The buying process

A clear understanding of what you can expect during the Home Buying process can help minimize stress and lessen the possibility of surprises along the way. Below is a sequential list of what can be expected when purchasing your new home or investment property.

  1. MORTGAGE PRE-APPROVAL: determing the type and amount of mortgage you're eligible for is the first step in purchasing a home to ensure that we are looking at properties in line with your financial goals. 
  • Mortgage Brokers are independentand able to access various lenders and conventional banks to arrange for a mortgage that best suits your needs. These services are of no charge to you, as mortgage brokers are paid directly by the lenders.
  • Alternatively, you can apply for financing with a bank.
  • Then we will discuss your desired criteria for your new home. I will research available properties that best fit your needs, and set up viewings suited for your schedule. There are many avenues I will pursue in searching for your dream home, including:   
  HOUSE HUNTING:
  • All homes marketed by Royalty Group Realty real estate agents
  • All properties listed by the other brokers through the Mutiple Listing Service (MLS)
  • Properties not on the market yet
  • Open houses
  • Properties offered "For Sale by Owner"
  • Presale or new construction projects and developments (if applecable). Note - never buy directly from a developer at a Presentation Centre, always have trusted REALTOR representation who will act in your best interests not the seller.
   2.  SUBMITTING AN OFFER, NEGOTIATIONS, AND ACCEPTANCE: once we have found the home that really speaks to you and suits your needs, we sit down and write an offer making sure that it is drafted in such a way as to protect your best interests. Then the offer is sent to the agent representing the seller and I work diligently to negotiate the best prise, dates, and conditions on your behalf.

  3.  SUBJECT REMOVAL: we will have a set period of time, typically 1-7 business days, to satisfy all of our conditions (subjects) of the contract. Conditions of the offer can include financing approval, inspection, documentation review and oil tank scan - to name just a few. If all of your conditions are satisfied within the allotted time frame, we are able to remove our subjects and make the offer a firm sale. At this down, a 5% deposit (or more) will be payable, by way of a certified cheque or a bank draft

  4.  SELECT A LAWYER OR NOTARY: You will be required to select a real state lawyer or notary to transfer the Land Title of the property and register your mortgage, if applicable. You will need to set up an appointment with them 1-4 days prior to your Completion date.

  5.  PREPARE FOR THE MOVE: the time between subject removal and your possession date is the time for you to start packing. Book moving and cleaning services, and arrange for the connection and/or disconnection of hydro, gas, internet and cable services.

  6.  COMPLETION DATE: this is the day when the money is tranferred from the buyer to the seller and the Title of the property transfers to the home buyer. During your appointment with the lawyer you will be required to sign several documents and submit the balance of your downpayment, property transfer tax, and any other adjustments.

  7.  POSESSION DAY: congratulations! This is the day you were waiting for! The keys will be released and you can take possession of your new home!