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or email
brendagreen@royallepage.ca
The first step in the buying process is to determine the type of property you are looking for. This might be a family home, waterfront property, cottage or vacation retreat. You will also want to consider where you want your dream property to be located. Would you like to live in a city such as Summerside or are you looking for rural seclusion.
Consider you budget, how much could you spend and comfortably pay the mortgage? Once you have determined your budget, the next step is to apply for a pre-approved mortgage. With financing in hand you can look with confidence and your offers will be considered more seriously if the seller knows you have your financing in place.
With your budget, location and type of property established I will prepare a list of suitable listings that we can view. When you have come to a decision on the property you wish to purchase you will make an offer. An offer is a formal contract offering to purchase within a certain time and at a certain price, provided that pre-determined conditions you have set out in the offer are met. Commonly your offer will be contingent on a successful home inspection.
Vendors may accept, reject or counteroffer. Once accepted your offer becomes a legally binding contract.
You will begin the process of conveyancing by hiring a lawyer. The cost of your new home will include purchase price, legal fees, disbursements (out of pocket expenses), closing adjustments (you portion of any pre-paid expenses such as property taxes, remaining heating oil etc), mortgage application fees, and appraisal fees.
The process may sound daunting, particularly to first-time property buyers, but with the help of a realtor and your lawyer you will find that it is much easier than you thought. After all, people buy and sell property every day!
