Your Path to Successful Closing

If you’re reading this, you’re ready to buy a house.

STEP 1: Mortgage Application

If you haven’t selected a lender and need a mortgage, we can provide recommendations. Complete the application promptly, as it requires extensive documentation. The process has become more rigorous, so secure pre-approval before viewing properties. Any loan conditions must be met before closing to avoid delays.

STEP 2: Pre-Qualification

A mortgage broker will initially qualify you based on verbal information provided, kickstarting the pre-approval process.

STEP 3: Pre-Approval

The lender reviews your credit, verifications, and documentation to approve your loan before you find a property. An appraisal approval follows contract signing. This step is mandatory.

STEP 4: Discovery Calls and Getting Started

A team member will schedule an initial call or meeting to gather your search criteria, onboard you, and connect you to our tools. This includes setting up automated MLS searches, checking off-market listings, and providing a personalized app for viewing homes on your phone.

STEP 5: Offers & Conditional Period

Once you find the right home, submit an offer with suitable conditions. After negotiation and seller acceptance, you have a conditional sale. Provide a deposit (typically 2-5% of purchase price) within 2-3 business days. The condition period (7-14 days) covers financing approval, home inspection, and condo document review. If unsatisfied, cancel without penalty; otherwise, remove conditions to firm up the deal.

NOTE: In competitive offers, minimize conditions and maximize your price to strengthen your position.

STEP 6: Inspections

We’ll schedule inspections during the condition period using recommended experts or your choice. Attend if desired, receive the report the next day, and discuss findings. Compile a list of actual deficiencies (not cosmetic issues). Sellers may agree to repairs, a price reduction, or refuse. Possible outcomes: price reduction for repairs, seller fixes with holdback, or no changes (take it or cancel). Aim for seller concessions to proceed.

STEP 7: Loan Application

After removing conditions, complete loan documents, which will be sent to your lawyer for signing about 2 weeks before closing. We can recommend lawyers if needed.

STEP 8: Appraisal

The lender often orders an appraisal after offer acceptance or condition removal. It may not always be required but is common lately. You might need to pay upfront—check with your lender.

STEP 9: Loan Conditions

The underwriter reviews your documents and appraisal, issuing approval as “clear to close” or with conditions. Provide any additional information requested to achieve full clearance.

STEP 10: Clear to Close

Once cleared, the lender sends mortgage documents to your lawyer, who prepares the final settlement statement and adjustments for lender approval. Your lawyer or lender will review it with you.

STEP 11: Homeowners Insurance

Bring proof of home insurance to your lawyer’s closing meeting. We can recommend providers if needed.

STEP 12: Moving Checklist

We’ll send a comprehensive checklist with tips for pre-move tasks, including utility and service changes, to ensure nothing is overlooked.

STEP 13: Walk-Thru

This optional added service checks the home’s condition and any agreed repairs 24-48 hours before closing, if schedules allow. Your realtor will schedule it in the final week.

STEP 14: Possession Day and Key Release

Aim for key release around noon on possession day, but delays can occur. Avoid booking movers, trades, or deliveries for that day to prevent issues if access is delayed. Waiting outside with no entry isn’t ideal—plan accordingly.

Hopefully, this guide clarifies the buying process with our team, making it comfortable and enjoyable. Our goal is exceptional service that inspires referrals to your network, as word-of-mouth drives our business.

HAPPY HOUSE HUNTING!