Buyers Process

Buying your home is generally on of the largest financial transactions in your life. It can be a very exciting experience. Great advice from your realtor will go far in making it a smooth and problem free transaction.

There are many steps involved in purchasing a home:

  1. Choosing your realtor
  2. Assessing requirements
  3. Discussing Financing
  4. Viewing property
  5. Contract negotiating
  6. Completion and possession
  7. Additional costs

1. Choosing your realtor
Having good professional advice is definitely great idea when purchasing a large asset. A competent realtor is a very important part of this process. Dexter Associates realtors are licensed professionals following strict ethics and serving your best interest.

2. Assessing your requirements
What do you want? What you need? By determining your needs early, we can make efficient use everyone's time. I will help you put together a list of requirements such as price, location, and any other preferences you might have.

3. Financing options
Your mortgage broker or banker should talk with you about your financing options and give you a mortgage amount and interest rate guaranteed for a specific period of time. Pre-approval is an advantage for the following reasons:
- the interest rate you are quoted will be locked in for a specific period of time
- it will allow you to act fast when you find the home you want.

4. Viewing Properties
I will find properties that match your wants and needs, and book appointments to view them, ideally a number of homes in a span of several hours to make efficient use of time. When a property has been located that is THE home you would like to purchase, Iwill write an offer to purchase with the details YOU want.

5. Contract Negotiation
I will write a offer with the terms and conditions specific to your needs and interests. Typical subjects in a contract are:
-Financing
-Inspection -strata documentation if it's an apartment
-any disclosure statements
-confirming that there is no oil tank buried on the property
The negotiating process may involve counter offers or counter counter offers.

6. Completion and Possession
Once your Offer is accepted and all subjects have been removed, Your deposit will be held in Trust in accordance with the Real Estate Act. This deposit forms part of the purchase price upon Completion. Your completion date will be a date in the future as written in the contract. It is usually 30-90 days from Acceptance to Completion. When Completion gets closer, you will need legal representation. Your Lawyer or Notary Public will arrange to transfer title of the property from the seller to you, Your financing will be transferred to your legal representative's trust account, then to the seller, and the financial closing details will be recorded on a statement of adjustments. You will take possession of the property, normally few days later, as set out in the Contract.

7. Additional Costs
There are other costs involved in buying a property in addition to the purchase price: For example:
- property purchase tax of 1% of the first $200,000 and 2% on the balance.
- G.S.T. on new homes
- if you have high ratio financing you may need mortgage insurance.
- home insurance
- inspection fees
- moving costs
- your share of property taxes
- legal costs