So many questions start to pop up. Where do we want to live? How does the financial part work?
What are the fees that I will be paying?
I have assembled a short checklist for you to use, to help you along the way. FINANCIALSDate Booked_______________________Time __________ Mortgage Specialist______________________
Schedule a meeting with your mortgage specialist to sit down with you and go through your numbers. This will consist of your annual income and any debts you may have acquired. If you are going to have a relative co-signing for you, they also need to be present for this meeting. You may qualify for the First Time Buyers incentives, ask your mortgage specialist to go through this with you. Finding a new home can be exciting when you know the price range you can look in. Getting pre-approved will take some of the stress away. LAWYER
You will need your lawyer's information when you put in an offer. Have his/her name, address,phone and fax number available for your realtor. They will be taking care of the closing for you and you will need to check what that cost will be for you. REALTOR
Finding your realtor. It could be a family member , or you may get referred to by one of your friends or family. Which ever one you choose, be comfortable with that person. This is the person who will be helping you find your new home. Once you have decided who you will be using, make an appointment to sit down with them. It is easier to plan all the things you are looking for then to do wild searches. Your realtor will know what your are looking for by the plan you have set out. If you find something out of the plan, send it to your Realtor. They will set up the appointments for you to see the homes. HOUSE HUNTING
Being excited is allowed at this point. You will now be on the search for the perfect home. Some houses may not be perfect right from the start but may have the potential to be perfect later with a little or a lot (depending on how handy you are)TLC. This is one of the things your realtor may have discussed with you while setting your plan in motion.
Notes: MAKING AN OFFER
You have found the house you want to buy, Your realtor will then get the forms ready for you to sign. In this process, your realtor will have the price you want to offer for the property, the conditions you want to place, (financing, inspection, any items you wish for them to leave , ex: pool equipment, play structures, grounds equipment) and the closing date. After he/she has gone over everything with you and everything is signed, your realtor will then present it to the Listing Realtor. The Listing Realtor will then take it to the seller who will look at your offer and the conditions you have in place. The seller may sign back with another amount or different conditions at this point.
FINALIZINGDate________________________Time__________________ Mortgage Specialist_____________________________Date________________________Time__________________ Lawyer_______________________________________
Date__________________________ Time___________ Inspector_____________________________________
Once you have your offer in and they have excepted your terms of a home inspection, this is when you will want to book an appointment with a professional home inspector. You may ask to see their license when they arrive at the house you want inspected. Your realtor should also be with you at this time. The inspector will go through the whole house, inspecting the electrical,plumbing, HVAC, structure of the home and any other essentials on the type of property being inspected. If there is a wood burning appliance in the home, the sellers should provide a WETT inspection they have had done. Country and commercial properties will require different types of inspections. Make sure to ask your inspector what type of inspection they will be providing you.
In the case of a NEW home. The builders will have a NEW BUYER'S WARRANTIES in place. This is used when you buy a New home. The warranty will cover deposits and the completion dates that were set in place. Also, labour and materials for at least one year after the home is built and a least five years for any structural problems.
This is the time you will have to have your appointment with your mortgage specialist to finalize all the paperwork for the approval of your mortgage and meeting with your lawyer to finalize the details of insurance and conditions that were placed, Also, the lawyer will have all the findings from the search they would have done on the property. MOVING DAY
Moving day is coming and there are a few things that you need to have in place before that happens.
1. Have your utilities and other services , like hydro, phone, gas, cable, internet all set up for your new address.
2. If you are presently renting, this would be a good time to give your landlord your notice.
3. Go to the post office to have your mail forwarded to your new home.
4. Hire the moving company. Make sure to do your best to research the company that will be moving all your personal belongings.
By preparing these things well in advance , this will make the transition to your new home easier. CLOSING DAY
Moving day is here and everyone is excited about the new home. Relax and enjoy it. Your lawyer will contact you once the paperwork has been completed (home in your name), payments are finalized, and at this point you will receive the deed and the keys. Congratulations on your new home!!!!!
Disclaimer: This checklist may be used as a reference. no financial or legal advice is given to any who choose to use this checklist for their personal use in purchasing a property.