First steps…
• Visit a bank and discuss mortgage requirements
• Apply of a mortgage pre-approval
• Search for a property that you like and that suits your needs
• Decide how much that property is worth to you and what you can afford
Make an offer
Take into consideration whether you will need:
• To get approved financing from a lending institution for your purchase
• To have a structural survey of the property to assess any faults
• To have the boundaries clearly defined by the seller
• Other conditions like vacant possession, selling another home first, etc.
Once the offer, including price, terms and conditions, is presented and accepted by the seller, the following is what you should expect to happen next:
Once an Offer is Accepted
• The Sales & Purchase Agreement (SPA) or Contract is drawn up
• You contact your lawyer asking them to handle the conveyance on your behalf.
• The contract is checked for accuracy by your lawyer and the seller’s lawyer
• Lawyers give the go-ahead for both parties to sign
• When you sign the contract, the 10% deposit is due and paid to your lawyer
• You are only “In Contract” once both the buyer and seller have signed and the deposit is put down
• The seller cannot sell the property to anyone else at this point
• If any of your terms and conditions are not met within the specified time frame, you can choose to nullify the contract and have your deposit monies returned to you with interest
• Once the terms and conditions are met, you will forfeit the deposit if you pull out
• The property sale closes on the closing date as noted in the contract, monies and keys are exchanged at the lawyer’s offices
• Visit a bank and discuss mortgage requirements
• Apply of a mortgage pre-approval
• Search for a property that you like and that suits your needs
• Decide how much that property is worth to you and what you can afford
Make an offer
Take into consideration whether you will need:
• To get approved financing from a lending institution for your purchase
• To have a structural survey of the property to assess any faults
• To have the boundaries clearly defined by the seller
• Other conditions like vacant possession, selling another home first, etc.
Once the offer, including price, terms and conditions, is presented and accepted by the seller, the following is what you should expect to happen next:
Once an Offer is Accepted
• The Sales & Purchase Agreement (SPA) or Contract is drawn up
• You contact your lawyer asking them to handle the conveyance on your behalf.
• The contract is checked for accuracy by your lawyer and the seller’s lawyer
• Lawyers give the go-ahead for both parties to sign
• When you sign the contract, the 10% deposit is due and paid to your lawyer
• You are only “In Contract” once both the buyer and seller have signed and the deposit is put down
• The seller cannot sell the property to anyone else at this point
• If any of your terms and conditions are not met within the specified time frame, you can choose to nullify the contract and have your deposit monies returned to you with interest
• Once the terms and conditions are met, you will forfeit the deposit if you pull out
• The property sale closes on the closing date as noted in the contract, monies and keys are exchanged at the lawyer’s offices
