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Home Buying Process
Ensure You've Considered These Important Points When Buying Your New Home
Property Title Search
Be sure to check the property title before you make your offer! Canaterra gives home seekers an important new tool to make informed choices when buying a property. By partnering with Dye & Durham, we are able offer new home buyers the opportunity to have a Title Search conducted prior to their making an offer, or making a Title Search a condition in the offer. Unlike undertaking this search just days before the deal closes, these options allow the purchasers time to react in the event that problems are found in the Search.
Home Warranty
Check with your province's New Home Registry or Warranty Office before buying your new home. It's a great place to start as these registries may be able to tell you;- if the home can legally be offered for sale
- if it has a policy of home warranty insurance and
- if it is built by a Licensed Residential Builder or an owner builder.
Start with Canaterra™: Powerful Searches & Advanced Features
Is Homeownership Right for You?
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Buying your new home is one of the biggest financial and lifestyle decisions you will make, so it pays to make an informed decision by first looking at the main advantages and disadvantages of Homeownership.
Are You Financially Ready?
Evaluate your current financial situation and determine how much house you can afford and the maximum price that you should be considering.
How Much Will It Really Cost?
After you have calculated the maximum home price you can afford, you will need to calculate the up-front costs and expenses associated with buying a home to make sure that you are financially prepared.
What Should You Buy?
Before you start searching for a home you need to think about your current and future housing needs and what characteristics are important to you in a home.
What Professionals Can You Call On?
There are a number of professionals you can call on in the home buying process: real estate agent , mortgage broker , lawyer/notary , home inspector , insurance broker.
How Can You Find the Right Home?
Once you figure out what you can afford to pay for a house and obtain a pre-qualified mortgage , you are ready to start your search. There are a variety of sources you can use to find the home that is right for you: word of mouth, newspapers, the Internet for Canaterra Property Pages™, "For Sale" signs, visit new development sites, work with a real estate agent.
Ready to Buy?
Once you find the home you would like to buy, you will need to present the vendor with an Offer to Purchase or Agreement of Purchase and Sale.
The Final Steps
Closing day - your lender will provide the mortgage money to your lawyer/notary, you must provide the balance of the purchase price to your lawyer/notary along with the closing costs, your lawyer/notary pays the vendor, registers the home in your name, provides you with a deed and the keys to your new home.
Is There More to Home Buying?
The real financial responsibilities of homeownership begin when you take possession of your new home; you will need to budget for mortgage payments, ongoing operating costs and an emergency fund.
Tips on Home Maintenance
By doing regular maintenance and taking care of small repairs right away, you'll avoid more costly repairs down the road.
The above information compiled by Canada Mortgage & Housing Corporation. For more detailed information on the Steps provided above, please go to CMHC's website www.cmhc-schl.gc.ca
