Getting Pre-qualified for a Mortgage
This is an important step before your home search begins. You will need to contact a Bank or a Mortgage Broker to get pre–qualified for a mortgage. This will allow you to have an understanding of what you your Lender will loan you to buy a house or condo in Toronto. The pre-approval should be in writing and will include a guaranteed interest rate which is usually valid for 90 days. This will also give you an understanding of what your monthly mortgage payments will be. It is important to have your ducks in a row, so when the right property comes along you are ready to move forward with confidence and peace of mind knowing you have done your due diligence.
Buyer Consultation Session
Before the house hunting gets started, I meet with you and nail down your major needs, wants and must haves. It’s also important to define your desired neighbourhoods and price range. With that in mind, I can establish realistic expectations and plan a strategy to help you find the best possible scenario.
Your Property Search
This is when things really get fun. I will send you daily custom listings to match your criteria and will also make specific recommendations as properties come on the market. My goal will be to help you establish a comprehensive understanding of what your money can buy and what is good bang for your buck. When looking at homes and condos I will make you aware of any concerns that may impact your purchase or cause problems down the road. Once you find your dream home we can make an offer.
Making an Offer
The offer process is when things get really exciting! I will provide a comparative market analysis of the property to help you have an understanding of the true market value before deciding on your offer price. I draft the offer in the form of a Purchase of Sale Agreement which will define the price, deposit, closing/possession date, and things included in the sale (appliances, light fixtures, etc). I present the offer to the Seller’s agent and the negotiations begin! Depending on the scenario, the offer could be conditional on things such as securing your financing, a house inspection, or your lawyer’s approval of a condo’s status certificates. Once these conditions are satisfied, the deal is firmed up and the buyer provides the certified deposit cheque – which is usually approximately 5%. Now the deal is firm and you have to wait for your closing date in order to get the keys and take possession!
Closing the Deal
Now that the deal is firm and pending your closing/possession date, this is the time when you secure and finalize your mortgage for the property and plan to meet with your lawyer. You will need to be in town to sign the final documents with your lawyer leading up to the closing date. The Lawyer will release the keys to you once your mortgage is transferred on to the title of the property on the closing date and the home is officially yours!