Buying a Home

Top of Page | Determine What You Can Afford | Understanding Market Conditions
Major Elements of an Offer | How to Make An Offer | Some Moving Tips

If you are in the market for a new home, then you have chosen the right Realtor. Here is some helpful information, and if you require any further advice, feel free to get in touch with Gary for a personal consultation.

Determine What You Can Afford Purchasing a home involves a lot of one time expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following table: Typical One-time Expenses EXPENSE PAID Mortgage Application & Appraisal Fee At time of application Property Inspection (optional) At inspection Legal Fees Closing Legal Disbursements Closing Land Transfers, Deed Tax or Property Purchase Tax Closing Mortgage Interest Adjustment and Take Over Fee (if applicable) Closing Adjustments for Taxes, Association Fees, etc. Closing Mortgage Insurance (and application fees if applicable) Closing Home and Property Insurance Closing and on-going Moving Expenses Date of Move Typical monthly costs incurred with home ownership are mortgage payments, maintenance, condo fees, property taxes and utilities.

Understanding Market Conditions The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer. As your Royal LePage Real Estate Professional, Gary can provide you with current real estate market conditions and explain their impact.

The Major Elements of An Offer (1) Price Depending on local market conditions, your opinion of value and market information provided by Gary as your Royal LePage Real Estate Professional, the price you may offer may be different from the seller's asking price. (2) Deposit The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. As your Royal LePage Real Estate Professional, Gary can advise you on an appropriate amount. (3) Terms Includes the total price offered, and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate. (4) Conditions These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property." (5) Inclusions and Exclusions These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. (6) Closing and Possession Date Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.

Top of Page | Determine What You Can Afford | Understanding Market Conditions
Major Elements of an Offer | How to Make An Offer | Some Moving Tips

How To Make An Offer When it comes time to make an offer, as your Royal LePage Real Estate Professional, Gary will write the Offer, using the information available. Gary, as your Royal LePage Real Estate Professional will communicate your offer, sometimes known as an Offer To Purchase*, to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Gary can guide you through this process. The offer can be Firm or Conditional. Firm Offer To Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours. Conditional Offer To Purchase: means that you have placed one or more conditions on the purchase, such as "subject to home inspection", "subject to financing" or "subject to sale of buyer's existing home." The home is not sold until all of the conditions have been met. * Offer To Purchase: a legal document which specifies the terms and conditions of your offer to purchase the home.

Top of Page | Determine What You Can Afford | Understanding Market Conditions
Major Elements of an Offer | How to Make An Offer | Some Moving Tips

Some Moving Tips Once you have purchased your home, here is a handy checklist that can make the move easier for you: (1) Book the Movers: You can choose to have your movers pack everything, or just the breakables, or you can pack yourself. It is a good idea to obtain estimates from several different companies. (2) If You Own Your Present Home: Arrange to have your gas, water, and electric meters read on the day you leave and have the bills forwarded to your new address. If the water softener is rented, arrange for a transfer of the rental agreement to the purchaser, or cancel the contract. Disconnect your telephone and cable TV. If you have a Security System & are paying for it on a contract be sure the purchaser will assume the contract or that it is paid out. (3) If You Rent Your Present Home: Give the necessary written notice to your landlord and make arrangements for the return of any money you have on deposit. (4) At Your "New" Home: Make arrangements for the gas and electric utilities, water softener, telephone, and cable TV to be connected on the day the sale closes. (5) General: Get "Change of Address" cards from the post office and send out well before moving day. Have post office forward your mail to your new address. Cancel any contracted services and pre-authorized cheques. Inform gardening, dry cleaning, garbage pickup, newspapers, magazines, and other home services. Arrange for services at your new address. Cancel or transfer social, athletic, civic, religious or business affiliations, and memberships. Arrange for transfer of medical, dental, prescription, and optical records. Change the address on your driver's license(s) effective the day of the move Collect all items out for cleaning, repair, or storage, e.g. dry cleaning. Make special arrangements for the moving of perishables, such as plants. Make special arrangements for the moving of your pets. Safely dispose of all flammable liquids as it is illegal for movers to carry them.

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