be an updated appraisal that bears your name, this is a buyer's expense and could cost between $400 to $800. This document appraisal report lets the bank know that the property you like is worth them financing.
Financing This part of the process where the bank has all the required documents from you and now goes to work on getting you your official approval. This process can take anywhere from 21- 60 days to receive. This is a scary stage to be in because if not navigated properly your deposit could become forfeitable. You as the buyer need to understand the financing clause and what that means regarding your deposit.
Approval After the bank has done their due diligence and verified your information they may likely extend an approval to you for financing and prepare a commitment letter for you to sign in lieu of the mortgage document that will come later. At this stage the bank will instruct your attorney to prepare a mortgage document detailing you and the banks agreement for mortgage.
Conveyance After the mortgage document the attorney will complete a number tasks in an effort to complete this transaction, a title search being one of them. The attorney will also complete a conveyance document and help you close this transaction.
Closing What a journey, we have gone through a lot. Now that the conveyance is signed there are just a few more matters to settle before we can get you your keys, this could take up to a week to settle but after that is all said and done you are officially a new home owner.
If you are ready to start your journey to home ownership now let's get in touch so that we can start the process now and start working to making you a property owner.