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Steps to Buying Your Home


STEP 1: FIND A REAL ESTATE AGENT YOU TRUST

- Determine your search criteria.
- Find an agent who is committed to finding what you are looking for.

STEP 2: GET PRE-APPROVED FOR A MORTGAGE

- Speak to your bank, a mortgage broker or better yet both.
- Pre-approval is a key first step when buying property.
- Understand your Closing cost. Talk to your mortgage broker or realtor about expenses to expect

STEP 3: START LOOKING AT HOMES

- Choose the area where you want to buy and get to know it.
- Explore the neighborhood with your agent, discuss things like schools, parks and amenities that you need.
- Speak up. The more input you give your agent the harder they can work for you.

STEP 4: CONTACT A LAWYER WHEN YOU GET CLOSE TO PUTTING IN AN OFFER

- Find a lawyer you trust.
- When it is time to make an offer your agent will send all the paperwork and offer details for you. You just need to show up, check the crucial details and sign.

STEP 5: MAKE SURE YOU FREE UP 3%-5% OF THE OFFER PRICE FOR YOUR DEPOSIT

- You will need to have access to this sum for a deposit when making an offer on a home
- The deposit will be held in trust until closing and then deducted from your down payment.
- The remainder of the down payment is due on the closing date

STEP 5: MAKING AN OFFER

- When you find a home that you love your agent will put an offer together for you.
- Offers often come with conditions.
- Common conditions to expect for condo offers:

  • Status Report
  • Financing

- Common conditions to expect for house offers:

  • Home Inspection
  • Financing

STEP 6: WAVE CONDITIONS TO MAKE DEAL FIRM

- Any conditions need to be met or waived to finalize the sale.
- Acknowledge waivers with your agent.

STEP 7: GET HOME INSURANCE FOR YOUR NEW HOME BEFORE CLOSING

- You need to have house insurance prior to closing. Banks will not sign off on mortgages without insurance coverage in place.
- Most condos include building insurance in their maintenance fees but it is recommended that you find out what they cover and what additional coverage you may want.

STEP 8: MEET WITH YOUR LAWYER TO SIGN FINAL DOCUMENTS JUST BEFORE CLOSING

- Documents are signed before the closing date.
- Typically buyers sign 1 to 7 days before closing.

STEP 9: YOU'RE ALMOST DONE… JUST PICK UP YOUR KEYS ON THE CLOSING DATE

- In most cases you get the keys from your lawyer's office unless other arrangements are made.
- On the first day you move in check the state of your home and test systems such as heating, air conditioning and appliances.

About Us

Stevens Team is a Real Estate group that specializes in residential properties throughout Toronto and the GTA. Our mission is to help our Clients find the best homes or investment properties that meet their requirements. Whether buying, selling or renting we believe that it is vital to inform our clients on the current and future market trends, giving them the best possible opportunities in all matters related to real estate. We see property as a home, a place to live, and as a foundation for future financial equity and security.