Working with a Realtor
Finding your perfect home can be a long process. A realtor will help identify the right type of home for you and continually research new listings in neighbourhoods that meet your needs. After seeing many different homes, you have finally found one worthy of an offer! What are the next steps? Your realtor will create an Agreement of Purchase and Sale to the vendor (the owner of the home). This is known as the offer. An offer is a legal agreement to purchase a home and can be made conditional on factors such as financing or a home inspection, etc.. If any of the conditions are not met, you can change or cancel the offer. Once all of the conditions are met, it is a legally binding agreement between you, the buyer and the seller. We strongly recommend that you have a financing condition included in your offer even if you have a qualified preapproval with us. There are many different factors that the lender will take into consideration on a particular property, including square footage minimums, zoning requirements, etc.
Once your offer is accepted, you usually have 7 – 10 business days to meet your conditions set forth in the offer. At this time your realtor will send us a copy of your offer and we will then submit your application along with the offer and MLS listing to the lender. If it is a private sale, a Purchase and Sale Agreement can be done up by your solicitor. We will set out to have a commitment from the lender for you to sign within this time frame so that you may waive your financing condition by the time allotted on the agreement. Which brings us to the next step.