- Determine your budget: Before hunting for a property, pre-approval for a mortgage is a very important and first step to do because it helps you to understand how much you can borrow which save you time and effort in the long run. By determining how much you can afford and what your monthly mortgage payments are help you to avoid looking at properties that are out of your budget.
- Find a real estate agent: Finding a reputable and experienced real estate agent can be very helpful when looking for a property to buy. A good agent will have a thorough understanding of the local market and can provide valuable insights into available properties that meet your criteria. They can also negotiate on your behalf to help you get the best price possible and guide you through the entire buying process, including arranging for inspections, financing, and closing.
- Search for properties: Work with your real estate agent to identify properties that meet your needs and preferences through websites or apps.
- View properties: Once you have a list of properties that interest you, it's important to see the property in person and get a better sense of whether it meets your needs. During the viewing, make sure to ask any questions you have and take notes on the property's features and condition.
- Make an offer: When you have identified a property you want to purchase, it’s time to work with your real estate agent to submit a written offer to the seller. The offer will typically include the purchase price, any conditions of the sale, amount of deposit, and a proposed closing date. If there are competing offers, you may want to submit a stronger offer that stands out to the seller.
- Negotiate the offer: The seller may accept the offer as is, reject it, or make a counter If a counter offer is made, negotiations will continue until both parties reach an agreement and sign the necessary documents.
- Pay the deposit: If your offer is accepted, you will usually need to pay the deposit within two business days. This deposit serves as a good faith to show that you are committed to completing the sale. The amount of deposit could be vary in different situations.
- Satisfy and Waive Conditions: After your offer is accepted, finalize the mortgage approval and other financing details with a lender or mortgage broker. The bank may ask for an appraisal of the property you are purchasing. You may also like to have a professional inspector to examine the property to identify if there are any issues or things that need to be repaired on the property. If the property you’re purchasing has condo documents, you may want to have condo documents reviewer to read all documents and make sure you’re satisfied with the property you’re planning to purchase. If all conditions are satisfied, you can sign the waiver of conditions to firm up the deal. Otherwise, you may get your deposit back that you pay earlier.
- Prepare for possession: As soon as the deal is firm, the next step is to select a real estate lawyer who can prepare all legal documents of purchasing and overseeing the transfer of funds. Other things you may want to prepare before closing is to setup utilities, internet, insurance, and schedule a mover, etc.
- Close the sale: On the closing date, the bank will transfer the mortgage money to your lawyer, who will then transfer your down payment and the money from the bank to the seller’s lawyer. Once a seller’s lawyer receives the full payment of the property, he/she will notify seller’s agent to release the keys of the property to the buyer’s side. However, the government will need a few months to register the official land title after closing.
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