Katica Dwolinsky - Port Alberni Real Estate Professional

Buying a home is possibly the largest transaction you will ever make. To help this transaction run smoothly you must take great care in choosing a representative who will listen and work closely with you to determine your wants and needs. Buying a property should be a positive and enjoyable experience.

Finding the perfect home doesn't happen in one day. There are a number of things you can do to simplify the process, including defining financial parameters, potential neighbourhoods and the desired features in your next home.

Do you need an extra bathroom, a garage, a fenced backyard, or lower utility bills? Do you want a fireplace, a short drive to work, or maybe minimal yard work? Once your list is complete, decide what is most important to your lifestyle. A Realtor working as a buyer's agent works to find the connection between homes available in the market and the needs and financial capacity of buyers.

Once you've found the house you want to make your home, your real estate agent can draft your offer to purchase.

The offer should include the price you're offering, a closing date and the specific "conditions" you want included, such as being able to first arrange suitable financing, or having the home inspected before the offer is finalized. Your offer should also list the items you want to buy along with the home (e.g. appliances, light fixtures, window coverings, etc.).

Your agent will present the offer to the seller ("vendor"), along with your deposit cheque. The amount of your deposit is flexible, and will be held in trust and applied to your down payment when the deal "closes."

Don't be surprised if the seller doesn't accept your original offer. Everything is negotiable, so expect some bargaining.

Once both parties are satisfied and your offer is accepted, it becomes a binding contract between you and the seller. If you are buying from a builder, the offer will include a breakdown of items included in the purchase price such as taxes, deposit schedule, etc.

Arrange a Home Inspection: Whether you're buying a new home or a resale home, consider having it inspected by an experienced, professional building inspector. Make sure you get a detailed written assessment of the condition of the property, including heating, plumbing and electrical systems, the roof, foundation, insulation, framing and windows. If your offer is conditional on a satisfactory inspection. you can change or cancel your offer if a fault is discovered.

Arrange a Mortgage: If you already have a pre-arranged mortgage, you only have to present your signed offer to have your mortgage approved. If you don't have a pre-arranged mortgage, look into the types of mortgages and options available.

Be prepared to supply your lender with a copy of the signed offer and some personal information, including:

• The amount and source of your down payment.

• Employment details.

• Proof of income.

• Monthly expenses.

• Debts and assets.

With the added responsibilities of home ownership, you should ask your lender for information about taking out life and disability insurance on your mortgage.

Before the property can formally change hands, there are still a few things to do. On or before the closing day, your lawyer/notary and the Seller's lawyer/notary will arrange to transfer Title of the property from the seller to you. The mortgage money will be transferred to your lawye'r/notary's trust account, and then to the seller.

Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say....... ...except, WELCOME HOME!