Our Administration Department will assist you with setting up showings, getting feedback from potential buyers, converse with contractors to set up any services you may need to assist with the transaction. We are also here to help market your home through our online social media tools and websites such as Kijiji, Craigslist, Facebook, and more.
Real Estate 101
Often it is presumed that buying real estate is a stressful and arduous task, but if you understand the steps behind it, you will come out stress-free! Firstly, it is essential to create a checklist of your NEEDS and WANTS in a dream home. Are you buying as an Investment or a Family Home? Whether you are going on your own or with the help of a Realtor, the very first thing you need to do is 1. get PRE-APPROVED FOR A MORTGAGE!!! You will save a lot of yours and your Realtor's time by doing this! Once you have that slip of paper from your mortgage company, you can start your search.
The Phases of Purchasing Real Estate
The initial phase takes place prior to the exchanging of contracts: draft copies of the deal are made and given to the parties to the contract after which negotiations commence. Different types of queries are done and expectantly, if everything goes right, an agreement is reached. It is ALWAYS recommended to have a 2. HOME INSPECTION as one of the conditions on the offer, although, some times, without it will give you an edge on the competition.
The second phase involves the signing of contract and the delivery of the deposit. At this moment, the final verification of the accounts is done to get them ready and likewise, the mortgage deed is supplied to the purchasing party for signing and final verifications are performed. All the other conditions of the sale must be attended to during this time before the sale is finalized.
The third phase is when the listing is marked as "SOLD"!!! All the conditions noted on the purchase contract have been waived, deposits have been delivered and held in trust, mortgage has been approved, and now it's time for the 3. LAWYERS TO GET INVOLVED in transferring the land, title and all else legal. Choose a lawyer who is not only appropriate for you, but also within your budget. Buying real estate may be a complex affair both in terms of law and paperwork. Our Conveyancing Department will send all the paperwork that is needed to your chosen lawyer.
When your offer has been acknowledged by the sellers, then it is necessary that you exchange the information of the attorneys. Your attorney would get in touch with their solicitor and a draft copy of the contract must be offered to all the parties to the contract. The draft copy of the contract contains numerous important details, for instance, the prices payable to different receivers and other data related to the deal. Minute details like the amount of deposit and the names of the recipients are also present.
Correspondingly, both the buying party and selling party and their essential associates have to be informed about the title deeds of the seller and its principal attributes. Your direction is of utmost importance during this phase and your attorney must be trying to negotiate a deal that represents your interest the best. This is a fact for both the parties and ultimately, a draft copy of the contract is made for you to verify.
While the conveyancing phase has arrived at this position, the attorneys should take into consideration multiple disagreements that should be sorted out before the final draft of the deal is prepared and signed. The first among them is associated with disputes. Is there any dispute in relation to the property, specifically with the neighbors? Another issue may be concerned with the boundaries: is there any area where the boundary is undecided (that poses a probable hitch in the days to come), if that is the case, what is the area and can it be corrected now? When the prospective buyer is going to buy the property in anticipation that he would be able to extend it but there are certain limitations in planning, what are the limitations and can these be sorted out through negotiations? Is there any guarantee for the property and its furniture and fixtures like the dry rot treatment guarantee or the CMHC guarantee of dry rot?
The above-mentioned are only a few questions that the attorney of a buyer should ask. It is crucial what should be involved in the sale is precisely enumerated on paper so that no dissatisfaction is felt in the future.
In the meantime, you should find ways to make your next moves like packing, finding movers, transferring accounts and addresses, informing friends, family, government offices, utilities, etc - more enjoyable. Again, have a 4. CHECKLIST prepared (see our Tips and Advice section for a Moving Checklist) and spare the Advil!
The last phase is the favoured one, it is that moment when you receive the keys to your new property and get the possession of your title deeds. Prior to this, there is a 5. FINAL SIGNING at the lawyer's office to finish all paperwork and transfers. On the day or sometimes earlier, the 6. BALANCE OF THE MORTGAGE is sent to the seller's lawyer's office. Once that is received and all paperwork is done, then the sale is 7. COMPLETE!!! You are the Owner of a new house.
