While buying a home is never a set process or time frame, here is what to expect while buying a home with a real estate agent:
1. Search and interview multiple real estate agents
You will be spending a lot of time with your real estate agent so ensuring you feel comfortable with him/her will help make the process fun even in stressful times. Your realtor should know the ins & outs of the local real estate market.
2. Sign a buyer’s agreement
A buyer’s agreement is a contract protecting you and your real estate agent during your home buying process. It is recommended that you sign a buyer’s agreement with your real estate agent after a few home showings.
3. Get preapproved for a mortgage
Your real estate agent will be able to help you find a reputable Mortgage Broker or provide you advice on what to ask your bank to get preapproved for a mortgage. It is always a good idea to get preapproved for a mortgage BEFORE you start looking at homes so you know how much you can afford.
4. Go look at homes
Your real estate agent will set up a search for you according to your home buying requirements and in your affordability budget. When you select the houses from his list of properties, you go check out those houses with your realtor. After looking at the properties you shortlist the one you like the most and that fits your budget. Your agent will do the price analysis of that property so that you do not pay more than what the property is worth.
5. Put in an offer
When you find a home you love now is the time to put in an offer. Your agent will walk you through the legal contract and advise you of what you should or shouldn’t include helping your offer stand out. The main parts to pay attention to in an offer is the offer price, deposit, closing date, the conditions and inclusion/exclusions of the fixtures.
6. Your offer is accepted by the seller
Congratulations, your offer has been accepted! Once your offer has been accepted you will have to provide the seller’s representative with the deposit you agreed upon within 24 hours. You will also have to inform your Mortgage Broker and have your real estate agent send over the necessary paperwork.
6. The Conditional Period
After your offer has been accepted, the conditional period starts from the next business day. Most of the times the conditional period is 5 banking days. These days you get the firm mortgage approval from the mortgage broker or the bank. After that, the home inspection is scheduled and performed, If any issues with the property, it will be discussed & negotiated before you sign the waivers. After that, the deal goes firm and after this, no party(the buyer or the seller) can back out of the deal without facing the legal consequences.
7. Complete the remaining paperwork
Within the months/days leading up to your closing date, you will need to ensure all paperwork is complete. You will meet with your lawyer and Mortgage Broker to ensure all necessary items are finalized.
8. Head to your lawyer’s office to get the keys!
On the closing day, you will meet at your lawyer’s office to sign the final paperwork and provide them with your down payment and other closing costs. They will then forward all the completed docs and money to the seller's lawyer. And you can now about to be a homeowner, The lawyer provide you with the keys to your new home!
9. Move into your new home!
Before you start to move everything in you should go around your new home and check to ensure all appliances and lights are in working order and that the seller has not left anything behind.
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