This should be the first step when looking at buying a home. By doing this, you will know how much you can afford. The process involves filling out an application, having your credit bureau pulled, and going through your income and down payment documents.

Once you are pre-approved, it is now time to find a Real Estate Agent. Your Agent will help you find a home based on what your needs and wants are. Real Estate Agents don’t cost you anything when you are using them to buy a home. They get paid by the seller.

Your Agent will help you compile a list of homes that you wish to view in person. They will contact the sellers to set up the viewings. Sometime when you find a house you love, you may want to view the home more than once. Your Agent will walk you through the home and answer any questions you may have. Prior to the viewings, your Agent does research on the home and area.

You have found the one!! Now you need to make an offer on the home. Your agent will show you comparable homes that have sold in the area to determine a fair starting offer. He/she will also help guide you with the proper conditions to add to the offer (ie: home inspection, conditions of financing, etc) to guarantee you have taken all the proper steps to ensure a thorough investigation of the property. The seller may come back with a counteroffer. Your agent will help guide you through the entire negotiating process.

They have accepted your offer! You and your home buying team (Realtor, Mortgage Broker, Home Inspector, etc) have 7-12 days to satisfy the aforementioned conditions that were outlined in the offer.

Once your offer is accepted, it will be sent over to me, by your Real Estate agent, to finalize the details of your mortgage and obtain a full, unconditional approval. The lender will require a list of documentation in order to close the mortgage. Common docs include (but not limited to): Job Letter, paystub, and proof of down payment. Every situation is a little different, and Every Mortgage has a Story.

During the approval process, your Real Estate agent will order you a home inspection if this was one of your conditions. Once all conditions in the offer have been satisfied, you will fill out a “Removal of Conditions” form finalizing your purchase. YOU ARE NOW OFFICIALLY A HOMEOWNER!!!

Cancel or transfer your utilities one to two weeks prior to taking possession of your new home. Talk to Canada Post about forwarding your mail to the new address, unless you have a Box number that isn’t changing.

A lawyer is needed to close and finalize your purchase. They are the ones that handle all money transfers, tax arrears, registration of the mortgage, and transferring the title into your name. This is also the time that you bring in a cheque for your down payment. The lawyer will also require that you bring in confirmation that you have home insurance set up on the new home. Let me know if you need a recommendation for home insurance.

Make sure you use a lawyer that does quite a bit of Real Estate. Most lawyers think Real Estate law is easy… until it isn’t. If there is an issue that comes up during your transaction, you will want someone that knows what they are doing!

Your Real Estate agent will contact you once he/she has bee notified by the selling agent that keys are available. They will arrange a time with you to meet at your new home to give you the keys and complete a walkthrough of the home.