Buying Tips
Buying Tips
In this home buying section, I will walk you through some of the very important points to help you quickly set up the notes in your home search.
- Contact a mortgage specialist & get pre-approved
- Review Purchasing Costs
- Property Tax
- S.T (only on new property)
- Legal Fees (Lawyer fee etc.)
- Home / Condo Inspection (if applicable)
- High Ratio Mortgage Premium (only if borrowing over 80% of the purchase price)
- Deposit (minimum 5% & forms part of the purchase price)
- Review First Time Buyer Savings (Tax rebates / RRSP withdrawals / Tax Credit)
- RRSP tax free withdrawal
- Define your Search Criteria
- Needs Vs. Wants analysis
- Neighborhood analysis (likes & dislikes)
- Determine what your budget will get you in your neighborhood of choice
- View property details from listings in your neighborhood of choice
- Tour open houses of qualified homes
- Make an offer
- Draft Contract of Purchase & Sale
- Determine Price, Possession date & Completion Date
- Determine Subjects such as Inspection, Financing & Paperwork)
- Submit Offer (with Expiry time and date)
- Sellers Options (Accept, Counter or reject)
- Place deposit check into the Trust Account of your Realtors Brokerage
- Select Notary Public / Lawyer
- Prepare for the move