8 Steps to Home Ownership
1. Buyer Consultation
Once you've decided you're ready to make a move, you will meet with one of our Crew real estate agents and establish a plan for finding your new home. This plan consists of details such as price range, timeline for move, neighbourhoods of interest, types of homes etc. This consultation can be done in person or over the phone.
2. Obtain Mortgage Pre-Approval
A mortgage pre-approval tells you how much money you will be able to obtain from a mortgage lender (This will help to define your price range when starting your home search). Your mortgage pre-approval will be obtained from a mortgage lender (bank or independent lending brokerage). If you don't currently have a lender in mind, your Crew Agent can suggest some contacts. Your pre-approval will be based on factors such as your income, credit rating, downpayment amount, other debts etc. Once you have your pre-approval you will share it with your Crew Agent and begin your home search.
3. Begin Home Search
You will be set up on a customized search based on your search criteria and will receive new listings emailed to you every morning. When you see a home that you're interested in, simply contact your Crew Agent and they will set up a showing for you. Your Crew Agent will also be monitoring your search and suggesting properties for you along the way. Your Crew Agent will be present with you during all showings and will answer questions and help you inspect the homes.
4. Find Ideal Home and Make Offer
You've found your dream home... now it's time to make an offer. You will consult with your Crew Agent and establish an initial offer. In this offer you will consider price, closing dates, inclusions (ex. appliances), and conditions (ex. home inspection). Your Crew Agent will submit your offer and keep you updated as negotiations follow.
5. Offer is Accepted
Congratulations, your offer was accepted! At this point your Crew Agent will work with you to make sure you are prepared for all the upcoming expenses. You should be prepared for the down payment, home inspection, and closing costs. These expenses vary depending on the price of your home.
6. Schedule Home Inspection
From the time your offer is accepted, you will usually have 1 week to complete a home inspection. Your Crew Agent can suggest a home inspector for you if you don't already have one. Your home inspector will provide you with a detailed report on the home. Negotiations may be necessary after the home inspection.
7. Obtain Lawyer, Homeowners Insurance and Schedule Utilities
Your home inspection went well and you are ready to move forward with your home purchase. At this point you will need to obtain a lawyer, homeowners insurance and schedule utilities to be switched into your name on the date of possession. Your Crew Agent can walk you through this process and provide contacts if needed.
8. Closing Day
On closing day you will visit your lawyer's office and sign the paperwork to complete the transaction. Your lawyer will inform you of what you need to bring with you (usually you will bring a bank draft for the entire payment amount including lawyer's fees and 2 forms of ID). Once your payment is processed you will receive the keys and you can now visit your new home and start moving in.