1
DEFINE YOUR GOALS Permanent residence, investment property, or second home? Remain conscious of resale investment potential Understand you local market and its influences
2
RESEARCH YOUR OPTIONS Review your current financial situation to understand what you can afford Determine your ideal location Define the type of home you prefer Analyze the reality of your expectations
- the importance of -
LOCATION DESIRABLE LOCATIONS:
Are solid, long-term investments See above average price increases in strong housing markets Retain their value better in weaker housing markets
TYPICAL CONDITIONS TO INCLUDE FINANCIAL TERMS Mortgage approved Purchaser pays stamp duty, generally 7.5%Â
HOME INSPECTION
Full access and inspection byy a certified inspector Thoroughly investigate electrical, water, heating, roofing, pest Costs paid by seller for any repairs over a specific amount Certain repairs to be completed and approved before purchase
CLOSING DATE
Typically dated to give you and the seller the time required to complete the purchase transaction Related to the sale of a present property or remaining term of a lease Subject to seller's flexibility to move
TITLE SEARCH
Ensure the Property Title is in the name of the seller/seller's trust Free from any claims against it either liens or ownership If there is any 'right of use' on the property
9
PREPARE FOR CLOSING Sign all legal documents including paperwork relating to your mortgage and transfer of ownership of the property Pay for losing costs and down payment Receive keys and documentation of cost, mortgage terms, deed
MORTGAGE/ INSURANCE FEES
Valuation (appraisal) fee Mortgage fee to bank Government fee for registering the mortgage Homeowners' insurance Life insurance
STAMP DUTY (NO TAXES)
Purchaser pays one-time stamp duty to the government of 7.5% of the property's value.
LEGAL FEES
Attorney fee (less expensive when hired by the bank)
INSPECTION FEES
Structural inspection fee (optional) Pest Inspection fee (optional)