Halifax Home Buying Process
Below you will find the steps to follow to ensure a smooth and successful home purchase.
STEP 1 - DETERMINE AND SECURE YOUR FINANCING
The first step in any real estate transaction is knowing how much you can afford. Your bank will have mortgage specialists that can help with that. You may also want to seek advice from a mortgage broker. Sometimes they have access to more lenders and better rates. It's always good to shop around for the best deal. After all, it is your money!
STEP 2 - HIRE A REALTOR®
A REALTOR® is the right person to call when you're in the market to buy a home, condo, or investment property. A real estate agent can show you any property in the area you are searching. Hiring a REALTOR® is no cost to you; the commission is paid for by the seller. Having a professional on your side can protect you, make things go smoother, and help make sure you see all options available to you.
STEP 3 - START VIEWING HOMES
Make a list of the potential areas you would like to live in. Check out what is in the neighbourhood, and make a list of your must-haves. It would help if you also got your REALTOR® to set you up on new listing alerts, so you get the latest listings sent directly to your inbox daily. This is essential, especially if you're in a hot market.
STEP 4 - FOUND A HOME? MAKE AN OFFER
Once you have found the perfect home, you will want to sit down with your REALTOR® to go over the contract, and he or she will facilitate the process for you to make a formal offer.
STEP 5 - GET OFFER ACCEPTED
Now it is time for your REALTOR® to go to work and negotiate the best possible terms for you. There are many items in the contract to negotiate, including but not limited to: price, closing date, what stays (appliances, furniture), etc.
STEP 6 - CHOOSE A LAWYER
A lawyer of your choice will help review the contract to make sure everything is in order and perform a title search on the property. The lawyer will also aid in the review of all documents to ensure you are protected.
STEP 7 - MEET CONDITIONS OF SALE
There are typically three to four conditions of sale, as follows.
Financing: Your bank will have to supply a letter confirming financing is in place for the purchase.
Insurance: Your insurance company will have to supply a letter confirming that the home/condo is insurable.
Inspection: You will want to seek the advice of a professional home inspector.
*If Purchasing a condo*
Condo Document Review: Lastly and most importantly, initiate a thorough review of the condo documents. There are several different condo documents that your REALTOR® and lawyer will review. Most notable are the financial statements, Reserve Fund study, condo board meeting minutes, Condo Declaration, and Bylaws.
STEP 8 - PREPARING TO MOVE
Before you move to your new home, there are a few things you will need to make sure they are in order. You will need to contact the power company, cable company, and internet company to make sure they are connected in a timely manner, preferably by the closing day. You will need to contact Canada Post to change your mailing address.
STEP 9 - PRE-CLOSE INSPECTION
Once the previous owner has moved out your REALTOR® will arrange for a pre-closing walkthrough, which is typically done the day before or day of the closing. During this time, you will want to ensure the home is in good order, i.e., home and appliances are cleaned and working, no holes in walls, no junk left behind, etc.
STEP 10 - CLOSING DAY
Now the fun begins. You have just received the keys to your new home. Time to make it your home!
What our Clients Say...
"Originally I was thinking about the purchase of a condo. In my search for agents in HRM, Andrew's name came up. I reached out to him about three years ago. Andrew was very accommodating, had great communication, availability, was sincere, down to earth, proved honesty, patience and was knowledgable of the market in HRM."
Cindy Pope, Home Buyer