23 Mar What to expect when buying a home!
Buyer’s Information Guide
For most of my blogs I’ve given information about Location, Single Women buying on their own, Investing in a condo or house etc… I decided to keep things simple this time and do a checklist for buyers of things to expect during a Real Estate Transaction.
Checklist when buying a home:
1) Meet with a mortgage broker to lock in an interest rate and obtain a pre-approval for the maximum amount your lifestyle and lending capacity will afford you.
2) Determine the LOCATION that interests you the most, as well as your top five must haves and five like to haves.
3) Fill out a promise to purchase once you’ve found the home of your dreams!
4) The parties negotiate through their respective real estate brokers until an agreement is made and both parties are satisfied with the conditions. (i.e. Price, Occupancy, Inclusions etc)
5) The buyer hires a building inspector. Their cost normally start at $500+ depending on the Inspector.
6) If the property is a condominium, the buyers must review the following documents: declaration of co-ownership, financial statements, co-op budget and the condo committee meeting minutes.
7) The broker will provide the bank or financial institution with the accepted promise to purchase, with all the amendments and annexes for them to give the final approval on the property.
8) Buyers have to choose a notary who will prepare all the paperwork and information for the deed of sale. (Approximately $1000 + for this service)
9) All parties, buyers, sellers and the brokers involved in the sale, will then meet at the notaries office for the final signing of the deed of sale and delivery of the keys.
10) Welcome Tax Breakdown:
|Taxation Base||Taxation Rate|
|$0 – $50,000||0.5%|
|$50,000 – $250,000||1%|
|$250,000 – $500,000||1.5%|
So if you’re buying your first home or you’re a more seasoned buyer, this is a great tool for budgeting the costs involved with the purchase of your most important transaction… YOUR HOME!!!