Grande Prairie Home Buyers Guide
1. Deciding to Buy
If you have decided you want to buy a property the first step is to talk with a qualified mortgage specialist. This will help determine how much of a mortgage you can get approved for. It is important to find this out before looking at homes in case you find a home you love but don’t get approved for.
Once you have been pre-approved now is the time to find a Realtor and shop around! Note that you will need to sign an “EXCLUSIVE BUYER REPRESENTATION AGREEMENT”, “CONSUMER RELATIONSHIP GUIDE.” Your Realtor will have to fill out a “FINTRAC IDENTIFICATION FORM” which requires a photo of your license. These contracts are put in place to legally protect the buyer and the Realtor.
3. The Benefit of a Realtor
The benefit to using a Realtor is they are experts on local neighborhoods and home prices and can help you find a place that suits all your needs. Not to mention they are FREE. A common misconception when you buy a home is that a Realtor will cost you money. This is false. Only the sellers pay Realtor commissions!
4. You Find A House
Once you find your home, you get to place an offer on the house. Your Realtor will help guide you through the process and explain what you are signing; Including possession day, an agreement on price, deposit, conditions, or any other added terms.
5. THE PURCHASE CONTRACT BREAKDOWN
Your Realtor will help you negotiate the deal until you come to an agreement on price. We’ll help negotiate day of possession, day when a deposit is due, inclusions, title insurance or real property reports, condition dates, and any other stipulations. Condition dates are for the benefit of the buyer and seller. The buyer will generally opt for finance and property inspection dates. This way they give themselves time to get their finances in order. and also inspect the home thoroughly before committing to buy it. Sellers do not always include conditions in the sale of their house. However. there are circumstances where the seller may opt for conditions. such as the purchase of a new home. They can set a date in place to ensure they are able to purchase their next home before selling their old one. These are just a few examples of different conditions and they can vary depending on each circumstance.