Real Estate 101
Often it is presumed that buying real estate is a stressful and arduous task, but if you understand the steps behind it, you will come out stress-free! Firstly, it is essential to create a checklist of your NEEDS and WANTS in a dream home. Are you buying as an Investment or a Family Home? Whether you are going on your own or with the help of a Realtor, the very first thing you need to do is 1. get PRE-APPROVED FOR A MORTGAGE!!! You will save a lot of yours and your Realtor's time by doing this! Once you have that slip of paper from your mortgage company, you can start your search.
The Phases of Purchasing Real Estate
The initial phase takes place prior to the exchanging of contracts: draft copies of the deal are made and given to the parties to the contract after which negotiations commence. Different types of queries are done and expectantly, if everything goes right, an agreement is reached. It is ALWAYS recommended to have a 2. HOME INSPECTION as one of the conditions on the offer, although, some times, without it will give you an edge on the competition.
The second phase involves the signing of contract and the delivery of the deposit. At this moment, the final verification of the accounts is done to get them ready and likewise, the mortgage deed is supplied to the purchasing party for signing and final verifications are performed. All the other conditions of the sale must be attended to during this time before the sale is finalized.
The third phase is when the listing is marked as "SOLD"!!! All the conditions noted on the purchase contract have been waived, deposits have been delivered and held in trust, mortgage has been approved, and now it's time for the 3. LAWYERS TO GET INVOLVED in transferring the land, title and all else legal. Choose a lawyer who is not only appropriate for you, but also within your budget. Buying real estate may be a complex affair both in terms of law and paperwork. Our Conveyancing Department will send all the paperwork that is needed to your chosen lawyer.
When your offer has been acknowledged by the sellers, then it is necessary that you exchange the information of the attorneys. Your attorney would get in touch with their solicitor and a draft copy of the contract must be offered to all the parties to the contract. The draft copy of the contract contains numerous important details, for instance, the prices payable to different receivers and other data related to the deal. Minute details like the amount of deposit and the names of the recipients are also present.
Correspondingly, both the buying party and selling party and their essential associates have to be informed about the title deeds of the seller and its principal attributes. Your direction is of utmost importance during this phase and your attorney must be trying to negotiate a deal that represents your interest the best. This is a fact for both the parties and ultimately, a draft copy of the contract is made for you to verify.
While the conveyancing phase has arrived at this position, the attorneys should take into consideration multiple disagreements that should be sorted out before the final draft of the deal is prepared and signed. The first among them is associated with disputes. Is there any dispute in relation to the property, specifically with the neighbors? Another issue may be concerned with the boundaries: is there any area where the boundary is undecided (that poses a probable hitch in the days to come), if that is the case, what is the area and can it be corrected now? When the prospective buyer is going to buy the property in anticipation that he would be able to extend it but there are certain limitations in planning, what are the limitations and can these be sorted out through negotiations? Is there any guarantee for the property and its furniture and fixtures like the dry rot treatment guarantee or the CMHC guarantee of dry rot?
The above-mentioned are only a few questions that the attorney of a buyer should ask. It is crucial what should be involved in the sale is precisely enumerated on paper so that no dissatisfaction is felt in the future.
In the meantime, you should find ways to make your next moves like packing, finding movers, transferring accounts and addresses, informing friends, family, government offices, utilities, etc - more enjoyable. Again, have a 4. CHECKLIST prepared (see our Tips and Advice section for a Moving Checklist) and spare the Advil!
The last phase is the favoured one, it is that moment when you receive the keys to your new property and get the possession of your title deeds. Prior to this, there is a 5. FINAL SIGNING at the lawyer's office to finish all paperwork and transfers. On the day or sometimes earlier, the 6. BALANCE OF THE MORTGAGE is sent to the seller's lawyer's office. Once that is received and all paperwork is done, then the sale is 7. COMPLETE!!! You are the Owner of a new house.
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