Purchase Process
Your guide to understanding the details involved in the new home purchase process.
1: Realtors for Resale
Client representative for purchase process
Typically clients sign an exclusive agreement with realtor
Realtors need a course completion and licence
Not required if purchasing a new home from builder
2: ASM for New Builds
Builder point of contact
Guide for home selection and purchase
New home construction expert
Sends paperwork that needs to be signed
3: Offer price
Dependant on market conditions, it can be below or above list price
Home isn't secured until both parties sign and the first deposit is paid
Timing is important
4: Conditions
Financing
Inspection
Condo Doc Review
Sale of Buyer's Home Condition
Lawyer review
5: Home Inspection
Reveals potential issues like structural problems or hidden hazards
Can prevent you from buying a property with major problems that would require expensive repairs later.
Can identify potential safety hazards like mold, asbestos, and carbon monoxide detectors.
Knowing the home's condition lets you to negotiate repairs or a price reduction.
Protects your investment and ensures you're making a sound financial decision.
6: Condo Doc Review
Assess the financial health, potential problems, and overall management of the building.
Building Health: Reveals ongoing issues like leaks, structural deficiencies, or other costly repairs
Reserve Fund Study: Plans major repairs, ensures long-term stability and flags low reserves or high fees
By-laws: Rights and responsibilities for the building, including pets, parking, renovations, etc.
Financial Statements: Income, balance, and cash flow reports showing the corporation's financial health
Professional Review: Experts analize condo documents to spot issues and concerns
Building Insurance Documents: Confirm that the building has adequate and current insurance coverage
Minutes of Board Meetings: Record of board decisions revealing past disputes or concerns
Other Relevant Documents: Includes property management agreements or special assessment notices
7: Removing Conditions
Financing has been secured
Deposits need to be paid
Title Review: Checking for any outstanding liens or encumbrances
Agreement becomes binding for both the buyer and seller
The buyer can ask the seller to address the issues identified in the inspection or offer a price reduction
The buyer can no longer back out based on the conditions they previously had
If a condition is not met, the buyer can either negotiate with the seller or choose to terminate the contract
9: Lawyers
Legal Fees approx $1000
Disbursement fees approx. $600
Property Taxes
Realtor fees
Land Titles Registration
Estimated Interest Payable to Builder - 1 days worth (Cash to Close x 18% x 1 day)
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