The Home Buying Process

Buying a home is one of the best decisions of your life, but it can also prove to be challenging. We at Realty Rebel are here to provide you with a stress-free home buying experience by working with you to eliminate your concerns and helping you to understand the process.

Steps in the Home Buying Process

We naturally fear the unknown. With our guidance and knowledge rest assured you will feel comfortable and confident that every detail will be addressed.

  • Research and drive through several neighbourhoods to get an idea of the areas you are most interested in.
  • Evaluate your budget to determine how much you can realistically afford.
  • Get Pre-Approved for a Mortgage so you're ready to commit to purchasing a home.
  • We'll discuss what is really important to you. We have prepared a questionnaire to determine your needs and wants in your dream home. Needs are items that cannot easily be changed, such as location, number of bedrooms and the size of the house. Wants are items that can be modified easily such as aesthetic upgrades. It is important to come up with a list of items you will not compromise on, and a list of items you can be flexible with.
  • Location, Bedrooms, Lot Size, Commute, Schools etc.

Now that you have been pre-approved and we understand your needs and wants, the real adventure of finding your home begins.

There are several tools that can help make your home search easier:

  • E-mail alerts
    Realty Rebel will set up a Buyer Instant Notification System. This system will set up alerts that will E-mail you homes that match your needs as soon as they hit the market. If you love it, let us know and we will set up an appointment right away.
  • Favorite listings
    Flag a home as a favorite to view later and compare to other favorites! These favorites will show up as a list in your Dashboard, making it easier to share with your Realtor.
  • Saved searches
    When you set up a customized search with your specific needs, save it for later use! This will save you time in the future.

Once you find your dream home, it is time to place an offer! A Realty Rebel associate will walk you through the steps of the offer contract and help you negotiate conditions that are favorable to you.
If the Seller accepts your offer, it is time to do some final work. Here are a few things you will need to do:

  • Do your due diligence by having a home inspection.
  • Negotiate any final repairs
  • Get a home appraisal
  • Secure your mortgage financing
  • Find a lawyer

Once all of your conditions are met, the home inspection passes, and your mortgage is secured it is time to sign a Fulfillment of Conditions Document. Once the Seller’s Realtor receives this document, signs and sends it back the deal is completed.

While your Lawyer completes a Title Search, prepares final adjustments and prepares your Mortgage release documents, you will need to start planning to move into your new home.
We have prepared a checklist to help you through the process.

Get to Know The Main Players

When buying a home or other property, you will have to rely on a range of professionals to guide you through the process.

A mortgage professional who provides access to a full range of mortgage products, interest rate options, and strategies to pay off a mortgage more quickly. This professional works only on your behalf. Ensure your mortgage professional is certified by a national authority, such as, Mortgage Professionals Canada. May also be known as a mortgage consultant, mortgage agent or associate, depending on the jurisdiction.
Financial institutions, such as banks, credit unions, trust companies, pension funds, and life insurance companies which lend money to home buyers.
A real estate representative finds properties that meet your requirements and that are in your price range and who arranges the purchase transaction on your behalf. Realtors are licensed professionals who carry insurance.
The appraiser determines a property's mortgageable value, based on its condition and the selling price of comparable properties recently sold in the area. The market value enables the lender to determine the loan-to-value ratio of the mortgage (the amount of the mortgage versus the value of the home).
Property inspectors examine the home you intend to purchase to evaluate its roof and structural stability, electrical work, plumbing, appliances, fireplaces and furnace. This inspection is usually arranged by the buyer, and allows him or her to address any issues with the seller prior to closing, as well as, anticipate any repairs that may be required.
Your lawyer or notary will review the Agreement of Purchase and Sale, ensure that all closing documents have been completed correctly (including the title search and title insurance), as well as, file documents with the provincial land title office. Your lawyer or notary will also ensure your property is clear of all existing mortgages, judgements and builder's liens.
Mortgage insurers (CMHC and Genworth) protect lenders from a borrower defaulting on a mortgage at any time during the amortization period. Home buyers with down payments of less than 20% must purchase mortgage insurance.