Home Buying Process


Step 1:
DETERMINE AND SECURE YOUR  FINANCING

The first step in any real estate transaction is determining your affordability. Many buyers chose to work with a mortgage specialist from their bank. While this is a great option, seeking guidance from a mortgage broker that is not affiliated with a particular bank is also worth considering, as they often have access to a wider range of lenders and can sometimes have more favorable rates. We recommend working with Neil Keeping at the Mortgage Group! Whether you work with a mortgage broker or your bank, getting pre-approved is the first (and one of the most important) steps in purchasing your home.


STEP 2:
HIRE A REALTOR®

Once you have your pre-approval in place, the next step is to hire a REALTOR®. Real Estate Agents have the expertise to show you any home in your desired area. The best part? Hiring a REALTOR® doesn't cost you anything, as the seller covers the commissions of both their agent and the buyer’s agent. Commission fees are deducted from the selling price at closing, and whether you work with an agent or not, the selling price at closing stays the same. Having a professional by your side offers multiple advantages – not only do they protect your interests and ensure a smoother process, but they also ensure you have access to all available options. With a REALTOR® on your team, you can confidently navigate the real estate market and make informed decisions that align with your needs.


STEP 3:
START VIEWING HOMES

Create a list of preferred areas to live in. Explore neighbourhoods and make note of your must-haves. Ask your REALTOR® to set you up with listing alerts, ensuring you receive the latest listings in your inbox daily. This is especially important in a hot market to stay informed and seize opportunities.


STEP 4:
FOUND A HOME YOU LIKE? MAKE AN OFFER

Once you have found the perfect home, you will want to sit down with your REALTOR® to go over the necessary documents to submit an offer. Once you have decided the details of your offer, it’s time to sign and submit your offer to the seller’s agent. Your REALTOR® will prepare the documents, request signatures from you and submit the offer on your behalf.


STEP 5:
GET OFFER ACCEPTED

Now is the time for your REALTOR® to step in and work their magic, negotiating the optimal deal on your behalf. The agreement holds various elements open for negotiation, including but not limited to the price, closing date, and what items remain with the home (such as appliances or furniture). Rest assured, if you work with us, we will navigate these negotiations, ensuring your best interests are represented and securing the most favorable terms for you.


STEP 6:
CHOOSE A LAWYER

Every Agreement of Purchase and Sale must be reviewed by a lawyer. You can hire a lawyer of your choosing, or when you work with us, we can recommend one we trust to you. Your lawyer’s role in the transaction involves carefully reviewing the contract to ensure all aspects are in order. Additionally, they perform a thorough title search on the property, verifying its legal status, and handle the necessary funds for the purchase. We work with our client’s lawyers directly to ensure they have all documentation they need for a successful purchase.


STEP 7:
MEET CONDITIONS OF SALE

When buying a home there are typically four conditions of sale, as follows.

  • Financing: You must confirm your financing with your bank or mortgage broker.

  • Insurance: Your insurance company will have to supply a letter confirming that the home is insurable. 

  • Home Inspection: We recommend always hiring a home inspector to inspect your property for deficiencies prior to going firm in your purchase.

  • Document Review: You will want to review documents such as property taxes, power bills, equipment schedules, restrictive covenants and more to ensure you have all the info necessary for a successful closing.


STEP 8:
PREPARING TO MOVE

Before you move to your new home, there are a few things you will need to make sure are in order.  You will need to contact the Nova Scotia Power, Halifax Water, and your cable and internet company to make sure they are connected to your new address in a timely manner, preferably by the closing day. You will also need to contact Canada Post to change your mailing address, and book your moving company prior to closing.


STEP 9:
PRE-CLOSE INSPECTION

After the previous owner has vacated the property, your REALTOR® will coordinate a pre-closing walk-through, usually conducted the day before or on the closing day. During this crucial step, it's essential to ensure the home is in satisfactory condition. Take the opportunity to inspect that the home and appliances are clean, walls are free from holes, and there is no unwanted debris or belongings left behind. This ensures that the property is in good order before the final closing and guarantees a smooth transition into your new home.


STEP 10:
CLOSING DAY

Now the fun begins.  You have been just handed the keys to your new home.  Time to make it your own! 


“Andrew and his team are top-notch, extremely efficient and very professional at getting things done. I would highly recommend them especially during a market as difficult as this one!”
— Mark Pinsent - Home Buyer