BUYING A HOME

Sequence of Events

1. Offer to Purchase Agreement from buyer to seller
2. Counter offer from seller to buyer
3. Conditional agreement
4. Binding (firm) agreement

 

Possible Conditions

Financing
Satisfactory home inspection
Valid survey
Purchase of new home by vendor

NOTE: Consult your lawyer and realtor

Good Faith Deposit

Shows that buyer’s offer is serious

Held in realtor’s trust account

Credited towards purchase price

Consult your lawyer

How to Choose a Lawyer

 

Experience in real estate law

Personal recommendation (friends, neighbors, financial institution, real estate agent)

Personal rapport
Legal Process
Involve your lawyer or notary early

Home Inspection

Identifies major structural concerns
Educational tour of your new home
Provides peace-of-mind
Visual inspection only
Written report provided

Mortgage Pre-Approval

 

How much can I afford?

How much do I qualify to borrow?

Interest rate guarantee
How Much Can I Afford

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Next Steps
1. Obtain a mortgage pre-approval
2. Assess home needs
3. Find a realtor
4. Find a lawyer
5. Start looking for your dream home!