BUYING WITH PAUL
The journey of finding my clients their dream home is an inspiring and personal areadventure, and as a realtor, it’s one of the most exciting tasks. The process of touring properties and finally finding the perfect match is both thrilling and rewarding for everyone involved.
Step-by-step guide for purchasing a property:
Mortgage Pre-Approval
- Buyer considers working directly with their bank (lender) or a mortgage broker
- Compare rates, terms and level of customer service offered between lender vs. mortgage broker then choose accordingly
- Buyer submits personal/financial documents to their lender/mortgage broker for the underwriting process
- The mortgage pre-approval will establish a buyers purchasing power
Agent/Buyer Meeting
- Buyer meets with Paul to discuss steps involved in the buying process
- Review of the buyer representation agreements
- Paul can accommodate signing the representation paperwork in-person or electronically via Docusign.com, including the mandatory review of the RECO Information Guide.
Define Property Search Criteria
- Determine budget, freehold vs. Condo, single-family detached vs. row home etc., number of bedrooms and bathrooms, size of home, preferred neighborhoods, proximity to schools or public transit, and of course, the buyers wish list for specific criteria that they hope to achieve.
MLS Auto-Email
- An MLS auto-search is created to notify the buyer via email of new active listings that fit their search criteria. This ensures a buyer is automatically updated of new listings, avoiding the buyer from having to perform daily searches online.
Start House Hunting
- The fun part...performing showings on favoured active listings!
- Buyer drives by favoured listing to assess its location, neighborhood surroundings and overall curb appeal. Upon confirming their continued interest, we move forward with the showing request.
- Paul schedules the showing according to the buyers availability
- Paul tours the buyer through the interior and exterior of the property
Offer Submission
- Buyer finds the perfect property. Time to submit an offer!
- Paul will perform an extensive market analysis and review recent comparable sales with the buyer to plan the offer strategy
- Offer submission and negotiation of sale price, terms and closing date
Offer Acceptance/Conditional Period
- Offer is accepted!
- Buyer's conditional period begins (i.e. financing, building inspection, septic/well inspection & water potability)
- If the buyer is purchasing a condo, ensuring their lawyer reviews the status certificate within the conditional period is crucial to ensuring the condo corporation is well managed, no special assessments are levied, and the reserve fund is healthy.
- Upon the buyer being satisfied with the results of the inspection(s) and final financing approval, it is time to submit the notice of fulfillment to the seller and proceed with a firm sale.
Firming Up the Agreement
- Firm sale achieved upon buyer submitting the notice of fulfillment of all conditions (NOF) to the seller.
Closing the Transaction
- APS and related documents submitted to lawyer by Paul on behalf of buyer
- Buyer opens utility accounts reflecting occupancy date
- Final walk-through of the property a few days/week prior to the closing date. This walk-through confirms that all chattels per the APS remain in the home and ensures the property has been left in a fair, clean and undamaged state following the seller moving out.
- Buyer meets with their lawyer to sign final closing documents, organizes down payment banking info and receives instructions on how to retrieve keys/gain entry to property once the transaction has officially closed.
*The listing process can vary slightly based on market conditions, but these are all the key steps in buying a property.
