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Buying Your First Home

Buying your first home is thrilling, nerve racking and a great step to building your future portfolio. Find the right professional team to give you the right advise. Here are a few tips to help you along the way.

Have a Downpayment & Pre-Approved Financing

First time home buyers need a minimum 5% down payment in Ontario. Remember, the more of a down payment you have, the less you need to borrow.

Next, get your financing pre-approved prior to your search with your lender. They will review the requirements and inform you what your eligible to borrow for your purchase. With pre-approval you have the ability to make an offer right on the spot.

Pick A Team

Your team works for you and includes a Real Estate Agent, Lawyer and Banker.

Wish List & House Hunting

With your wish list a great place to start searching for properties is REALTOR.CA. Contact your realtor to arrange and view your choices. This is your opportunity to refine your wish list, and ask questions ensuring your get your dream home.

Make An Offer, Meet Conditions, Provide Deposit

Once you find your dream home, its time to make an offer.

Your realtor will draft the Agreement of Purchase and Sale (APS). This a legally binding document which contains the price you are prepared to pay, the conditions required within the agreement that must be met for the sale to go through. These may include financing conditions, home inspection or a condtion that allows your lawyer to review the legal details of the property. Also the inclusions you want (washer/dryeretc.) and the closing date (the date you take possession).

Once you’ve submitted your offer, the seller can accept it, reject it or sign back a counter offer. During these negotiations, you may need to compromise on some conditons, but a good realtor will work to get you what you require.

You’ll need to submit a certified cheque or bank draft up to 5% of the purchase price, which is held in trust until close. Once the conditions are met, the agreement is firm.

Close The Deal

Your lender requires a copy of the MLS listing, your signed Agreement of Purchase and Sale and home insurance policy. If your offer was conditional on financing, they’ll use that information to confirm that they will indeed give you a mortgage for your home and set up an appraisal of the property. This confirms that you paid market value for the property.

Your lawyer will need a copy of the Agreement of Purchase and Sale, your personal identification and home insurance policy, the name bank your dealing with to ensure mortgage documents. The lawyer will ensure no leans on the property, searches, outstanding billings paid by seller and all other details taken care of.

Your insurance agent provides home insurance for the property and requires MLS listing.

Your realtor will take you for your home visits prior to closing. You will be allowed to measure, show your family, plan your renovations, etc. Save one of your visits for the day before close to ensure that the home is in the same condition it was in when you put an offer on it.

Once all documents are signed, home inspection complete, financing approved, all other conditions meet you will now wait patiently for your closing date. Closing day you will receive your keys to make it official. Remember to set up all your preauthorized billing for utilities, mortgage. Print off a void cheque and pass the information onto hydro, gas, water, tax department and cable to ensure all billing is paid on time.

Congratulations, You’re Now A Home Owner!


Contributor: Mary Gasbarrino
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Mary Gasbarrino is the Home Curator for Decorate In Style Inc., a home design company  in Niagara. Through her passion of decorating she started Decorate In Style Inc., to transform houses into homes through staging, re-design plans and in flipping. Her team of professionals collaborates with you to create a space to suit your lifestyle.

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