Buying a Property – The Purchase Process

First contact your bank if you need to borrow money to purchase a home and find out how to qualify for a mortgage. Ask for a pre-approval so you know what your buying power will be.

Then select a real estate agent that you are comfortable with and discuss what you are looking for – where you would like to live, what you can afford as well as what your needs and wants are in a property. A good realtor will recommend suitable properties which will save you time by filtering out properties that look & sound right but don’t fit your requirements.

Once you have found the right property it is best to make a written offer which covers the main terms and conditions under which you intend to purchase the property. Take advice from your realtor as to what you should consider including in your offer.

Your realtor can provide you with an idea of the closing costs on the purchase price so that you can insure that it falls within your pre-approved mortgage amount.

If your offer is accepted a Sale and Purchase Agreement will be drawn up and sent to your attorney for approval. At this point you will need to ensure you have funds on hand for the 10% deposit. Your attorney will review the contract details with you & if it is acceptable will make
an appointment for you to sign the Sale and Purchase Agreement & lodge your deposit.

Once both Purchaser and Vendor have signed the Agreement & the Purchaser has lodged the deposit it is said to be “In Contract” and neither party can withdraw unless the specified conditions are not met.

The sale closes on the completion date specified in the contract once a property search is carried out and conditions are met.

At completion the Funds are transferred to the Vendor’s attorney. The conveyance document is signed by the Vendor & returned to your attorney completing the sale & you become the new owner of the property.

Contact Sharon Cranfield  at Cranfield Properties on 305-8074 or

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