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Buying A House - A Step-By-Step Overview

BUYING A HOUSE - A STEP-BY-STEP OVERVIEW There are many steps involved when buying a house. Knowing what to expect throughout the process will enable you to be organized and prepared. Use this general overview to guide you along the way to making the largest purchase of your life. Happy house hunting! Follow the arrows: A team of professionals should be involved throughout the process: Legend Real Estate Agent Home Inspector Lawyer Lender Phase 1: The Search $ 250,000 $ 255,000 FOR SALE Determine Your Needs Start The Search View The Houses Decide what you need in a new house - more space, a backyard, closer to your children's school, downtown or uptown. Tell everyone - they may know of a house coming up for sale. Visit houses that meet your needs and budget. Search online, in newspaper and magazines. Determine your budget including the size of your down payment. Don't forget about the additional costs of buying a house including legal fees, appraisal fees, etc. Hire an agent. You are not re- quired to use an agent but an agent can make the process more successful. Phase 2: The Offer Phase 2: The Offer Offer To Purchase ...... Prepare The Offer Present and Negotiate Offer Accepted! The 'offer to purchase' is a legal document so use an agent and/or lawyer to help you prepare it. Your agent presents the offer to the vendor (people selling the house) with a small deposit (usually held by your lawyer) to show that you are serious. You or your agent will be notified that the offer is ac- cepted. Congratulations! The offer can be conditional on financing, home inspection and can also outline what is included in the sale such as appliances and the backyard hot tub. The vendor can accept, reject or return a counter offer. You can negotiate by raising your offer or changing the conditions. Phase 3: The Loan Phase 3: The Loan Find A Lender Obtain Title Search, Etc. Mortgage Approved Once your offer is accepted, you The lender may ask for additional information to complete your When your loan application is complete, your mortgage may be approved. need to find a lender. mortgage application such as a property appraisel, land survey, house inspection, title search and title insurance. The lender will go through your financial details and begin to build your mortgage application. She will also discuss the different types of mortgages, terms, interest rates, amortization periods and payment The costs for obtaining this schedules that are available. information will be due on Phase 4: The Close closing day. Phase 4: The Close Closing Costs 2000 ustments $2000 $500 - S 300,000.00 Transfer/Deed $4000 $500 um ot THREE HU NDRED THOUSAND DOLLARS Pay The Down Payment Pay The Vendor You Get The Keys! On closing day, you usually go to your lawyer's office to sign the closing documents. The lender will give the mortgage money to your lawyer who will give the money to the vendor. Finally, your lawyer will give you the deed to the property and the keys to your new home. You must give your lawyer the down payment less the deposit that accompanied the offer. Your lawyer will also register the house in your name. Now it's time to move in! You must also pay all additional costs including legal fees, land transfer tax and appraisal fee. KAP. DESIGN Sources: www.cmhc.ca | www.rbcroyalbank.com | www.realtor.com Infographic by KAP. Design | kapdesign.ca

Buying A House - A Step-By-Step Overview

shared by KAPdesign on Jan 31
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There are many steps involved when buying a house. Knowing what to expect throughout the process will enable you to be organized and prepared. Use this general overview to guide you along the way to m...

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