Welcome to the $ell With $ue Team’s comprehensive guide for first time home buyers. Regardless of whether you’re buying a new home in Richmond Hill, Newmarket, Vaughan, Woodbridge, Mississauga, Downtown Toronto, or anywhere in the GTA, you’ll want to take the same basic steps. Yes, the whole process of buying your first home can seem somewhat overwhelming, but it is really just a bunch of small stages that will lead to you finally getting the keys to your own home. Below you’ll find a brief overview of the home buying process that will surely act as an aid throughout your journey.

Where To Begin…

The first thing a prospective home buyer should do is contact a lending institution in order to determine how much you can afford. From there, the lending institution will determine the maximum price range that you are qualified to purchase up to, based on your income and down payment. This is called a “pre-approval.” We can help you get the right price range to fit your financial needs, so just ask!

The Next Step

This may be the most crucial aspect when buying your first home: finding a knowledgable real estate agent you can trust! Like any other business, there is no substitute for experience or integrity in a realtor. Of course, you’ll get both in abundance when working the the $ell With $ue Team, so lets just imagine you chose us to help you buy your first home. Upon our first meeting, you’ll need to tell us your wants and needs in a home, which will then help us determine what kind of area or property to target.

Let’s Go See Some Houses!

After getting a firm handle on your unique home buying criteria, we will bring you on a tour of different homes. This tour will provide insight into exactly what type of home you’re looking for within a specific market. When inspecting properties, we recommend you bring slip-on shoes for easy entry and exit along with a notepad and pen for jotting down notes. It is also important to remember to never talk directly to homeowners if they are present at a viewing, as they may provide biased information. At the end of each viewing we’ll grade the home’s desirability from 1-10, with the score entirely determined by you. By adding a numerical value to each individual home, it will help provide us with a better understanding of exactly what you want.

Making An Offer

Once you’ve found the ideal home that perfectly suits your needs, you will sit down with us and draw up an agreement of purchase and sale. This is a legal document that becomes the contract once the purchasers and sellers agree on its contents. Among other things, this document will list the price, closing date, deposit, and what appliances are included in the deal.

Most offers are conditional upon certain requirements, and this is to be expected. Essentially this means that there will be certain necessary conditions that must be met before you have a firm and binding agreement. Again, this is quite common and nothing to worry about. Agreements of purchase and sale are commonly conditional upon things such as getting mortgage financing, performing a home inspection, obtaining a survey, etc. If the negotiations are successful and the conditions are fulfilled, the contract becomes “firm” or binding. All of the paperwork is then forwarded to your lawyer who will then start to prepare all the documents necessary for the property to be transferred on the closing date.

Closing The Transaction

A day or two before the closing date (or move-in date), you will meet with your lawyer to sign the final required documents. On the day of closing, the lawyers for both seller and buyer will communicate to “close” and register the transaction. The keys to your new home will usually be available for pick-up by 5:00pm. Clients should expect to have possession of their new home by 6:00pm

And remember: always try to avoid buying and selling on the same day, if possible. We strongly advise you close a purchase prior to your sale and obtain bridge financing.

With the $ell With $ue Team you’ll be in your perfect home in no time!