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Home Buying Process

Home Buying Process
by

David B. Rodgers

on 28 February 2013

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Transcript of Home Buying Process

THE
HOME BUYING
PROCESS STEP 1 FIND
AN
AGENT FINANCIAL
QUALIFICATIONS FINANCIAL QUALIFICATIONS - ARE YOU READY FINANCIALLY? STEP 2 VIEW
PROPERTIES MARKET
RESEARCH Needs Vs. Wants
MLS.ca/Realtor.ca & Toronto MLS VIEWING PROPERTIES / MARKET RESEARCH STEP 3 SELECT
HOME WRITE
AN
OFFER YOU'VE FOUND YOUR DREAM HOME
NOW IT'S TIME TO WRITE AN OFFER Making/Writing An Offer
Agreement of Purchase and Sale
Key Points:
Buyer/Seller
Legal Address
Purchase Price & Deposit
Dates:
Irrevocable Time
Title Search
Completion Date [Closing Date]
Chattels & Fixtures
Common Expenses STEP 4 DONT WORRY, IT'S ALMOST OVER

WE PROMISE! :) NEGOTIATION ACCEPTANCE
&
DEPOSIT STEP 5 TERMS
&
CONDITIONS FULFILLING
YOUR PURCHASE
CONDITIONS STEP 6 CLOSING FUNDS TRANSFER
GET KEYS HOW DO NEGOTIATIONS WORK? FULFILLING YOUR PURCHASE CONDITIONS There Are Many Types Of Conditions
Each Offer Is Different
Home Inspection
Arranging Financing
Property Appraisal For Loan
Status Certificate [For Condos Only]
Provide Survey [For Freehold Only]
Arranging Property Insurance
Revisiting Your New Home WHAT HAPPENS AT CLOSING? QUESTIONS & ANSWERS Pre-qualified Vs. Pre-Approved
Getting Pre-Approved And How Much Home You Can Buy
Determine How Much You Want To Spend, And How You Want To Finance Your Home
Budgeting Cash Flow For Deposit, Down Payment And Closing Costs FINDING AN AGENT AND GETTING YOUR TEAM TOGETHER It's Free!
It's In Your Best Interest Too
Lawyer
Mortgage Consultant
Home Inspector Closing Period:
Typically 60-90 days For Resale
Longer For New Construction
What Goes On From The Time Conditions Are Cleared To Closing Day
Preparing For Closing:
Final Balance
Mortgage Transfer
Final Revisit
Book Elevator For Move [For High Rise Condo]
Registration With Property Management [For Condo]
Arranging For Move
Set Up Utilities
Change Of Address
Title Search
Lawyer Closing Appointment
What Happens On Closing Day [Keys Transfer, etc...] Time Is Of The Essence - Irrevocable Time
Presenting The Offer To The Seller
Accept, Reject, or Counter Offer (AKA Sign Back)
Prices, Dates, Conditions, Chattels & Fixtures
Multiple Offers YOUR OFFER WAS ACCEPTED, NOW WHAT? Deposit: Herewith or Upon Acceptance
Must Be Bank Draft or Certified Cheque
24 Hours Within Accepted Offer
Must Have Access To Funds
Deposit Is Held In Trust By Listing Brokerage
Deposit Is Returned To You If The Deal Falls Through AS YOUR BUYER REPRESENTATIVES
WE'LL BE WITH YOU THE ENTIRE WAY DON'T WORRY INTERESTED IN REGENT PARK? STICK AROUND TO CHAT WITH US
ABOUT THE NEIGHBOURHOOD First year net payout is more.
By the time the second year comes around, buying already works out to be more favorable than renting based on today's interest rates and appreciation.
The longer you stay in your home, the better to justify that buying makes more sense than renting as shown in the overall chart.
Everyone needs a roof over their head in the long term, if the individual can afford the expenses, buying is a great investment!
Full transcript