Tools & Information
10 Steps to a Successful Real Estate Deal
No two real estate deals are exactly the same, and each requires the kind of individual care and attention that Guertin Lawyers, an Ottawa law firm, provides. In general, however, these ten steps apply to any successful home purchase.
Before You Buy
- Determine your affordable price range for a home by talking to your bank and getting a pre-approved mortgage.
- Become acquainted with your real estate sales representative and begin house-hunting.
- Narrow your search to a few potential "good buys". Try to avoid choosing just one potential home.
- Choose a lawyer and talk to or meet with him or her.
- Discuss the terms of the Agreement of Purchase and Sale with your sales representative and make an offer on your terms.
- Review your budget and make sure all your funds are available for the closing date.
When You Buy
- When the offer is accepted, satisfy your conditions by obtaining a mortgage commitment, selling your existing home or obtaining an inspection report.
- Once your offer is "firmed up", make final moving arrangements, advise family, friends, banks, post office, your employer and business acquaintances of your move.
- Become acquainted with your local municipality and utility companies, and arrange for telephone and cable hookups and fire insurance.
- Schedule the movers to come in the late morning or afternoon – this will save you money and stress, as keys are usually released between 1:00pm and 4:00pm.
- Make final closing arrangements with your lawyer, sign documents and pick up your keys at the specified time.
- If you are purchasing a condominium, ensure that you have arranged a payment plan for your condo fees with the condominium corporation in order to avoid embarrassment or additional charges for missed payments.