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Next Step When buying a home

Flow Chart When Buying or Selling a Home for a Typical Real Estate Transaction

Including New Mortgage Financing
Note: This flow chart is intended as a guide - a thorough consultation with a qualified solicitor is required.

Step One: Finding a home & making an Offer to Purchase.

1. The first step is for you to write down all the requirements of your purchase.  You have to consider what the property you are buying "must" have and what you "want" it have have.  Once you have made this list and decided upon the important aspects of your purchase we can meet and discuss your wants and needs.
   
2. You must visit with your lender to obtain mortgage pre-approval as soon as you can.
   
3. We will thoroughly search the MLS and find the home that you want to purchase (easier said than done!).
   
4. You make your offer to purchase property.  Often the offer would contain conditions such as:
   i) Confirmation of mortgage final approval
   ii) Home inspection approval
   iii) Property Disclosure approval etc.
   
5. The Offer is negotiated to acceptable terms and conditions for you.
   
6. Seller accepts your offer to purchase
   
7. You deposit money is placed with the listing brokers office "in trust".  In Mississauga the deposit is usually between $5,000 and $10,000 depending upon the property value.  It is your money and is credited to you upon the closing of your purchase.
   
8. Condition removal process: This typically takes from 5 to 10 business days and in the following order. If any of the conditions are found unacceptable to you, the sale is voided.
   
9. i) Review Property Disclosure & approval.
   ii) Have the home inspected by a inspection professional & approval.
   iii) Other conditions met & approved.
   iv) Confirmation of mortgage final approval
   
10. Waiver of conditions; as each condition is met you must remove (waive) the condition from the Offer to Purchase within the predetermined condition removal time period. If written waivers are not completed and presented to the Seller within the time frame allowed, the agreement of purchase and sale may be voided and your deposit is returned to you in full without deduction.
    
11. Usual time frame is 3 to 12 days from the time the Offer is accepted to remove all conditions

     

Step 2: Taking care of the details before your move.

1. The unconditional offer delivered by Seller Agent's office to your lawyer.
   
2. Often you want to estimate what your moving costs will be. Click here to use a very handy Moving & Storage Calculator.
   
3. 2 to 3 WEEKS BEFORE CLOSING
   
4. You would instruct your lawyer how to complete title description. (How you want your names to be registered on title.)
   
5. You and/or your lawyer would make arrangements for transfer & connection of utilities, telephone, mail forwarding etc. (A checklist is available upon request.)  You may call the local utility companies using these phone numbers.
   
6. Instructions to prepare mortgage delivered to your lawyer from the financing institution.
   
7. Seller's lawyer obtains description and prepares transfer for execution (signing) by the Seller.
   
8. Seller executes (signs) transfer with their Lawyer.
   
9. Your Mortgage documentation prepared.
   
10. The Seller's lawyer delivers transfer of land documents to your lawyer under trust conditions
    
11. You need to be sure to arrange for home insurance to cover you & mortgage or you may not be allowed to move into your home until this is finalized and proof is delivered to lawyer.
    
12. Pre-Move Checklist
    
13. Your Lawyer calculates the cash balance you will need to close their home purchase after all adjustments & fees.
    
14. Delivers this "Statement of Adjustments" to you.
    
15. You would execute (signs) transfer & mortgage documents & deliver cash difference (balance owing) from the Statement of Adjustments.
    
16. Balance owing forwarded to Seller's lawyer under trust conditions.
    
17. Your Lawyer submits transfer and mortgage documents to Land Registry Office for registration
    
18. Seller's lawyer receives balance owing and holds it "in trust" pending completion.
    
19. Registration of transfer and mortgage obtained - title is now in your name (possibly) subject to mortgage.
    
20. Your lawyer requisitions mortgage funds and forwards the mortgage funds to the Seller's lawyer "in trust" that any unacceptable title encumbrances be removed.
    
21. Seller's lawyer receives mortgage proceeds and holds "in trust" pending completion.
    
22. Seller's lawyer obtains discharge of encumbrances and reports to yours lawyer. Pays out Seller mortgage if any.
    

Step 3: Move in time

1. Seller's lawyer releases keys to purchasers solicitor or advises Seller's Agent of release of keys to you, once the lawyer has received the funds and all the documents.
   
2. You can do a pre or post possession walk through of your home with or without me.
   
3. Copy of acceptable title, in your name, delivered to your lawyer
   
4. Your lawyer reports to financial institution
   
5. Seller's lawyer reports to Seller: accounts for funds received and releases funds to Seller.
   
6. Your lawyer gives you a final report with all the details of the transaction.
   
7. Your purchase is complete!
   

Home Buying Step by Step as explained by CMHC 

OREA Articles on buying and selling your home

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Next Step When buying a home

Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale  | All Pages including Mississauga Real Estate Blog all maintained by info@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434  First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Tuesday, April 9, 2024 7:24 AM
At this Mississauga, (Erin Mills, Churchill Meadows, Sawmill Valley, Credit Mills and or Meadowvale ) Ontario, Canada Real Estate Homes and Property Internet web site you will find relevant information to help you and your family.