The steps to buying a property, from A to Z

Buying a property, especially your first one, can feel intimidating. But once you know the steps, everything becomes clearer. Here is the path I follow with each of my buyers, from our first coffee to the day you get your keys.

1. Define your project and your budget

It all starts with a conversation: what type of property, in which area, for what lifestyle? We then set a realistic budget. In Canada, the minimum down payment is 5% on the first $500,000 and 10% on the portion between $500,000 and $1,500,000. From $1,500,000, you need 20%. Below 20%, mortgage loan insurance is mandatory.

2. Get a mortgage pre-approval

Your financial institution or mortgage broker reviews your income, debts and credit. The pre-approval tells you how much you could borrow and often holds a rate for a few months. Keep in mind that lenders qualify you at a rate higher than your actual rate (the stress test).

3. Plan for purchase costs

Beyond the down payment, set aside a reserve for costs: welcome tax, notary, inspection, tax adjustments and moving. My welcome tax and purchase costs calculators give you a good estimate.

4. Search and visit

I set you up with a personalized property alert, sort through listings with you and go with you to showings. My job is also to notice what you might miss when you fall in love with a place: orientation, noise, the condition of the roof and windows, parking.

5. Submit a promise to purchase

When the right property comes along, we draft a promise to purchase: price, conditions, inclusions, deadlines and possession date. I then negotiate with the seller’s broker until we reach an agreement.

6. Lift the conditions

This is the time for the pre-purchase inspection, the confirmation of your financing and, for a condo, the review of the co-ownership documents. If an unpleasant surprise comes up, we can renegotiate or, depending on the conditions in place, withdraw the offer.

7. At the notary

The notary checks the titles, prepares the deed of sale and the hypothec, then makes sure the funds are transferred properly. You sign, the notary registers the sale in the land register, and you receive your keys on the agreed date.

8. After the purchase

A few weeks after signing, your municipality will send you the welcome tax bill. Also remember your change of address, home insurance and subscriptions.

You are not alone

Every step comes with its own questions, and that is normal. My role is to make the process simple and stress-free, from the first showing to the signing. Ready to start? Create your property alert or contact me directly.