New to Buying A Home

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Buying a home can be one of the most exciting and enjoyable experiences you'll ever have. All it takes is a little thought, a little preparation and a little help from Debbie.

Determining Your Needs

What's your lifestyle? What will it be like a few years from now? Those preschoolers will be teenagers some day. Are you planning to stay in your new home that long? Before you begin looking for a home, take a look at both your present and future needs.

Arranging a Mortgage

Everyone wants your business, but it's up to you to look after your interests. What are your mortgage options? Which might be best for you? Debbie can recommend a Loan Officer if you do not already have one in mind.

The Offer

So, you've found the perfect home. Now the fun really begins.

The Basic Elements of an Offer

1. Basic Details
   This includes the address and legal description of the property, and the names of the seller, purchaser and brokers involved.
2. Price
   Depending on the market conditions, your opinion of the value of the home and the information provided by Debbie, the price you offer may be different from the seller's asking price.
3. Chattel - Inclusions and Exclusions
   Items within the home that will be included in the purchase price such as appliances, fixtures or decorations such as drapes or mirrors are referred to as chattel. Don't assume that anything will be left behind. If you want it, put it in writing.
4. Deposit
   The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Deposits are usually no more than 3-5% of the purchase price, but a larger deposit can show the vendor that you're serious. Debbie can advise you on the appropriate amount.
5. Terms
   These include the total price of your offer as well as the financing details. You may arrange your own financing or may ask to assume the seller's mortgage, especially if it has an attractive interest rate. There will also be an expiration date and time after which the offer is no longer valid.
6. Conditions
   These might make your offer subject to home inspection, to your obtaining financing or to your selling your property.
7. Closing or Possession Date
   Generally, the date the title of the property is legally transferred and the transaction of funds is finalized between 30 and 90 days from the date of the offer. This is often a good negotiating point as sellers usually have a fixed date in mind.
8. Request for a Current Survey of the Property
   If the seller does not have one, you may wish to make one obtaining a land survey a condition of the closing. In most cases, the seller will not pay for a new survey. As discussed earlier, you can ask the seller to provide a "Declaration of Possession" or you could buy a "Title Insurance" policy instead. If however, you are planning to add to the house or build a garage, the best idea is to request a new survey - you'll likely need it to get your building permits.

Closing

This is where it all comes together. Literally. From surveys and inspections to taxes and insurance, this is the day that the property becomes yours. Familiarize yourself with a few of the basics. Debbie can provide the details.

The Move

Before the big day arrives arrange to have the utilities at your current home disconnected, utilities at your new home connected, and appropriate businesses and individuals notified of your address change. Have the post office forward your mail to your new address.