Owning your own home is a great milestone. But actually getting into that home is a process that involves several steps, and understanding each of them is important.
1. Mortgage Pre-Approval
Getting preapproval for a home loan doesn’t mean that you’re obligated to take out the loan or to purchase a home, but it does give you a good idea of the amount of loan you can secure and property that you can afford. This, in turn, makes it easier to set a realistic budget for owning a home and allows you to make offers with more confidence.
2. Shop For Your Home
This is the fun part. Spend some time using online real estate listings or talking to a broker to find the homes that fit into your needs, wants, and budget. It’s important to spend time making sure that you find the right property for your needs – after all, this is a big purchase.
3. Putting In Your Offer
Once you find the home, you’ll want to put in an offer. Your Realtor will review property titles and can help you determine what a fair offer is and then make the offer, and afterwards can negotiate terms and amounts on your behalf.
4. Dealing With Your Conditions
Usually, offers are made subject to conditions such as performing a home inspection and obtaining mortgage financing. During the condition period, you will work on completing your conditions.
You will hire a home inspector who will provide you with a home inspection report. You will deal with your mortgage broker to finalize your mortgage approval. Once you are satisfied your conditions have been met, your Realtor will help you remove your conditions. Your offer is now final! You are buying a home!
5. The Closing – Real Estate Lawyer Stage
Once the conditions are removed, your real estate lawyer will become involved to deal with conveying the property title to you. You will meet with your lawyer to sign the documentation that transfers the property ownership to you. The lawyer will also deal with your mortgage lender and handle the payment of the purchase price to the seller.
Owning your own home is a process that can be exciting, confusing, and at times stressful. Using an experienced lawyer for a home purchase in Edmonton is necessary to make things easier for you, and can ensure that you reduce the stresses of the process.