Home Ownership Process
Get Pre-approved and find your dream home
Get a mortgage approval
You will need a formal mortgage approval to ensure the lender approves the required financing on the property you chose. A mortgage appraisal might be requested by the lender at this stage. (Cost average: $250-$500)
Arrange for a home inspection
- It’s always advised to get a home inspection to make sure there are no surprises.
- Cost average $500
Make the deposit
A deposit must be made when you make the offer to purchase. This will count as part of your down payment.
Shop for home insurance
Start your search for home insurance. This needs to be in place at closing and will be requested by the lawyer and lender.
Ongoing consultation.
I’m always available even after your deal closes to answer any questions or concerns you may have down the road.
Make your down payment
Your down payment amount must be made at closing. Remember your deposit will be part of that amount.
Get title Insurance
Covers any loss caused by problems in the ownership of the property.
Reimburse pre-paid property taxes
Reimburse the seller for any amounts already paid for in advance.
Land registration/transfer
Only required in some provinces and is a percentage of the home price. Remember if you are a first time buyer you may qualify for a rebate.
Pay your lawyer
Once the sale if complete you will need to pay legal fees. Cost average $1200