The Home Purchasing Process In Edmonton
Specify your home buyer needs
While this might be one of the biggest purchase decisions you will ever make, it’s important to enjoy this step. Spend a considerable amount of time building up a prioritized list of your immediate needs, while also considering things you will need in the future (extra bedrooms, a single floor for mobility, larger yard, etc.). A great deal of consideration should be also given to the area and its amenities. Not just the home. Finally, what is your motive for buying? Are you looking to fix-up and resell, or is this a permanent placement?
Financing and mortgage approvals
After you have a realistic scope of your needs and wants, the next step is to place a number figure on that list. At this point it is important to meet with your local bank and begin a relationship with their dedicated mortgage representative. This person will be responsible for reviewing your current financial situation, as well as discussing where you need to be in order to apply for a mortgage pre-approval document. Having reached this confirmation of finances, you are then at a point where you can begin canvasing the residential home seller market.
Identifying the right property for you
Referring back to the first step, you need to identify your core needs. Are you putting down roots, or looking for investment / resell opportunities? Regardless, research of the market is crucial to the success of your investment. Typically, the more time you put in, viewing homes, the more confident you will become in identifying property value within your current market. Objectivity is also very important. Don’t be fooled by aesthetics. Make sure that a home is structurally sound and that it won’t create any unanticipated costs for repair in the future.
Working with legal advice
In any purchase where there are hundreds of thousands of dollars at stake, you need the professional guidance and protection a lawyer can offer during such a transaction. Furthermore, you should work directly with a top Edmonton real estate lawyer if you are purchasing a property in the area. Not only will the best Edmonton real estate lawyer ensure the transaction’s documentation is correct, but they will also conduct a search to verify there are no outstanding liens or taxes against the property. These are costs that you could incur in the future if you purchase the property.
Making an offer to the seller
Making an offer on such a large transaction is an important and involved process. Backing out of a sale offer without placing the correct conditions can leave the Buyer obliged to the Seller, and even liable. It is always best to have a real estate lawyer handle this step, guarding your financial and legal interests. Offer documents will include a buyer’s offer price, their deposit, and closing date. The seller simply accepts or counters (“signing back”) the offer. Regardless, the legal fees associated with this point in the process are extremely low when considering the legal risk you can place yourself in. Working with a number one real estate lawyer in Edmonton is similar to insuring your position and legal protection in the transaction.
Home Inspections and New Home Warranty
If you have hired a lawyer for the process of your purchase, there is a very good chance (and with very good reason) they have insisted that the sale be conditional upon a successful home inspection or placement of a New Home Warranty. While this comes at a minor cost of having a professional inspect the integrity of the home, it is money wisely spent in effort of avoiding any unforeseen flaws or required repairs in the home. Repairs you may be liable for under municipal law if you become the owner. If problems are found, these can be negotiated between the Buyer and Seller, or the sale can be simply made void by the Purchase Offer’s conditions.
Closing the Deal
The final and easiest step is the final approval of your mortgage by your bank (as should be stated in your conditions to purchase), and a meeting with your real estate lawyer to close all final details such as insurance, your cleared title search, fees, and conditions.
Contact an Alberta Real Estate Lawyer Today
|M. Robert Mackinnon, B. Sc., LL.B.
Edmonton Real Estate Lawyer
McGlashan & Mackinnon – Edmonton Real Estate Lawyers
Robert has been and continues mostly to be a general practitioner. He practices in a broad range of the legal areas, including residential and commercial real estate, construction and real Estate Litigation, family law, corporate and commercial, civil litigation and Wills and estates.