Buyer's Checklist

owning a home is the Canada is a dream. It's also the largest investment most of us will ever make, so let’s go into it knowing what is, isn’t required and understand step by step process.

Step 1 – Get Pre-Qualified for a Mortgage

The first step to buying a house or condo in Canada is finding out  how much your bank is willing to lend you. When you pre-qualify for a mortgage, your lender will look at your income, your debts, your downpayment and your credit history. The preapproval should be in writing and will include a guaranteed interest rate (usually valid for 90 days). Pre-qualifying will ensure that you know how much mortgage you can get, which in turn will help you know what price range of homes you should be targeting in your search. It allows you to focus your house hunting efforts and eliminates the risk and uncertainty of financing once you find your perfect home.

Step 2 – Develop your Wish List

Knowing what you need and want in your home is critical. What are your  must-haves, your nice-to-haves, and your no-way-absolutely-nots? How many bedrooms do you need? What kind of outdoor space do you want? What about counter-tops, appliances, and floors? You can’t get what you want if you don’t know what you want. Of course, the location will be a big decision – what neighbourhood makes you feel at home?

Check out our  Toronto Neighbourhood Guides for the insider scoop on Toronto’s hottest neighbourhoods.

Step 3 – Hire me as Realtor to help you for your House Hunt

Buying a house or condo will likely be the biggest purchase you’ll ever make – but don’t worry,  you don’t need to do it alone, I am here to help you to make your dream true. I am license and insured realtor, have a good knowledge and experience in Real estate profession. I will walk with you throughout your real estate dream comes real !!

Step 4 – Property visit and select right one.

I will help to add your email registered with MLS system, which will send automatic email whenever property of your choice in desire area available for Sale, we will visit property together and will walk you through different properties until you narrow down the best suits your need. Remember real estate professional needs to do lot of background work for from selecting right property, booking appointment, and finding the detail information about the properties.

Step 5 – Make an offer

Congrats! Your house hunting efforts have paid off, and you’ve found the right home for you: it satisfies your wants/needs, it’s in your price range, and it feels right. The offer process is both exciting and nerve-wracking. We begin by drafting the Agreement of Purchase and Sale. The offer is a legally binding document which contains everything from the price you are prepared to pay, deposit, to the inclusions comes with property, to your ideal closing date (the date you take possession), to conditions that need to be met for the deal to go through. Once you’ve submitted your offer, the seller can accept it, reject it or sign back a counter offer. During these back-and-forth negotiations, you may need to compromise on small things, but I will work hard to get you what you want. And if you’re in a bidding war, I will make my best efforts to win best deal for you.

Step 6 – Meet Conditions and submit deposit

Conditions are requirements within the Agreement of Purchase and Sale that must be met for the sale to go through. In your offer, you may have included a financing condition, home inspection condition, and/or condition that allows your lawyer to review the legal details of the property, And of course, you’ll need to submit a deposit– an amount up to 5% of the purchase price, which is held in trust until close. Once the conditions have been met, the agreement is firm, and now it’s just a matter of waiting for your closing date. And of course, packing!

Step 7 – Prepare for closing and close the deal

You’re almost a homeowner! Closing is the point at which the  ownership and possession  of the property are transferred from the seller to you. It takes place once all the legal and financial obligations have been met. Generally before closing you have to finalize property insurance and have to register for your Hydro, water and gas bill, Closing the purchase will be a team effort: in addition to yourself, your lawyer and your lender will all be involved in helping close the deal.

Here's what you'll need:

  • Enough money to make monthly mortgage payments.  Duh! If a mortgage payment will bust your budget, you can't get rid of your landlord yet. Use a mortgage calculator to estimate your monthly payment.
  • Enough income to pay property taxes and homeowner's insurance.  The mortgage isn't the only cost you'll have each month. You also have to pay taxes and insurance. If you can't make those payments, say bye-bye to the house.
  • The ability to maintain the property.  You must keep a home in good repair or it will lose value and you'll lose money. You can do the work yourself or hire it out. Either way, you can’t ignore peeling paint and windows that won’t close, like you did when you were a tenant.
  • A decent credit record.  If you have lots of late payments, have declared bankruptcy or left old debts unpaid, it's harder to get a mortgage. And if you do get one, your bad credit record will make you pay a much higher interest rate.

Here's what you won't need:

  • A big down payment.  It's best to make a big down payment so you can skip paying private mortgage insurance (PMI) and lower your monthly payments, but it is possible to buy a house for almost nothing down.
  • Experience. As a buyer you don’t need experience, being Realtor and being real estate profession I am here to help you out.