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The Buying Process Agency Disclosure and Acknowledgement
There are two types of agency, single and dual.Single agency occurs when both the Buyer (you) and the Seller are represented by their own agent in a real estate transaction. Each agent owes full fiduciary duties to his own client. Dual agency occurs when one brokerage, represents two parties with respect to the potential purchase of a property. Remember! Dress comfortably and wear slip on shoes! We try to view six to ten homes, depending on the amount of product available after narrowing down your wish list. We will work hard to meet your criteria and confirm districts, price ranges and home specifications before getting in the car. A cheque needs to accompany your offer An initial deposit needs to accompany an offer. It is expected to be between five and ten per cent of the selling price. It is important to have your initial deposit ready as it will be deposited once the offer is accepted. Frequently Asked Questions Conditions Conditions of a sale, when written into the contract, must be met to the satisfaction of the purchaser before a deal is considered a firm sale. Two of the most common conditions written into offers are Home Inspection and Financing. The Home Inspection usually happens within 72 hours of acceptance. The inspection will be done by a qualified Home Inspector, who you will be hiring to do a thorough review of the home, looking for any major concerns or problems that the home may have. They will provide you with a list of their findings. We like to think of this as a 'To Do' list and is protection against any unwanted surprises. The Finance condition is usually a period of time between five to ten working days, that you will have to allow the bank to process the necessary paperwork for approval of your new mortgage. At this time, a bank appraisal will also be done. The time frame for approval may take longer if you are going for a high ratio mortgage (financing more than 75% of the purchase price). The purchase contract includes provision that the Seller will supply to the Buyer, a Real Property Report with a Compliance stamp. You will need this for your lawyer. Presenting the Offer It is customary for us to accompany the listing Realtor to meet the Seller(s) and present the offer on your behalf. We will explain the reasons for our offer and a little about you! We will then be asked to wait outside while they further discuss the offer with their Realtor. They will either accept, reject or counter your offer. You will need to be close by to discuss any changes. Once accepted, we will begin the process of meeting our conditions. The initial deposit will be cashed. After we have successfully met all of our conditions, we will sign a waiver called 'the Notice". This will confirm our purchase is now firm. After a Firm Sale In preparation for the completion day, the day you actually take possession of your new home, we will need you to find a lawyer. We have a couple of recommendations should you need some help in choosing one. On Completion Day We will arrange to do a walk through of your home with you, prior to completion day to confirm that all of the chattels are present and in good working order. Generally, this takes place on the morning of your possession date, prior to noon at a time that is mutually agreed to between Seller and Buyer. |
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Kelly Burke & Eva Lowey RE/MAX REALTY PROFESSIONALS 403 259 4141 info@theburkegroup.ca EACH OFFICE INDEPENDENTLY OWNED AND OPERATED |