For most Canadians, the purchase of a home is the single largest investment they will ever make. Falk Jiwa Group aims to make the buying process an exciting and stress-free experience. Things to consider when choosing your REALTOR®:
- Do I feel comfortable with my agent?
- Is my agent working full-time on my behalf?
- Will they be dealing with me throughout the process or will they pass me off to a junior associate or assistant?
- Can they answer my questions in a timely manner
You will be working with your REALTOR® very closely for weeks and even months, so be sure to choose one that you feel comfortable with and that will be asking the right questions and ultimately will be looking out for you first.
Important - Remember that your REALTOR® has a duty to represent your best interests. All agents have the highest level of legal responsibility to you, unlike builders or individuals that choose to sell privately, which have no legal obligation to represent your interests.
Note - The moment that you walk into a builder’s showhome, we cannot represent you. You must let the builder know that you have an agent that represents you and are therefore unable to sign anything that they ask you to sign.
After the initial meeting, we will go through the necessary paperwork to have us legally represent you for the purchase of your home. Once we sign the Buyer Brokerage Agreement, we can start working for you! We are here for any questions you may have along the way and to explain all aspects of the transaction and what will be required of you. It is very important to be armed with proper knowledge and have a solid plan. This starts with knowing how the home buying process works.
Follow these 7 basic steps to buying a home:
Prior to finding a home, you must first find out how much you can afford to pay for your new home. Most Canadians will require a mortgage to fund the purchase of their new home along with a down payment that they have saved. The amount of the down payment varies for each individual, so it is important you discuss your situation with your lender so that they can explain your requirements and whether there are opportunities for savings. These are the 3 main sources of financing:
Note - We have made some great contacts in each category and would be happy to pass over their information to you. There is no harm in getting multiple quotes and then choosing the best rate. Explore all of your options before making your final decision.
This is the where the excitement starts to happen! We will set up a property search for you that meets your specific criteria. You will receive periodic emails with new listings that fall within the parameters of your search as well as properties within your criteria that have lowered their price. We will discuss the properties that meet your criteria and head out together to view the best options in person. It is important to keep you goals at top-of-mind when viewing properties. It is easy to get carried away with seeing everything that is out there rather than sticking to the units that fit your criteria, as this can lead to confusion or being overwhelmed. We will constantly be discussing which properties have made
your shortlist, as we are familiar with areas and buildings . Sometimes we will suggest properties outside of your search criteria if we notice that you are starting to shift what you are looking for.
Once you have identified a home that suits your needs, the next step is to write up an Offer to Purchase. There are several steps that have to be taken when you write an offer.
Property Research - This is where we look into the historical sales on this home as well as where the asking price fits in relation to the market. To complete this, we will look into similar properties that have recently sold in this area. The recent sales will give us an idea of what the home is worth and will help you in determining the offer price.
Terms - These are items that are agreed to and will be upheld, otherwise there is a breach of contract. The contract is made up of standard terms that we will discuss with you at the time. You are able to add in your own terms, but keep in mind these are open for negotiation with the seller.
Conditions - Conditions are clauses in the contract that must be fulfilled. Whether it is the buyer or seller with conditions, there will be a date by which the conditions must be met. Should any of the conditions not be met by that particular date, the party to whom the conditions apply to may choose to walk away from the sale with no further obligation. Examples of conditions can be: Financing, Property Inspection, Condo Doc Review, Sale of Buyers home, etc.
Deposit - When you write an offer, you will need to make sure that you have money available to make a deposit. This deposit is made within 2 business days of the accepted offer and is meant to be a show of good faith. The deposit is fully refundable if the conditions are not removed. Once the conditions have been satisfied and removed by the buyer, the deposit becomes the seller’s security that you will complete the transaction.
Important - There are 3 actions that a seller can make when presented with an offer: To accept the offer, reject the offer, make a counter offer.It is important that you are available by phone or email to respond to your REALTOR®, as there are time restrictions as to how long an offer or counter offer remain open.
Once an offer has been accepted, it is time to proceed with satisfying the conditions you included in your offer. This may include arranging and performing a home inspection, getting information about the purchase to your bank or mortgage broker, or getting the condo documents to a review company. We will give you some suggestions for who you can use, but ultimately the choice is yours as to who you decide to go with. The home inspection is a very important step in the purchase process and a licensed, reputable inspector can help you uncover any deficiencies in your investment. It is important not to cut corners on this step.
Insurance - Having insurance is a requirement of the mortgage. Your lawyer will ask for this info, so make sure you have already placed a call with an insurance company and have everything in order for your meeting with the lawyer.
Lawyer - If you haven’t already, you will need to choose a lawyer to handle your transaction and provide us with their contact info. You should be meeting with them at least a couple weeks prior to taking possession, as they will walk you through the process, have you sign the necessary documents and finalize everything prior to you taking possession of your home. This is when the rest of your down payment will be required.
Utilities - You must transfer all of your utilities over to your new address prior to taking possession. This includes phone, water, gas, power, cable and internet. Make sure you cancel them for your current address as well.
Mailing Address - Don't forget to change your mailing address! You can go online on the Canada Post website and forward all of your mail to the new address for 4 months or 12 months to get anything you missed... It is recommended that you set this up 30 days prior to taking possession.
Possession - typically occurs at around noon on possession day. Once the funds have been received, the sellers lawyer will contact your REALTOR® to let them know the keys are available. It is important not to schedule your move for exactly noon, as there can be delays with the transfer of funds. We will conduct a brief walk-through with you and then it’s all yours!