Buy A House
Buying a home is one of the main investments you will make during your lifetime. It requires making thoughtful, well-informed decisions and involves many details. Housellers 's agents will provide you with the information you require to make that well informed decision.
Step 1
All Buyers should get preapproved from a mortgage broker/bank so they know what price of home that you are comfortable with and the payment options associated with that price.
Step 2
Contact one of our experienced agents and provide them with what are your requirements are for the home you are looking for. We would recommend that you provide us with the maximum price range of home and the largest location area that you are looking for. As you proceed through your home purchasing process, this area will narrow. We will put you on a email alert with the Ottawa Real Estate Board MLS. You will be provided with an initial email of all properties currently listed on the Ottawa MLS system that meet your search requirement and you will be automatically emailed any new listing that comes on the system as soon as it is listed.
Step 3
Once you have identified the home/homes that may be of interest to you, phone your Housellers agent and provide them with the address or the 6 digit MLS number of the homes you are interested in. It is a good idea to drive by the exterior of the houses, to make a location decision before requesting an appointment. You probably will eliminate 1/3 to 1/2 of the properties by making the drive by. You may eliminate the houses that may back onto busy roads, commercial land, etc.
Step 4
Have a look at the houses. Your Housellers rep will arrange the appointments and show you the homes. When we represents the Buyers, we will not try to sell you any particular house. We will advise you with any defects that we notice. We will provide you with locational advice. Once you see a house that you find interesting, we will provide you with a analysis of that house. This includes a history search of the subject property to advise you when and what the Seller paid for the property. We will provide you with a comparative market analysis of the house you are considering buying. We will provide to you homes that have sold on the street and area recently to help you decide what that property is worth. We will help you interpret the data.
Step 5
We will prepare the agreement of purchase and sale. When we represent the Buyer, we usually include clauses to protect the Buyer...
Conditional upon financing satisfactory to the Buyer,
Conditional upon home inspection satisfactory to the Buyer,
Ask for the Seller to provide a survey,
For country properties...
Conditional upon potable water analysis (you should always taste country water because the taste may not be acceptable to you even though it is potable (safe to drink). The other thing with water is you want to ensure that there is enough water to supply the home year round. Some wells go dry in the summer. Not much fun trucking in water for your home.
Conditional upon septic system inspection....You want to ensure that the septic was installed according to the enviromental laws at the time of installation...ask for the paperwork that the Seller has. You want to ensure that the septic system is located completely on your property. As time goes on, enviromental laws change so if you have to change the septic field, what do you have to do today...this is particulary true if you are purchasing waterfront properties or properties in flood plains....Get an expert to inspect your septic system. Well worth the inspection costs! Septic systems run in the $20,000-30,000+ range for complete systems. Usually, you are just replacing/repairing the existing field which costs less.
List the chattels....include everything. If in doubt, write it down as a chattel so there is no confusion. Chattels are everyting that is not screwed/attached to the house...appliances, mirrors, shelves, electric generators, kitchen islands, etc
There are many other conditions that could be included. They vary from property to property. We recommend a condition upon your lawyer's review of the agreement.
Decide on a completion date. This is the date you pay for and take possession of the property and can move in. Keep in mind that if you have tenants in the property, the tenants have possession of the property by lease till midnight of the end of the month unless other arrangements are made in writing. So if you sell that property offering to give them vacant possession on the June 30th and you get paid for that property at 4PM and title is transferred. The Buyer is entittled to move in at that time. If the tenant is still there, he can stay there till midnight. We can clarify the occupancy arrangement buy inserting the proper clauses in the agreement to protect you.
Step 6
Negotiation of the Offer.....This is where our experienced agent, representing you, will pay off. When we represent the Buyer, we will give you our interpretion of the negotiation process.... full disclosure, negotiation strageties, how to proceed. Suggestions as to what to offer at the beginning of the process. If it is too low, the Buyer may annoy the Seller and the offer may be totally rejected. We promise to educate you, the Buyer, with recent sales data to avoid this situation. We may ask the Seller's agent to review these recent sales data with his Seller to educate his Seller and to justify your Offer. At the end of the negotiation process, we hope we have reached a win/win situation....The Buyer has reached a agreement to purchase the property with terms acceptable to both the Buyer and Seller The Seller finds this agreement acceptable to him...Both win because both are satisfied.
Step 7
Deposit...Upon acceptance of your offer, we will ask the Buyer for the deposit cheque payable to the listing Brokerage "in Trust".
Step 8
Fulfillment of your Buyers conditions...There is a period of time in your agreement that you have to do your investigation..... you have to have written confirmation from your financial instution of Mortgage commitment (You will have to provide to your bank confirmation of employment...pay stubs, last 3 years of income tax statements, non reported cash income is usually not considered. etc. You have to arrange the various inspections of the property and obtain paperwork from the Seller that he has and have your lawyer research for paperwork that the Seller doesn't have. You are looking for surveys, well drilling reports, septic installation records, renovation repair receipts (Is there a warranty that is transferrable to you? etc.
If you are satisfied with what you have learned. ..You sign a "Notice of Fulfillment of Conditions" and waive your conditions. Ensure that you sign this notice and We will deliver it to the Seller before the time for your conditions are up, otherwise your deal could become null and void if the Seller or his Agent receives it after the date that was specified in the agreement of purchase and sale. .Now the deal is firm unless there was some condition of the Seller's that had to be waived by the Seller
Step 9
If you are not happy with an inspection or other condition. We can prepare a "Mutual Release" and once signed by both parties, the deposit will be returned usually to the Buyer. Or we may be able to renegoiate the deal with the Seller and possibly get a price reduction/repair of the defect
found in the property. If we can reach a acceptable arrangement with the Seller, we will prepare an "Admendent to the Agreement". On that form, we make the adjustments to the orginal agreement.
Step 10
Congratulations! You, as a knowledgable Buyer, have bought a home! Make arrangements with the movers. We will send everything over to your lawyer, including a commission statement, agreement of Purchase and Sale etc.