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Buying Real Estate - Home Buying Process - Resale, Presale
Home Buying Process
Our competitive edges and main value additions to your home buying process are:
- Detailed market analysis to identify best options
- Technical comparative market analysis to identify fair market price
- Exercising due diligence by visiting the property and analyzing all documents to identify pros and cons
- Identifying best terms and conditions for the contract
Below please find the main steps of buying process for both resale and presale (new development) homes. If you want us to help you find your dream home, all you need to do is simply get in touch with us.
RESALE HOME BUYING PROCESS:
Calculating affordability:
- Identifying maximum mortgage amount you can get and maximum monthly payments you can pay (please refer to mortgage calculator)
- Getting mortgage pre-approval
Finding Home:
- Engaging with a real estate advisor
- Getting market information
- Defining target home profile
- Receiving customized daily new listings matching with your target home profile
- Filtering and analyzing all market listings and identifying shortlist to visit
- Visiting shortlisted properties to identify the target property
Analyzing target property:
- Getting comparative market analysis to determine the fair price of the target property
- Analyzing all documents related with the target property such as title, strata plan, property disclosure statement, information certificate, bylaws, strata minutes, financial statements, depreciation report
Signing agreement:
- Identifying favorable terms and conditions
- Preparing offer together with the security deposit (usually 5% of listing price)
- Signing contract of purchase and sale
Closing:
- Performing conditions (such as financing, inspection) if available in the offer
- Applying for mortgage
- Adjustment date, calculating balance due to complete by considering taxes, fees, mortgage loan amount, and security deposit
- Closing date, making the payments calculated in adjustment date
- Possession date, Congratulations!!!
PRESALE (NEW DEVELOPMENTS) HOME BUYING PROCESS:
Calculating affordability:
- Identifying maximum mortgage amount you can get and maximum monthly payments you can pay (please refer to mortgage calculator)
Finding Home:
- Engaging with a real estate advisor
- Getting market information
- Defining target home profile
- Receiving customized new development alert matching with your target home profile
- Filtering and analyzing all new developments and identifying shortlist to visit
- Visiting showrooms of shortlisted properties to identify the target property
Analyzing target property:
- Getting comparative market analysis to determine the fair price of the target property
Signing agreement:
- Analyzing terms and conditions of purchase agreement
- Signing purchase agreement (7 days period of rescission)
- Making initial payments (Usually 20-25% of the property value is paid in 2-3 installments within a couple of months)
Closing:
- Development phase (Usually 2-4 years)
- Analyzing mortgage types and rates
- Getting mortgage pre-approval and locking mortgage rate (for up to 120 days)
- Walk through day, to check if all in the property is as planned
- Notice for completion, completion date announced by developer
- Applying for mortgage
- Adjustment date, calculating net payments by considering taxes, fees, mortgage loan amount, and previous payments
- Completion date, making the payments calculated in adjustment date
- Possession date, Congratulations!!!
