Buy

Pre-approval is a critical first step in the home buying process where a lender or mortgage broker evaluates your financial situation to determine how much you can borrow. Once approved, you receive a letter stating the loan amount you're eligible for, which strengthens your position when making an offer.

This step involves finding the right property that matches your criteria and budget. 

Services include:

• Agent Support: Your dedicated agent helps you navigate listings, schedule viewings, and provide market insights.

• Listing Emails: Your dedicated agent will send regular listing emails tailored to your preferences, keeping you informed about new properties that match your criteria. These emails help you stay ahead in competitive markets by providing early access to new listings.

• MLS App Access: Your dedicated agent can give you access to Multiple Listing Services (MLS) app for up-to-date property information all at your finger tips.

• Neighborhood Analysis: Your dedicated agent can offer details about local schools, amenities, and future development plans.

• Property Comparisons: Comparative market analysis to ensure you’re making informed decisions.

Making an offer is a formal step where you express your intent to purchase a property under specific terms.

Services include:

• Offer Preparation: Your dedicated agent helps draft the offer, including price, conditions, closing timelines and more.

• Negotiation: Your dedicated agent negotiates with sellers and/or their agents to secure favorable terms.

• Deposit Handling: Guidance on placing a good faith deposit to demonstrate serious intent.

Conditions are contingencies in the purchase agreement that must be met for the sale to proceed.

Some examples of common conditions are:

• Financing Condition: This condition ensures that the buyer can secure mortgage financing for the property. It typically specifies a deadline by which the buyer must obtain loan approval. If the buyer can’t secure financing, they can back out of the deal without losing their deposit.

• Home Inspection Condition: A professional home inspection is conducted to assess the property’s condition. The inspection checks for structural integrity, electrical systems, plumbing, HVAC, roofing, and other critical aspects. If significant issues are found, the buyer can negotiate repairs, request a price reduction, or cancel the agreement.

• Status Certificate Condition (Condos): For condo purchases, this condition requires reviewing the building’s status certificate. The document provides details about the condo corporation’s financial health, bylaws, reserve funds, and any outstanding legal issues. Buyers use this to assess the building’s long-term viability.

• Appraisal Condition: Lenders may require an appraisal to confirm the property’s market value. If the appraisal is lower than the agreed purchase price, the buyer can renegotiate the price or walk away from the deal.

• Insurance Condition: Buyers need to secure homeowners insurance before closing. This condition ensures that the buyer can obtain adequate insurance coverage for the property, protecting both the lender’s and the buyer’s interests.

• Review of Documents Condition (for New Builds): When purchasing a pre-construction or newly built property, this condition allows the buyer to review the builder’s documents, such as agreements of purchase and sale, warranties, and building specifications.

• Sale of Buyer’s Property Condition: If the buyer needs to sell their current home to fund the new purchase, this condition allows them to cancel the agreement if their property doesn’t sell by a specified date.

• Legal Review Condition: Buyers may have their lawyer review the purchase agreement and related documents to ensure legal clarity and protect their interests. This is especially important for complex transactions or first-time buyers.

These conditions provide flexibility and security for buyers, ensuring that they are well-informed and protected throughout the property buying process.

Closing is the final step where ownership is legally transferred.

Your dedicated Agent plays a significant role in the closing process of a property transaction, helping guide the you through the final stages. While they don't typically handle the legal or financial aspects (such as title transfers or mortgage documents), their involvement is still crucial in ensuring a smooth and successful closing. 

Here's an overview of your dedicated Agent's role during the closing process:

• Confirming Terms of the Agreement: Once the offer is accepted and the conditions are removed, the broker will review the Agreement of Purchase and Sale (APS) to ensure all terms are in place and met by both parties. This includes confirming any final amendments or negotiated changes.

• Communication Between Parties: The broker acts as the liaison between the buyer, seller, lawyers, and sometimes the lender. They ensure everyone is kept in the loop and any issues or concerns are addressed promptly. For example, they may communicate updates regarding the closing date, key exchange, or any last-minute requirements.

• Coordinating the Final Walkthrough: Typically, the buyer performs a final walkthrough of the property before the closing date to ensure the property is in the agreed-upon condition. The broker may assist in arranging and coordinating this final inspection to ensure everything is in order.

• Assisting with Document Preparation: While brokers don't handle legal documents, they often help the client gather any necessary documents or information required for closing, such as confirming payment of deposits, ensuring funds are ready for transfer, and verifying that all contractual obligations have been fulfilled.

• Handling the Deposit and Funds Transfer: While lawyers generally manage the transfer of funds, brokers may assist by making sure the deposit has been properly handled and confirm that all necessary payments (e.g., closing costs, down payments) are ready for transfer.

• Coordinating the Key Handover: On closing day, once the financial and legal processes are complete, the broker helps coordinate the transfer of keys from the seller to the buyer. They often ensure the buyer has access to the property and confirm that the seller has vacated the home as agreed.

• Ensuring Compliance with Closing Date: The broker helps ensure the closing date is adhered to and that there are no last-minute delays or issues. They might work closely with the buyer's and seller’s lawyers to ensure all paperwork is completed and all terms of the sale are satisfied.

• Providing Post-Closing Support: Even after the deal has closed, Your dedicated agent can provide post-closing support. This includes helping the you settle in, advising on how to change utilities or property taxes, and answering any follow-up questions regarding the property.

Your dedicated agent plays a key role in facilitating communication, coordinating various parties, ensuring that all conditions are met, and helping with the overall organization of the closing process. While the legal and financial sides of closing are handled by lawyers and lenders, the broker ensures that everything goes smoothly, and both the buyer and seller are satisfied with the process.