From Offer to Ownership: A First-Time Buyer's Timeline to Closing on a House
Surveys show that most Canadians see home ownership as a top investment for long-term prosperity. Despite market fluctuations, housing values generally rise over time. With the Bank of Canada raising interest rates, the mortgage market has tightened, making the process challenging for first-time buyers. Here’s a streamlined guide to closing on your new home:
1. Make Your Bid Quickly
Submit your bid promptly, especially in a hot market where deadlines are tight. Your real estate agent will guide you on timing and strategy.
2. Bidding Wars
Be prepared for bidding wars, particularly in competitive markets. You may need to rebid to secure your desired property.
3. Sign the Purchase Agreement
Once terms are agreed upon, sign the legally binding purchase agreement. Note cooling-off periods: 3 days in BC and 10 days for pre-sale condos in Ontario.
4. The Waiting Game
Typically, you’ll have around two months before closing. Use this time to handle moving arrangements, notify utilities, and purchase necessary appliances. If you’re new to utilities, expect to pay a deposit.
5. Finalize Your Mortgage
Contact your mortgage lender immediately to finalize paperwork, allowing time for any potential issues to be resolved.
6. Arrange Walk-Throughs
Conduct walk-throughs to measure and inspect your new home. Schedule a final inspection shortly before closing, accompanied by your real estate agent.
7. Finalize with Your Lawyer
Ensure your real estate attorney finalizes the paperwork. Insist on title insurance to cover any title search issues.
8. Confirmation from the Seller
On closing day, wait for the seller’s attorney to confirm receipt of funds before picking up the keys from your lawyer’s office.
9. Moving In
If possible, delay moving in for a day or week after the previous occupants have left to allow for a smoother transition.
Final Thoughts
Closing on a home can be challenging, but with a real estate agent like Fardad Farhanian's guidance, you can navigate the final steps smoothly. Preparation and understanding the process will help you avoid last-minute surprises.
Contact Fardad Farhanian today:
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