Canadian Property Purchase - An Overview

Buying a house can be an exciting, if somewhat daunting experience! You will want to answer all kinds of questions. 

Typical One-Time Expenses    Back to Top

Typical monthly costs incurred with home ownership include mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

Understanding Market Conditions    Back to Top

The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer. Your realtor can provide you with current real estate market conditions and explain their impact.

Pre-Approved Mortgage      Back to Top

Finalising Your Mortgage     Back to Top

Once you've found the home you want to purchase, there are some documents you'll probably be asked for in order to finalize your financing. They will include:

1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.
2. A copy of the offer to purchase or the building contract, if this document has been prepared.
3. Documents to confirm employment, income and source of down payment (if not provided at pre-approval).

The Main Elements of an Offer    Back to Top

1. Price

Depending on local market conditions, your choice of representation, your opinion of value and market information we provide, the price you offer may be different from the seller's asking price.
 
 

2. Deposit

The Deposit shows your good faith and will be applied against the purchase of the home when the sale closes.
 
 

3. Terms

Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
 
4. Conditions

These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property".

5. Inclusions and Exclusions

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
 
6. Closing or Possession Date

Generally, the day the title of the property is legally transferred and the transaction of funds finalised unless otherwise specified.

How to make an offer    Back to Top

When it comes time to make an offer, we can provide current market information and assist you in drafting your offer.

We will communicate your offer, sometimes known as an "Offer to Purchase", to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. We can guide you through this process.

Offer to Purchase is a legal document which specifies the terms and conditions of your offer to purchase the home. The offer can be "Firm" or "Conditional".

Acceptance of the Offer
Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed, or one of you ends the negotiations.

Hire a Legal Professional    Back to Top

A legal professional is there to represent your interests and to process the legal documentation required. Your Realtor can provide you with the names of legal professionals who specialize in real estate. The legal process differs from province to province. Your legal professional will advise you on the steps to be taken before the keys to your new home are presented to you.

Have the Home Inspected (Optional but Recommended)    Back to Top

Having the property inspected by a qualified home inspector may give you the added confidence that you've made the right decision. When the procedure is complete, you will likely receive a full written report plus estimated costs for any necessary repairs.