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James Knull
RE/MAX Real Estate
10805 - 120 street, Edmonton, Alberta
P: 780.488.4000
F: 780.426.5700
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STEPS INVOLVED IN A HOME PURCHASE

 

Phase 1: Mortgage Pre-Approval

-Speak with a mortgage professional to know what price range you should shop in

 

 

Phase 2: Shopping

 

-Tell James what you are looking for in a home

-James will send you house listings in a custom search

-House shopping with James, often multiple times

-Find the right house for you

 

 

Phase 3: Offer

 

-Write an offer with the price, possession date, and conditions you’d like to see

-Often there will be a negotiation between the buyer and seller

-Both parties agree on the terms of the offer and sign

-Buyer submits a deposit to the seller’s brokerage

Note: At this point you are not committed to buy the house and your deposit is still refundable

 

 

Phase 4: Pending period

 

There are 3 common conditions on a contract:

 

-Financing: submit the offer to your mortgage professional for final approval

-Inspection: have a professional home inspector look the house over for any deficiencies

-Condo Documents: If a condo is being purchased, all of the condo’s records are reviewed to see if the condo is being managed appropriately

 

If the buyer is satisfied that these conditions are met, then written notice is given to the seller’s to remove conditions creating a binding contract.

Note: At this point you are legally committed to buy the property and your deposit will now be used toward the down payment on the home.

 

 

Phase 5: Closing period

 

-Make preparations to move

-You will go to your lawyer’s office and sign all remaining paperwork

-You will bring your down payment (less the deposit) to your lawyer

-On the closing day your money will transfer to the seller, the title will transfer to you

 

-James gives you the keys to your new home!

The data included in this display is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Data last Updated: Mon, 26 Jun 2017 21:50:54 America/Edmonton
This site's content is the responsibility of James Knull, licensed REALTOR® in the Province of Alberta.
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The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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