Buyers

HAVE YOU FOUND A HOME YOU WOULD LIKE TO PURCHASE?

CALL JUDY TO HELP YOU PREPARE, PRESENT, AND MANAGE YOUR OFFER

        - THERE IS NO COST TO YOU

     AND YOU RECEIVE

        - 29 YEARS EXPERIENCE IN NEGOTIATING HOME PURCHASES

        - PROTECTION AGAINST ERRORS AND OMISSIONS PROVIDED BY A LICENCED REAL ESTATE AGENT

        - THE COMFORT OF KNOWING THE PROCESS IS "DONE RIGHT"

 

HOME PURCHASE PROCESS

 Once a Buyer decides to buy your home or if you have found a home you would like to purchase the Buyer’s realtor prepares a Contract of Purchase and Sale form. This document identifies the property you wish to buy, you as the purchaser, and the terms you wish to state in the contract.  Judy will guide you through the preparation of this document.  Judy then presents this document to the Seller and the Seller’s agent.  The Seller will do one of three things:

  1. Not sign the Contract of Purchase and Sale thereby not accepting or considering your offer.
  2. Sign the Contract of Purchase and Sale as you prepared it.  In this case you now have a firm and binding offer and you will need to make a deposit of approximately 5% of the purchase price.
  3. Counter one or more of the conditions on the Contract of Purchase and Sale you presented.  Typically, they will counter the price but they may choose counter the dates or any of the other conditions you made in your offer.  At this point there is no binding contract in place.  You can now accept their counter offer by signing the document.  If you sign the counter then you have a have a firm and binding offer.  You may counter the Seller’s offer and the process is repeated until both parties the same conditions.

If there are conditions (called subjects) in your offer they will need to be addressed in the time specified.  Typically, the subjects must be cleared in week.  Subjects are generally placed in your initial offer to protect you.  For example you may wish to include a “subject to financing” whereby you have the time specified to meet with your lender and confirm your financing.  Other typical subjects include subject to financing, subject to inspection, subject to reviewing the titled, or in the case of strata property subject to obtaining, reading and being satisfied with the strata minutes for the past two years.

 

 

Once you have an Accepted Offer you will need to complete a number of steps:

  1. Acquire the services of a lawyer or notary public. Determine who will represent you during the completion of the transaction.  There is a short list of individuals who will provide conveyance services to you in this document. Your conveyance lawyer or notary will:
  • Search the title to make sure it is free of complications.
  • Make sure the property taxes are up to date.
  • Prepare all the documents to transfer ownership to you.
  • Ensure that the seller's mortgage is discharged.
  • Prepare a Statement of Adjustments showing the money you owe.
  • Arrange for the transfer of money from your lender to the seller.
  • Ensure you are registered as the owner in the Land Titles Office.

The Completion Day is the day you legally get ownership of the house. There are several things that will take place.

Your bank will forward the mortgage funds to your lawyer/notary.

You must pay the balance owing, including the down payment, legal fees, property transfer taxes, and any other completion costs. Your lawyer/notary will pay the seller and register the home in your name with the Land Title Office.

The listing real estate agent will supply the keys to your new home.

It is essential that you research and obtain the appropriate insurances for you purchase including”

  1. Fire, liability, and theft insurance
  2. Specified insurance for valuable possessions you may own
  3. You may wish to consider Life Insuring your mortgage.  I recommend that you do not accept the offer to life insure your mortgage from the lender.  Rather, obtain personal life insurance from a qualified life insurance broker.