First Time Home Buyers

Congratulations!

You are a step closer to home ownership.

We know how exciting it feels but also how stressful this can be. We’ve prepared an easy-to-understand guideline on the buying process specifically designed with you in mind.

The process is actually not that complicated and if you make some good decisions at the outset, it should be a positive and happy experience.

First Time Home Buyers

Congratulations!

You are a step closer to home ownership.

We know how exciting it feels but also how stressful this can be. We’ve prepared an easy-to-understand guideline on the buying process specifically designed with you in mind.

The process is actually not that complicated and if you make some good decisions at the outset, it should be a positive and happy experience.

The Buying Process

When you are ready and surround yourself with our real estate team, your experience will be easy.

Benefit from our experience and expertise, and allow us to deal with the issues and problems that may arise in the course of finding and buying the right house for you.

Our downloadable guide is intended to provide general information for First Time Home Buyer(s) only. It is not intended to, and does not provide legal advice nor is it intended to be relied upon. You should consult legal professionals about your specific circumstances if you need legal advice.

The Buying Process

When you are ready and surround yourself with our real estate team, your experience will be easy.

Benefit from our experience and expertise, and allow us to deal with the issues and problems that may arise in the course of finding and buying the right house for you.

Prepare

Be Financially Ready

Talk to your financial representative

Get a mortgage pre-qualification

Save for your down payment

Prepare for your deposit, typically 3-5% of the purchase price usually required 24h after offer acceptance

Prepare for closing costs

Hire A Buyer's Agent

Search for a local independent REALTOR® to hire and represent you

Discuss your home search criteria

Don't be afraid to ask questions (How many buyers are you currently working with? How many years have they been in the business?)

Sign a buyer representation agreement

Home Search

Define Your Home Criteria

The MINK Group will review and discuss what's most important to you in a home

We'll set your custom home search, and will notify you when a property meeting your criteria gets listed you get first access to it before it is live on realtor.ca

Custom Home Search

Our team will set you up with your own "One Home" account.

You'll have access to a mortgage calculator, monthly cost break downs and more

You'll be in the know like the locals and check out the neighbourhood with walk and transit scores, nearby school details and other insights

Take 360 virtual tours of both interior and exterior homes before you book a tour

Start Visiting Homes

Once you like a property and would like to visit it, we will coordinate the viewing on your behalf

At that time, we will advise and consult you on comparable properties and work with you to prepare an offer should you want to proceed

The Offer Process

Discuss Strategy

The MINK Group will collect background information on the property (How old is the furnace/AC, windows, roof etc?)

We will also collect information on the Seller's situation (Have they bought already? Why are they selling? Are there any other offers?)

This will help our team advise you on the offer strategy

Terms & Conditions

We will guide you every step of the way and advise you on strategy, price, conditions, closing dates and inclusions to put in your offer

We will prepare, present and negotiate your offer on your behalf keeping your best interest our priority with honesty and full disclosure

Pricing

It is important to carefully consider the price that you are prepared to offer for your new home. We will be able to advise you about the prices that other similar homes have sold for in the neighbourhood and about the reasonableness of the asking price.

As a general rule, you should consider only what you are prepared to pay for a particular property (and not what the Seller wants) in deciding the price to put in your offer. Remember not to get too attached to any particular house before you offer to purchase it.

There are plenty of available houses out there, and if you do not get a particular one, there may be a good reason for it that may not be obvious to you at the time.

Accepted Offer

Time of Accepted Offer

Our team (or you) can contact and inform of the home purchase Real Estate Lawyer & Bank/ Mortgage Broker

4-6 Weeks Before Closing

Forward your mail to Canada Post for the first few months

Our team will set you up with our moving concierge service called "MoveSnap" which provides you with a checklist of all the parties you need to inform of your move

-Water Heater Rental Company, Insurance Company (House & Car) The City (Property Taxes) Cable Company Utilities (Electricity, Water, Gas, etc.)

-We will also provide you with our own supplier list of our "tried and true" contractors

Approx. One Week Prior to Closing

Our team (or you) can contact you and set up a date for you to meet and sign all paperwork

- Real Estate Lawyer & Bank/ Mortgage Broker

Closing Day

What to Expect

Bank/ mortgage broker will transfer the money to your lawyer to complete the purchase (typically happens morning-mid day)

Lawyer confirms the title change and transfers the funds to the selling party

The money and title change are confirmed and the lawyer contacts the Buyer(s) to pick up the keys (typically happens late afternoon)

Typical Closing Costs

Legal Fee & Disbursements

Land Transfer Tax

Mortgage Insurance

Property Tax

Prepaid Utility Adjustments
Property Appraisal
Home Inspection

If you want to take the next step, book a strategy call with us to see if we can help you with your next move.

Book your 15 min call or chat with us in Facebook Messenger. Talk soon!

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First Time Home Buyers

First Time Home Buyers

The Buying Process

The Buying Process

Prepare

Home Search

The Offer Process

Accepted Offer

Closing Day

If you want to take the next step, book a strategy call with us to see if we can help you with your next move.