The time has come for you become a homeowner. There are three final steps on this road before you claim your kingdom: the groundwork, the inspection and verification process, and finally, the insurance, legal transactions and signing on the dotted line.
Let's get to it!
There are 3 main areas of groundwork that need to be covered: mortgage pre-approval, house-hunting, and signing a promise to purchase. A Multi-Prêt broker can act as a great ally and confidant to help you make this process go smoothly. We make sure your needs are met, and you've covered all the bases. Plus: we don't charge any fees!
We can help you find the right lender, with the right mortgage for you and help you establish your borrowing capacity The amount of your pre-approval will help you target your search for a property within your means. Also want a good interest rate and excellent mortgage terms? Talk to a Multi-Prêts broker.
What do you prefer? A condor or a house? Do you want to be in the city, a suburb, or in the country? Close to work, a school, or a daycare? Make your list of must-haves and keep track of the properties you visit.
Promise to purchase
Found the one? Make an offer. A promise to purchase document outlines the price and conditions of sale. It's advisable to have the legal print checked before you sign; once the offer is made, it's difficult to rescind.
Inspection and legal verification
The offer has been accepted? Great! Now's the time to investigate and ensure that you're getting the deal you think you are. There are two aspects: inspection and verification.
A very important part of the buying process, a certified inspector will tell you if the property you are about to purchase is in good condition. The inspector will explain the property's strengths and weakness. While you're not obligated to have an inspection, it is strongly recommended, as the cost of not having one can bring about unexpected costs and surprises.
The property passed the inspection? Now, check if there are any legal issues A notary can validate that the seller is the legal owner, that all titles are in order, and the certificate of location is properly drawn up.
Your inspection and verifications went well? Wonderful. Next up: insurance, payments and purchase. Your hour is almost up!
Meet with your notary to sign the legal documents associated with your mortgage (your broker will have finalized these documents with your mortgage lender). Make your down payment, and pay all the initial fees -notary and so on, that are incurred upon purchase.
This requires a meeting with the seller and the notary. On the agenda: sign all legal documents, hand over the payment, and finalize putting your name on the deed. You are now a property owner. The keys to the kingdom are yours!
- Purchasing a property is a process, there are numerous steps involved.
- To avoid problems, take the time to do things properly.
- A pre-approval ensures you know your borrowing capacity.
- If you encounter a problem, you can rescind your offer.
- If you have any doubts, don't hesitate to seek counsel. Avoid headaches.
- A Multi-Prêts broker is a great ally to help you get through the process.