Step By Step Home Buying Process
Research
You may do market research yourself, or, you may wish to hire a knowledgeable realtor who can advise you on real estate market and may help you finding right home.
Evaluate your needs and resources.
This is the most important step in your decision to purchase a house or condo. Evaluate your requirements and desires and analyze your resources. This will help you finalize your budget for purchasing a house.
Financing
Consult your bank or lender or mortgage advisor. In today’s market, many financing options and products are available so make your decision judiciously. Always take into account the Closing Costs associated with completion of the purchase.
Home Search
Once you know your budget and financing situation, start searching your dream home. A real estate agent can be helpful in finding the home of your choice.
Offer Preparation
Our office can help you at this stage, however, if you have hired a real estate agent he/she can prepare offer for you. Visit Alberta Real Estate Association website it will be of a great assistance to you. At this stage of home buying process, you start negotiating on price and decide the price you want to pay for the house. Usually, your realtor can help you with it. However, if you or your realtor wish to discuss offer with us and get some helpful negotiation tips, contact GSS LAW FIRM.
Offer Presentation.
Your agent will present your offer to the seller and/or the seller's agent. The sellers have three options: they can accept your offer, counter your offer, or reject your offer.
Acceptance and conditional period.
Generally an accepted offer is subject to conditions such as financing, inspections, and/or any additional condition.
Hiring a Lawyer
Once all the conditions of accepted offer have been satisfied, hire a lawyer who can conduct closing of your house and can handover you possession and keys of house.
After Closing
Enter you own new home and inspect it. Usually after closing inspections are satisfactory, however, if you find any unusual problem with your new home it is important to call your lawyer right away. Please be advised that after closing your transaction is primarily governed by the real estate purchase contract signed between parties.
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