Fivewalls Real Estate: buying a home guide
Our real estate agents do more than help you buy or sell your home. They are top-rated in the industry. We know because we personally interview REALTORS® to see if they fit our criteria. Your Fivewalls Certified Agent will be your key advisor to help you make an informed buying decision.
In this article:
Step 1. Search and interview multiple real estate agents
You will be spending a lot of time with your real estate agent, so ensuring you feel comfortable with him/her will help make the process fun, even in stressful times.
Step 2. Get pre-approved for a mortgage
Your real estate agent will be able to help you find a reputable Mortgage Broker or provide you advice on what to ask your bank to get pre-approved for a mortgage. It is always a good idea to get pre-approved for a mortgage BEFORE you start looking at homes, so you know how much you can afford.
Step 3. Sign a buyer’s agreement
A buyer’s agreement is a contract protecting you and your real estate agent during your home buying process. It is recommended that you sign a buyer’s agreement with your real estate agent after a few home showings.
Step 4. Put in an offer
When you find a home you love now is the time to put in an offer. Your agent will walk you through the legal contract and advise you of what you should or shouldn’t include to help your offer stand out.
Find the Ideal Real Estate Agent For You
Tell us about the property you want to buy. We will recommend the best agents near you who match your needs.
Step 5. Your offer is accepted by the seller
Congratulations, your offer has been accepted! Once your offer has been accepted you will have to provide the seller’s representative with the deposit you agreed upon within 24 hours. You will also have to inform your Mortgage Broker and have your real estate agent send over the necessary paperwork.
Step 6. Complete the remaining paperwork
Within the months/days leading up to your closing date you will need to ensure all paperwork is complete. You will meet with your lawyer and Mortgage Broker to ensure all necessary items are finalized.
Step 7. Head to your lawyer’s office to get the keys!
On closing day you will meet at your lawyer’s office to sign the final paperwork and provide them with your down payment and other closing costs. They will then provide you with the keys to your new home!
Step 8. Move into your new home!
Before you start to move everything in you should go around your new home and check to ensure all appliances and lights are in working order and that the seller has not left anything behind.
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Questions to ask your real estate agent when buying a home:
- How many homes have you bought or sold in the area?
- How often do you send out listings and how does your listings portal work?
- When are you available to view homes?
- What connections do you have that we can use? (Mortgage brokers, lawyers, movers, contractors, etc.)
- What is the best way to get a hold of you?
The Cost Of Buying a Home
| Home Purchase Price | $800,000 | $1,000,000 |
|---|---|---|
| Down payment (10%) | $80,000 | $100,000 |
| Home Inspection | $300 - $600 | $300 - $600 |
| Legal Fees & Disbursements | $1,500 | $1,500 |
| Title Insurance | $400 | $400 |
| Land Transfer Tax | $12,475 | $16,475 |
| Mortgage Insurance PST | $1,786 | $2,232 |
| TOTAL | $96,161 | $120,607 |
