Being guided through the process of buying a property: a wise decision

Whether it is your first or your umpteenth transaction, being well guided in the demanding process of buying a house, a condo or an income property is a wise decision. For this reason, we believe that it is essential that you are well informed about the steps to follow when buying your next home. Our team can provide you with some useful tools to help you find your new home in the Lachine and Lasalle areas.

The importance of the mortgage pre-qualification

In a real estate transaction, there are many points to consider and the amount of the mortgage loan that will be granted to you is one of them. The mortgage pre-qualification allows you to know the amount of money that will be granted to you before you even start the process of buying a house, a condo, or an income property. It determines the maximum amount you can invest in the purchase of a property based on your income, debts, obligations, and financial capacity.

Mortgage pre-qualification can greatly speed up the buying process, but it is not mandatory. It reassures all the parties involved in the transaction by confirming that you have the means to purchase the desired property. By doing so, you are confirming that you are serious about your project.

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What are the steps to follow to make the purchase of a lifetime?

First, you must estimate the amount of money your financial institution could loan you to buy your new property. Secondly, you need to estimate the initial amount that you will put down when the loan is granted. Known as the “down payment,” this deposit reduces the amount of your debt.

If you have at least 20% of the purchase price of the house you are interested in, you may be eligible for a conventional loan and thus avoid the costs associated with mortgage loan insurance. If this is not the case, you will probably be subject to a mortgage default insurance premium. This premium can be added to the amount which is to be financed. The lower the down payment, the higher the premium will be.

In addition, there are some additional expenses you need to be aware of: mortgage transaction fees (inspection, appraisal, etc.), property taxes, moving expenses, home insurance, renovations, and service fees, to name a few. After considering all these steps, with our help, you can proceed with the search for your dream home.

Have you found a home you like? Then you are ready for our broker to draw up a Promise to Purchaseagreement with you. In this manner, you are committing yourself to the seller to purchase his property at the price and under the conditions included in this agreement. Does the seller accept your promise to purchase? If so, he is committed to selling his property to you. Certain conditions must, of course, be respected both by you and by the seller (financing, inspection, etc.).

When the promise or counter-proposal is accepted, with the help of our broker, you must verify that the conditions contained therein are respected: pre-purchase inspection, receipt of all documentation related to the property, and obtaining your mortgage financing, among others. You must also ensure that you respect the deadlines set out in the promise to purchase. At the very end of the process, you must sign the deed of sale before taking possession of your new home. As you can see, this whole process will be greatly simplified with our involvement.

How long does it take to find the ideal home?

In the Lachine and Lasalle areas, it takes a minimum of 45 days (or more) to find the property that meets all your needs. But it is the visits to the houses or condos that increase the duration of the buying process. Market conditions can influence the time it takes to find the ideal home.

In a booming market, you should consider prolonging your search. According to some studies, the typical buyer actively searches for a property for 10 to 12 weeks and visits an average of 10 houses and the completion of the purchase conditions adds to the duration of all these steps. We estimate that this stage takes between 10 and 14 days. In addition, we strongly recommend an inspection of the house you are planning to buy. The estimated time to complete this step is around 10 days. By working with our team, you will be well advised to ensure that all these steps are carried out following the industry standards.

What is the difference between the selling price of a house and the price obtained after negotiation?

There is no fixed percentage to be obtained when negotiating a lower sale price of a property. In fact, each sale is unique and has its own characteristics. In the end, what matters is not the reduction you obtain compared to the starting price, but the actual price at which you can buy your house or condo.

The benefits of the legal coverage offered by Sutton Secur

This innovative legal coverage program ensures that you are protected in the event of a dispute or problem related to the purchase or sale of a house, condo, or income property. The certificate issued by Sutton Secur provides coverage for up to $3000 in legal fees. This protection is valid for life as long as you continue to reside at the address covered by the certificate.

Contact us to get in touch with the best real estate specialists

Before making a major decision about buying a new home, contact us. In the Lachine and Lasalle areas, we are the most professional and caring team that can assist you in purchasing your new home. Contact us anytime at 514-886-0528.