Placing An Offer:
You’ve found the one - fantastic! Now, there are a number of things to consider before writing the offer for your next or first home:
1. Offer Price
2. Deposit - Typically 5%+ of the purchase price due herewith or within 24 hours of offer acceptance.
Make sure funds are available.
3. Terms & Conditions - Included to clarify expectations and protect your best interests.
Most common conditions = financing, inspection, and status review (if condo). Typically about 5 day
conditional periods. When you are fulfilling the obligations of these conditions you remove/ waive
them.
4. Inclusions & Exclusions
5. Closing Date
First, we will conduct a detailed CMA (Comparative Market Analysis) complete with comparable listings and relevant historical data in order to determine the market value of the home.
In a seller’s market, where there is a low supply of homes and high buyer demand, it is not uncommon
for sellers to list their homes below market value and set an “offer date” in order to attract attention and
encourage multiple offers. Don’t worry, we will guide you in making an educated yet competitive offer.
Pricing must always be carefully considered, as overpaying for a property is oftentimes not an option.
Sometimes a pre-emptive or “bully” offer is your best option. This is a firm (unconditional) offer submitted
in advance of the offer date. In this case, you may want to consider having a pre-inspection done. Our
home inspectors will inspect the home in advance of you placing an offer. There are various offerings for
every type of home.
Once your offer is submitted, the seller may accept, reject, or counter it. Leave the negotiating to me!
Closing The Deal:
Congratulations, your offer was accepted! You will need to transfer your deposit over within 24 hours, so make sure it is in an accessible account.
*Note: Institutions like Simplii and ING don’t have brick and mortar locations. If you bank with them,
you may need to transfer the funds elsewhere so that they can be quickly accessed via bank draft.
It’s also time to satisfy the conditions of the offer, if any. I will help you make the necessary
arrangements and ensure all deadlines are met. Once conditions have been fulfilled or waived, the
deal is firm and pending closing day.
Depending on what you and the seller agreed upon in the contract, you will typically have anywhere from 30 to 90 days to prepare for your move. During this time, there are a few more tasks to complete:
• Hire a legal professional to represent your interests and manage closing documentation.
• Confirm your home purchase with your lender and finalize your mortgage details.
• Obtain home insurance.
• Give notice to your landlord if you are currently renting.
• Book your move; obtain estimates from reputable moving companies.
• Update utilities and transfer services (hydro, gas, water, cable, phone, internet, etc.).
• Update documents and IDs (driver’s license, health card, vehicle registration, passport, NEXUS card, immigration application, etc.).
• Inform the CRA, Service Canada, your financial institution, your investment firm, etc. of your new address.
Your purchase becomes a reality on closing day when ownership is officially transferred to you.
We will do a final walk through of the home 24-72 hours beforehand in order to ensure everything is
in working order.
At closing, you will complete the final documentation with your lawyer, pay the remaining balances & fees, and collect the keys to your new home!
Make sure you account for the following closing costs:
• Balance of your down payment
• Land transfer tax
• Legal fees
• Title insurance
• Mortgage broker or application fees
• Mortgage insurance (CMHC) fees
• Bank appraisal fees
• Survey fees
• Pro-rated amounts for any prepaid costs
(utility bills, property taxes, etc.)
• GST/HST (if new build property)
In my experience, most closings happen between 2-4pm. This all depends on the lawyers, banks,
and registry office. I recommend you plan on moving in the following day as you will not know
exactly what time the keys will be ready for pick up. All closing related operations are performed between the lawyer who represents you as the buyer along with the lawyer who represent the seller.
Finally, don’t stress! When the time comes, I will deliver a plan to help you coordinate a smooth closing which includes timely reminders and to do lists for you!