Travis Munroe
01-20-2011, 08:31 PM
I have worked with several people whom are not 100% sure on how to buy a house and the process involved. Buying real estate is not like buying a television. There are several minor details in the middle that are important to ensure a smooth transaction takes place.
1- Decide that you want to move
2- Contact a mortgage broker to get pre qualified. This will give you a great idea as to what you can afford.
3- Contact a Realtor and discuss exactly what you are looking for.
4- Browse the MLS for places you might like and send them to your Realtor. Your Realtor should also be sending you places and compiling a list of potential properties.
5- Set up a day to get out and view the places you like. I always find it better to view as many places in one day as it allows the buyer to really filter out what they like and do not like.
6- Once you find the place you like your Realtor will pull out the paperwork. It is a standard contract that focuses in on a few key points
- Price you are willing to pay.
Be prepared to write a check for your initial deposit. Between 5-10k is fairly common. A minimum of 5% of the purchase price will come from your own pocket.
- Day you want to move in.
2 weeks would typically be the quickest time frame to move in as the lawyers and mortgage broker will need time. A month or 2 is the most common.
- Specific conditions
Financing, property inspection, condo document review, sale of your current home are just a few of the many possible conditions. Your Realtor should be willing to guide you through each of these conditions.
7- Once your offer has been negotiated and your conditions have been taken care of you will have a firm deal. Your Realtor will send the paperwork to a real estate lawyer and the lawyer will call you a week or 2 before possession to come in and sign off on everything.
8- Possession day you will meet your Realtor at the property and the keys will be handed over.
Additional Costs In Buying A Home
Below are a few of the costs that many may not budget for when moving.
Moving Truck- Price will vary depending how much stuff you have.
Deposit- typically 5-10k
Appraisal- Usually no charge as lender verifies you paid fair market value.
CMHC Fee- Added onto mortgage total.
Property inspection- typically $300-$500
Condominium documents- (only purchased if buying a foreclosure) Can cost anywhere from a couple hundred dollars to $600.
Condominium document review- A specialist will charge around $300 to review the condo documents.
Remaining balance- You must have at least 5% of the purchase price (including your initial deposit) to bring to the lawyers.
Legal Fees- Will range between $800 to $1300
Home Insurance- You must have the property insured prior to possession or the lender will not send the money.
Utility charges- Is there a moving fee with any of your utilities or is a deposit required?
1- Decide that you want to move
2- Contact a mortgage broker to get pre qualified. This will give you a great idea as to what you can afford.
3- Contact a Realtor and discuss exactly what you are looking for.
4- Browse the MLS for places you might like and send them to your Realtor. Your Realtor should also be sending you places and compiling a list of potential properties.
5- Set up a day to get out and view the places you like. I always find it better to view as many places in one day as it allows the buyer to really filter out what they like and do not like.
6- Once you find the place you like your Realtor will pull out the paperwork. It is a standard contract that focuses in on a few key points
- Price you are willing to pay.
Be prepared to write a check for your initial deposit. Between 5-10k is fairly common. A minimum of 5% of the purchase price will come from your own pocket.
- Day you want to move in.
2 weeks would typically be the quickest time frame to move in as the lawyers and mortgage broker will need time. A month or 2 is the most common.
- Specific conditions
Financing, property inspection, condo document review, sale of your current home are just a few of the many possible conditions. Your Realtor should be willing to guide you through each of these conditions.
7- Once your offer has been negotiated and your conditions have been taken care of you will have a firm deal. Your Realtor will send the paperwork to a real estate lawyer and the lawyer will call you a week or 2 before possession to come in and sign off on everything.
8- Possession day you will meet your Realtor at the property and the keys will be handed over.
Additional Costs In Buying A Home
Below are a few of the costs that many may not budget for when moving.
Moving Truck- Price will vary depending how much stuff you have.
Deposit- typically 5-10k
Appraisal- Usually no charge as lender verifies you paid fair market value.
CMHC Fee- Added onto mortgage total.
Property inspection- typically $300-$500
Condominium documents- (only purchased if buying a foreclosure) Can cost anywhere from a couple hundred dollars to $600.
Condominium document review- A specialist will charge around $300 to review the condo documents.
Remaining balance- You must have at least 5% of the purchase price (including your initial deposit) to bring to the lawyers.
Legal Fees- Will range between $800 to $1300
Home Insurance- You must have the property insured prior to possession or the lender will not send the money.
Utility charges- Is there a moving fee with any of your utilities or is a deposit required?