Steps to Buying a Home
- Determine what you can afford
- Obtain a Pre-Approved Mortgage
- Factor in One time Expenses: eg., the cost of a home inspection
- Factor in Closing Costs: Land Transfer Tax (first-time buyers receive a rebate in Ontario); Lawyer Fees, Any Adjustments/Disbursements, Title Insurance are some considerations
- View Properties (potential homes that match your criteria and select the best ones to view)
- Be Prepared to Make an Offer
The Major Elements of an Offer:
- Purchase Price
- Deposit (due within 24 hours of offer being accepted)
- Conditions: for instance, Financing, Home Inspection
- Inclusions/Exclusions: eg, appliances, drapes;
- Closing/Possession Date: Moving in!
Note: Kinds of Offers:
- Firm Offer: that is, no conditions; if accepted, the house is yours.
- Conditional Offer: conditions exist within offer and there is usually an opt out if conditions are not met. (Consider Legal Obligations)
Covid-19 Declarations: With the new circumstance of Covid, buyers will need to read and sign covid declarations prior to in person showings
Brought to you By Amanda King
Contact me for a Virtual or In-Person Buyer Consultation!