Are you thinking about buying a property?
Below are the 8 steps to successfully buy your home in Edmonton.
Step 1 Contact the Edmonton Homes Group, your Edmonton Real Estate Team!
When you are thinking about buying a property in the Edmonton Area please contact our Real Estate Team. We are here to help guide you through the buying process. Let us know about your real estate goals, concerns or questions. Perhaps you just need some advice, information or help deciding what to do next. Maybe you are looking to purchase an investment property. Whatever the case may be, we are here for you! We specialize in Edmonton Residential property sales, including resale, new homes, new construction and vacant lots. This includes investment properties. Simply Click here and fill out the form or give us a call today.
Step 2 Meeting (Pre-buying consultation)
This is our chance to meet in person and get to know each other better. Usually this is done at our office or a property listing.
We will talk about possibly establishing a working relationship with you and what that means, including what paperwork is involved.
We will discuss your needs, wants, wishes and concerns to better understand your goals and housing requirements.
We will go over the Edmonton Real Estate Zone map and talk about areas of interest.
We will talk about the costs involved when buying, including down payments and deposits.
We will talk about the services we provide and how we can be extremely beneficial to you, when buying a home.
Together we will come up with a plan of action. It is important to be prepared, it can save you money and time in the long run.
Step 3 Establish your price range and Financing
Before we go look at homes you will need to arrange financing so we can determine your price range and property options.
We will explain how a mortgage pre-approval can be very beneficial when negotiating.
A mortgage professional will help you understand your financing options and any possible associated risks. They will help you customize a mortgage program that works for you.
They will discuss current mortgage rates and will guide you through the mortgage process from start to finish. They can help save you time and money.
Of course just like Realtors not all mortgage professionals are the same. We need to make sure you hire the right mortgage professional so that all of your interests are protected.
Step 4 Home Search
Now that we know your property requirements and price Range, together we can start viewing homes.
We will begin by setting up a personalized property search for you. We will send you homes via email within your criteria. You will receive all the newest listings immediately as they hit the market. In most cases you will be the first to view the listings. If you would prefer we can hand pick the listings for you.
Also, if you have a specific property already in mind, please let us know.
Feel free to drive by any homes that interest you and take a better look from the outside before we view them.
If you would like to view the home, we will set up the showing for you and personally take you through the property at your convenience.
Please note for your benefit we will show all possible inventory not just our personal listings or office listings. This includes homes that are not on the general market, we call them secret properties.
Remember as your buyer’s agent, we have your best interest in mind at all times. We want to help you reach your goals.
Step 5 Purchase Agreement and Negotiations
Once you have selected the home you want to purchase, together we will go over and fill out the purchase agreement. We use the standard Alberta Real Estate Association forms in most cases. We will serve as your advisor during this process however you will make the final decisions.
We will be discussing all the important items in the purchase agreement such as: The Deposit, Items included in the sale, Price, Move-In date, Conditions, Terms, and more much.
We want to make sure you fully understand what you are signing and that you are legally protected.
Every purchase is unique and therefor requires a customized strategy. For example, it is possible another buyer may submit an offer the same time as you.
We will provide you with all the facts and feedback so you can make educated decisions. This includes going over all the latest sold properties that compare to the one you are trying to purchase.
We will discuss all your options and the anticipated outcomes of your decisions.
Once we have our purchase agreement and strategy in place we will negotiate on your behalf.
It is our goal that we reach an agreement on a property that works for you!
Step 6 Satisfying Conditions
In most cases you will have conditions written in your purchase agreement for your protection with a specific time period. Below are the most common buyer conditions.
We highly recommend a home inspection condition. We also recommend that you hire a certified professional home inspector to go through the home. Remember not all inspectors are worth hiring.
A thorough home inspection performed by a professional can help identify hidden expenses and give you peace of mind. It is important to know what you are buying before you own it!
You will most likely have a financing condition as well, especially if you need financing to purchase the home. Before you can get financial approval you will probably be required by the bank to have an appraisal done on the property. The appraiser will be selected by your lender. We will assist in setting up the home viewing appointment with the appraiser.
Your lender will most likely require that you have property insurance in order to get financial approval. This is because the property is their security for your loan.
Your lender will need the details of the deal such as a copy of the purchase agreement and the property detail sheet. Our office will send them all the needed paperwork.
Condo Document Review Condition
If the property of interest is a condominium, we highly recommend a condo document condition. This will give you time to review the condo documents and gain a better understanding of the condo corporation. When you buy a condo you are also buying into the corporation. This is very important since you need to be aware of any possible issues that may be relevant to you in the future. Maybe there are some restrictive bylaws in place that will hinder your life style such as pet restrictions. Or possibly there is a special assessment in the near future which could cost you additional money.
We recommend hiring a professional to review your condo documents in detail and go over them with you. Also, some real estate lawyers offer this service as well.
Once you have done all your due diligence and wish to move forward with your purchase, you will need to remove your conditions. To do this you will be signing a Condition Waiver which we will provide. At which point the home will be considered conditionally sold.
Step 7 Real Estate Lawyer Meeting
Now that conditions are removed or satisfied, a real estate lawyer will be able to work on the closing process.
In Edmonton it is mandatory to hire a lawyer for the closing process. We recommend you hire a lawyer that specializes in residential real estate law.
A lawyer will protect your legal interests, give you peace of mind and ensure that your transaction goes as smoothly as possible. Make sure you let your lawyer know your questions or concerns along the way, your lawyer is here for you.
You will need to set up an appointment with your lawyer 1-2 weeks prior to move-in date. Be prepared to sign the closing documents and pay the remainder of the down payment and closing costs.
Step 8 Move-In Date / Completion Day
The closing will occur on the day specified in the purchase agreement. This will occur after the seller’s lawyer receives the money and gives permission to release keys. Once keys are released we will go and pick them on your behalf. We will arrange to meet you at the property and do a walk thru with you. At this point the home is now yours! Another smooth closing. Thank you for taking the time to review the buying process. We hope you found it helpful and look forward to hearing from you. If you have any questions or concerns about buying a home, please let us know.
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Edmonton Real Estate Team
The Edmonton Homes Group is a select team of Edmonton Realtors that work at Century 21 A.L.L. Stars Realty Ltd.