Buying
Grande Prairie Home Buyer's Guide
1. Deciding to Buy
If you have decided you want to buy a property the first step is to talk with a qualified mortgage specialist. This will help determine how much of a mortgage you can get approved for. It is important to find this out before looking at homes in case you find a home you love but don’t get approved for.
2. Pre-Approval
Once you have been pre-approved now is the time to find a Realtor and shop around! Note that you will need to sign an “EXCLUSIVE BUYER REPRESENTATION AGREEMENT”, “CONSUMER RELATIONSHIP GUIDE.” Your Realtor will have to fill out a “FINTRAC IDENTIFICATION FORM” which requires a photo of your license. These contracts are put in place to legally protect the buyer and the Realtor.
3. The Benefit of a Realtor
The benefit to using a Realtor is they are experts on local neighborhoods and home prices and can help you find a place that suits all your needs. Not to mention they are FREE. A common misconception when you buy a home is that a Realtor will cost you money. This is false. Only the sellers pay Realtor commission.
4. You Find A House
Once you have been pre-approved now is the time to find a Realtor and shop around! Note that you will need to sign an “EXCLUSIVE BUYER REPRESENTATION AGREEMENT”, “CONSUMER RELATIONSHIP GUIDE.” Your Realtor will have to fill out a “FINTRAC IDENTIFICATION FORM” which requires a photo of your license. These contracts are put in place to legally protect the buyer and the Realtor.
5. The Purchase contract breakdown
Your Realtor will help you negotiate the deal until you come to an agreement on price. We’ll help negotiate day of possession, day when a deposit is due, inclusions, title insurance or real property reports, condition dates, and any other stipulations. Condition dates are for the benefit of the buyer and seller. The buyer will generally opt for finance and property inspection dates. This way they give themselves time to get their finances in order. and also inspect the home thoroughly before committing to buy it. Sellers do not always include conditions in the sale of their house. However. there are circumstances where the seller may opt for conditions. such as the purchase of a new home. They can set a date in place to ensure they are able to purchase their next home before selling their old one. These are just a few examples of different conditions and they can vary depending on each circumstance.
6. Dates Have Been Met
Once the deposit has been handed in, condition dates have been waived, and all other terms have been met, the house is officially marked sold!
7. The Law Office
Once the house is sold, all documents that have been signed are sent to your lawyer of choice. There is always a period of time between when the last condition was met to the possession day so it allows time for packing, meeting with the lawyers, etc. Once the documents make their way to the lawyers they will be met with your mortgage instructions (which is sent by your mortgage broker/lender) where your lawyer and their paralegal will bring both the deal and mortgage together. You will have to go in and sign additional documents with your lawyer.
8. Possession Day
Normally keys are released to your Realtor around 12 noon on the day of possession. You can set a time that works best for you to meet with them and they will do a walkthrough of the house with you.