Finding the right home, getting a fair price, calculating mortgage rates, figuring out closing costs -- all of these factors make buying a home an often complicated and overwhelming process. However, Brian & Myles McCullough can guide you through the home buying process and transform this confusing experience into one of the most exciting times of your life.
Making the Offer to Purchase
Once you have found your "perfect property", it is time to make an offer to purchase. Brian & Myles will review all aspects of the contract with you before a buyer signs anything. The offer to purchase will state the amount of the price you are offering, the terms under which you agree to buy the property (such as financing, building inspection, reviewing the title search, site survey and property condition disclosure). It will also include the amount of deposit, the closing date, the possession date (which is often 1 day following the completion date), as well as state any items that you wish to have included in the purchase price (such as appliances, etc.). As of the closing date, the buyer is responsible for taxes, utilities, repairs and maintenance.
Negotiating the Offer
Most buyers may not be aware that the process of making an offer, receiving a counter-offer and then revising it again is not uncommon. This process can last several days and it is important to keep your lender "in the loop" so that they can ensure that your financing is processed once the offer has been accepted.
Satisfying Yourself With the Home
It will be important for a buyer to arrange all inspections in a timely manner and make sure to let Brian & Myles know so that the seller will allow access to their property. Aside from a home inspection, other tests that may be performed on a property may include a septic inspection, water quality test (if on a well), well log report, site survey (if one is not available), and an appraisal by your lender. Brian & Myles will ensure that the dates for the conditions are handled and meet with a buyer to remove the subjects on the property.
CRITICAL POINT: Make sure that you provide your lender with ALL of the information that you receive regarding your home purchase including:
- Offer to Purchase
- MLS printout with interior photos
- Property Disclosure Statement
- Title Search
- Well and water test results
- Site survey
- ANY items affecting title - such as easements, contravention notices, covenants, etc.
Organize Your Move
Once all of the conditions of the offer are met and removed, it is important to provide written notice to your landlord if you are renting. As well, you will need to arrange to move your belongings into the new home (whether you use a professional moving company or do it yourself). Contact all of the utility companies and advising them as to your completion date will ensure that you will have heat, light and mail ready for your move. The other critical step is to arrange home insurance and provide your lender with a copy for their files.
Completion & Possession Days
Once the sale has completed, a buyer will receive the keys to their new home by Brian & Myles (unless other arrangements have been made). If the home is newly constructed, Brian & Myles will perform a walk through to ensure that all deficiencies have been done in accordance with the deficiency list that will be signed by both the buyer and seller. If a buyer has any questions or concerns, they can contact Brian & Myles anytime as they will be there every step of the way.