Walking you step-by-step through the entire purchasing process.
For most people, buying a property is one of the most significant financial decisions they will ever make. It can quickly become emotional, especially if the property will be your home. There’s a lot at stake.
Having Booth Real Estate on your side can transform a potentially stressful and complicated transaction into an exciting and rewarding experience. Booth Real Estate commits to our clients to provide expertise and high-quality service.
What To Expect When Buying With Booth:
- Narrowing the search down to suggest the most suitable properties
- Advising on relevant information including neighbourhoods, zoning, and property histories
- Assessing the potential resale value of properties and ensuring fair market value on what you pay
- Arranging showings and providing knowledgeable feedback on prospective properties
- Writing all offers and handling the purchase negotiations to ensure your financial interests are protected.
- Assisting you at every step of the process by providing valuable advice and essential information
- Promote your best interests with expert real estate advice and skills
- Simplify the process of buying with specialized real estate knowledge
- Offer consumer protections with trust coverage and insurance.
- Stay informed of market trends, neighbourhoods, and property histories.
- Communicate honestly and as frequently as you require on all matters of concern to you and your real estate transaction.
Now that we have established what you can expect from Booth Real Estate let’s take a look at the buying process. If this is your first home or your 10th home, the information below is resourceful and will provide you with an excellent idea of what you can expect.
Looking at mortgages and getting pre-qualified:
Knowing your budget before going beginning your house hunting is an essential first step. Typically, a deposit is between 5-10% and is included in part of the purchase price. Pre-approvals are usually valid for a specific time period. This is to assure the lender that your financial situation does not change during the pre approval stage. It also offers you protection from interest rate increases while you are looking for something to buy
In some cases, having a pre-approval can make your offer to a seller more attractive because it demonstrates that you are a serious buyer and you’ve taken the time to ensure your financing is in order before you start to look for a property.
Choosing a property
You may be looking for a home to live in, a piece of land, or an investment property. Whatever you are looking for, make a list of must-have features and list them according to importance. Almost all property purchases require some level of compromise. So you may need to look longer and harder to find the property you want and need.
When choosing a property, here are a few things to consider:
- Community: Is there a particular area you’d like to be in? What facilities are nearby, including community centers, malls, recreation, and schools? Are there any future developments that you should consider?
- Neighbourhood: What is the neighbourhood like? What types of people live here? Are their lifestyles compatible with yours? How are property values in this area? Are you looking for an area that is expected to grow significantly or offer more job opportunities in the near future?
- Transportation: How close are you to the nearest public transit? How quickly can you or others drive to work, friends, and family if needed?
Having your home inspected
It is imperative to ensure the real estate you want to purchase is a sound investment. A property inspection by a qualified third-party professional building inspector is strongly advised. It’s a comprehensive visual examination of a building’s overall structure, major systems and components, any land, and potential risks and expenses that may arise in the future if you decide to purchase the property. During the offer process, it’s common to insert a subject to inspection clause that gives you time to organize a property inspection and minimize your risk.
Making an Offer
Once you have found a home you love, we will prepare an assessment to ensure the property you like is not overpriced. After we review the assessment and everything checks out, we will prepare a Contract of Purchase and Sale, which is how a written offer is presented. It is a legal document issued by a buyer containing the terms and conditions desired to purchase a property.
Once an offer is made, several different scenarios can occur:
- Accepting The Offer: If the seller wants to accept your offer, they will sign the Contract of Purchase and Sale. It then becomes a legally binding contract, which means both you and the seller are bound to execute the contract and perform your obligations, which are enforceable by law.
- Rejecting The Offer: A seller may choose to simply reject an offer without making a counteroffer. This does not prevent you from making additional revised offers to make your offer more attractive.
- Counteroffers: If the seller makes any changes to the original offer, it’s called a counteroffer. A counteroffer rejects the initial offer as written, but an indication that the seller would be agreeable to a new offer if specific changes or additions were made and accepted.
- Accepting A Counteroffer: Once both parties are happy with the terms outlined in the counteroffer, it is signed and dated by all sellers and all buyers. It’s essential to respect the expiry time and date after which the offer becomes null and void. Once an offer expires, a new offer must be created.
Almost there! Removing subjects and finalizing the deal.
Finalizing the deal will include the final approval of your mortgage and other conditions such as a review of the title, inspection report, and insurance. This may all seem overwhelming, but trust us, we are with you through the entire process, and you can rely on our expertise to help guide you through the whole transaction.
Getting ready to move
There’s a lot to do before moving, such as lining up utilities and other services such as phone, cable, and internet. Don’t forget to have your mail forwarded as well. Plan and organize your move well in advance; good professional movers get booked quickly.
Completion, Adjustments, and Possession
On completion day, the lawyer or notary completes the paperwork, payments are finalized, and the Land Title Office registers the home in your name. Arrange for home insurance before closing and request proof of insurance at your financial institution in advance. The insurance should be arranged to start from the Completion Date, not the Possession Date. This is because you become liable for the property after the title is transferred, which occurs on the Completion Date.
Your possession date and adjustment date typically fall on the same day. The possession date is the day you can finally enjoy your new property, whether it is a move-in ready home. While the adjustment date is the date on which the buyer assumes full responsibility for property taxes, strata fees where applicable, hydro and gas bills, etc. The lawyer or notary also uses this date to split the costs proportionally between the buyer and seller.
Move-in; you’re done!
Congratulations! You have purchased your property, and you are all moved in. We know that you enjoyed our service and working with us! We want to remind you that although the deal is done and you are all moved in, our relationship does not end here. We will follow up with you periodically to ensure that your property is working out fine, and if there are any details or issues that need to get worked out, we will do our best to help you fix them.
Our Buying Values
Honesty and integrity are at the core of our business.
We provide the highest level of service, one which extends far beyond the transaction.
Committed to being fully accessible morning and night
We tell it to you straight; whether it is the hard truth or genuine praise, you will hear it from us.
One last thing...
Purchasing a property can be like riding one of life’s biggest emotional rollercoasters. You will have feelings of excitement, angst, worry, stress, joy, and happiness and it is our job to help you navigate that ride with clarity and ease. Think of us as a stabilizing force that helps ensure you stay on track and get EXACTLY what you are looking for.
Before the buying process begins, we will sit down with you and discuss your must-haves, nice-to-haves, and even your must-not-have, as well as your budget, homeownership goals, and reasons for buying.
Once we establish your critical points, we can form a buying strategy and stick to your goals.
We look forward to serving you.