Your Buyer Specialist will prepare an offer to purchase that includes all necessary details to best represent your interests. They will explain all of the risks, benefits, and details of a particular offer at that time.
When you submit an offer, you are required to submit a deposit to demonstrate your financial ability to proceed and secure financing.
Typically this is the greater of $1000 or 1% of the property list price. The deposit should be in the form of a cheque or bank draft made payable to the listing brokerage. The listing brokerage will place these funds in their trust account until the deal is final. If you do not proceed with the purchase, funds will be returned to you within two weeks.
Time is important! When an offer is made, the purchase contract includes a variety of deadlines - from how long the offer is open for consideration (typically 24 hours) to the number of days you have to satisfy conditions like financing and property inspection (typically two weeks). Your Buyer Specialist will help you coordinate these timelines. Keep in mind that missing key deadlines could jeopardize your deposit, the transaction, or both.
A term is a commitment that must be honored, or an event that must take place, prior to possession, but is not a condition of the sale. These are relatively common and could include such things as carpet cleaning or repairs to the property.
A home inspection is a visual examination of the physical condition of a property and normally includes an examination of; the foundation and basement, roof, attic, heating, water systems, electrical, plumbing systems, as well as the general condition of the structure itself. An inspector will look for poor construction practices and make note of any repairs or general maintenance issues that may be required. Importantly, they will also inspect for any fire and safety issues that need to be addressed. Home Inspections are not conducted on a pass or fail basis. Rather, it is an assessment of the property condition and any necessary improvements.
This is the final step to obtaining a mortgage. Upon finalizing your agreement, you Buyer Specialist will forward all necessary paperwork to your mortgage professional. Your mortgage professional will then submit your paperwork and once final approval is given, will give you permission to remove the financing condition.
**Please remember NOT to make ANY large purchases in the time period between your pre-approval and financing condition date. Small changes can have significant impact in your lenders willingness to forward funds for your home purchase. Buy that new couch or car AFTER you’ve taken possession of your new home, NOT before.
Your Buyer Specialist will deliver your offer to the listing agent who will then present the offer to their sellers. Your Buyer Specialist will negotiate on your behalf while remaining in contact with you each step of the way.
Acceptance is exactly that! This means both you and the seller have agreed to the terms and conditions of the offer.
It’s a good idea at this stage to think about hiring a lawyer for closing. A lawyer manages the title transfer and mortgage registration. Property title transfers between sellers and buyers must be recorded at Alberta Land Titles to protect new owners. You’ll sign all documents in the lawyer’s office prior to the possession date. It’s best to select a lawyer early in the buying process and consult them about any legal questions. Once you’ve selected a lawyer, just sit back and wait for the phone to ring. You don’t need to call them, they’ll call you!
If your offer included any conditions, you will be required to complete them by the date and time set forth in your offer. Don’t worry, your Buyer Specialist will ensure everything is on track. Once your conditions have been satisfied, you will waive them, thus making your purchase final. If there are any arising concerns, no matter how small or large, your Buyer Specialist has specialized training and experience to help you navigate them. Just be honest so they can help you problem solve with ALL the information.