9 Steps to Buying a Home With a Realtor

While buying a home is never a set process or time frame, here is what to expect while buying a home with a real estate agent:

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.

2. Get preapproved 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 preapproved for a mortgage. It is always a good idea to get preapproved for a mortgage BEFORE you start looking at homes so you know how much you can afford.

3. Go look at homes

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 preapproved for a mortgage. It is always a good idea to get preapproved for a mortgage BEFORE you start looking at homes so you know how much you can afford.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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!

9. 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.

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 broker, lawyer, movers… etc

What is the best way to get a hold of you?


THE COST OF BUYING A HOME

Here are some examples of what your final closing costs could look like:

Home Purchaise Price$450,000$600,000
Down payment (10%) $45,000$60,000
Home Inspection$300 - $600$300 - $600
Legal Fees & Disbursements$1,500$1,500
Title Insurance$100 - $300$100 - $300
Land Transfer Tax$9,000$12,000
Mortgage Insurance PST$1,231$1,627
Property Tax and Utilities$700$900
Property Appraisal$300$300
Property Insurance$1,000$1,200
Potential misc.$100 - $500$100 - $500
TOTAL$59,231$78,027

Disclosure: Your down payment, land transfer tax, mortgage insurance PST (this applies if you are putting a down payment of less than 20%), property tax and utilities, and property insurance will depend on your home specifically.

Some fixed costs include your home inspection, legal fees and disbursements, title insurance and property appraisal.