Buying tips

It’s a good idea to get pre-approved for a mortgage before you start looking for a home. A pre-approved mortgage lets you know how much you can afford, what your interest rate will be and what your monthly mortgage payments will look like. Getting pre-approved can help you narrow your search down to a specific home type, size, or neighborhood. Getting pre-approved is not a guarantee of final approval for a mortgage.

An agent can help you find a home, tell you about the community, make an offer for you and negotiate the best deal on your behalf. Your real estate agent can be of great help in identifying properties that meet your requirements, by using a variety of tools that only they have access to.

Once you decide to visit a property, keep your requirements in mind, i.e. does it have all the features you want? does the location work for your lifestyle? Also keep some of the technical considerations in mind, such as: wiring, power outlets, heating, foundation and roof maintenance, windows, plumbing etc. Home inspections can provide an assessment of the technical aspects of a property and it is a good idea to have a professional inspection performed.

When you find a property that you would like to buy, your agent can put together an offer. The offer will include, the price you are willing to pay, the expiration of the offer, a closing date for the purchase of the home, and conditions for the purchase.

Once an offer is accepted and all conditions are met, then the offer becomes binding on both sides. If either party then does not honor the agreement, they can be sued or lose the deposit. therefore before signing, be sure that you fully comprehend all the terms of the offer.

Before the property can formally be handed over from the seller to the buyer, a few more things must be done. You will have to show proof of insurance to the institution that provided your mortgage. On or before closing day, the lawyers from both sides will arrange to transfer the property title from the seller to the buyer. The mortgage will be transferred to your lawyer’s trust account, and then to the seller. Your lawyer will bill you for all additional expenses such as land transfer taxes or outstanding legal fees. Also, be sure to check with your lawyer that everything is as stated in the offer-to-purchase.

Once this is complete and the keys are in your hands, then the home is yours!

Purchasing a home is associated with some extra expenses, such as: