What to expect when purchasing a home

After you've scanned all of the properties listed under house listings in Toronto, selected the neighbourhood you'd like to reside, visited open houses, and even revisited the home you're thinking of purchasing, you've finally decided that you've found your dream home. Now it's time to begin the process in which to designate that home as yours.

What to expect when purchasing a home

The first step is to make a legally binding offer that has an expiry date. A formal document is written and taken by your real estate agent to the seller which includes such details as your name, the date the home is transferred to your name, and any conditions that should be met prior to the transfer. Having a professional perform a home inspection is essential, and should be part of any conditional clause in the offer. Financial details and a list of fixtures and furnishings that are to be included (the chattel) are also part of this, along with a deposit in the form of a cheque. If the offered purchase price or any other details are unacceptable by the seller, they can either reject it or make a counter offer.

When the seller accepts the offer, the money owed (minus the amount paid for with the deposit) are exchanged for the deed and the keys to the home. This may sound easy, but the legal transaction involves not only yourself and the seller, but also both of your lawyers, your financial institution (and possibly theirs), as well as the real estate agents participating.

For many, the process to buy a new home is lengthy and complicated. With over 20 years of experience in real estate, REALTOR® can help you expedite and facilitate the process for you and your family. Call 416-921-1112 for more information.