When you are ready to buy a home there are 2 important steps needed right away

• Choose a Realtor ® to work with
• Contact a Mortgage Professional to determine what you can afford

When you buy a home you will not only be working with a Realtor you will be working with a team of professionals. Along with the Realtor the team will include a Mortgage Professional, Home Inspector, Lawyer and others. A Realtor® should be the first professional you contact. If you choose they will refer a Mortgage Professional to you as well as others along the way.

Finding Your Dream Home

Make 2 lists - a ‘want' and a ‘need' list. This will help your Realtor ® find the best home for you.

When would you like to move into your new home? This is very important to help with the search.

Next, after you have decided the type of home you want and neighborhood you would like to live in your Realtor will start searching for your new home.

Obtain a Pre-approved Mortgage

Your mortgage professional will assist you by obtaining a pre-approval. The pre-approval will show what you can afford.

Searching

Your Realtor has access to the up to date listings on the multiple listing service and will be notified immediately when a new listing becomes available that would suit you.

The Offer

Your Realtor® will complete an Agreement of Purchase and Sale with your best interest and needs at heart. They will take into account your personal needs to customize the wording of the Agreement to best suit and protect you.

Arranging the Financing

Your Realtor® will have all the paperwork delivered to your mortgage professional as soon as possible after your offer is accepted.

Have the Home Inspected. . .

. . . by a Registered Home Inspector . Feel free to use an inspector of your choice or your Realtor® may recommend a few to pick from.

The Lawyer

Depending on your circumstances, you may wish to have the lawyer approve of the documents as a condition of your offer. If that is the case your Realtor will ensure that the documents are sent to the lawyer as soon as the offer is accepted. Otherwise the lawyer will be given the documents after the conditions are met in the agreement.

Working with me to find your Dream Home

I will . . .

. . . Explain the process of buying a home and assist you with making your wants & needs list

. . . Explain Buyer Representation and the benefits of having a Realtor® work for you

. . . Assist you with obtaining a pre-approval from the mortgage professional

. . . Add you to my “Premier” Buyer program and go over the current listings with you as well as initiate an auto-notification system where you will be emailed new listings that match your criteria immediately after they are added to the MLS system.

. . . Show you properties and be honest with you in regards to the suitability of the house for you

. . . Draft an offer tailored to your needs

. . . Explain the offer to you in detail including deposits, clauses for your protection, inclusions & exclusions

. . . Negotiate the best price and terms for you until we have an agreement

. . . Forward all necessary documents to your lender in order to secure your financing after the offer has been accepted

. . . I will assist you in choosing a lawyer if you do not have one

. . . Assist you in choosing a building inspector and be present at the home inspection

. . . Complete all necessary paperwork to complete the sale process before the time set for conditions to be completed

. . . Forward all final documents to your lawyer when the deal is unconditional

. . . Be available to answer any questions or concerns you may have

Costs Associated with Moving

Mortgage Application Fee – payable at time of application

Deposit - payable at time of Offer (Your deposit will be cashed and held in the realtors trust account and is credited against the purchase price on closing)

Property Inspection ($300-$350) - payable at inspection

Down Payment – payable at closing

Legal Fees ($700 approx.) - payable at closing

Legal Disbursements - payable at closing

Title Insurance - payable at closing

Property Survey - payable at closing * if necessary

Land Transfer Tax - payable at closing

This chart will allow you to easily figure out the amount of Land Transfer Tax that
will be payable on your purchase.

$0 - $55,000 x .005 = tax

$55,000 - $250,000 x .010 – 275 = tax

$250,000 - $400,000 x .015 – 1,525 = tax

$400,000 + x .020 – 3,525 = tax

Adjustments: Heating (fuel), Taxes, etc. - payable at closing

Mortgage Insurance - payable at closing

Insurance for building & contents - payable at closing

GST is not applicable on the purchase of a re-sale home.

It is a good idea to budget approx 2%-3% of the sale price or $3,000 - $5,000 on closing costs. The expenses above are only an approximation and are not warranted. The actual amounts will vary depending on the transaction.