HOW BUYING A HOUSE WORKS

Start Shopping
Now, it’s time to start viewing homes. Make notes as you tour each property, because your memory can be unreliable after you’ve been through several homes in a short period of time.

Make an Offer
Once you’ve found the home that’s right for you, it’s time to write an Offer to Purchase. Writing the offer is an exciting, emotional and complicated experience. You’ll be glad you have an experienced Agent at your side to help you through each part of the process. Your Agent will draft the offer and deliver it to the listing Agent who meets with the home seller. They will discuss the offer, and the sellers will either accept
it as written, make “counter offers” on unacceptable aspects, or reject it. The Offer to Purchase becomes a contract only when accepted copies have been signed and delivered to all parties.

8 Biggest Mistakes Real Estate Buyer’s Make, is also a great read to avoid the pitfalls.

Making a Deposit
When you submit an offer, be prepared to make a deposit. This sum of money indicates your seriousness about the offer. When the sale goes through, the amount of deposit will be applied to the purchase price.

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Making sure that it’s done properly is a must.   

Order a Home Inspection
A professional home inspector will see beyond the “cosmetics” and will survey all parts of the house, including the structure, roof, exterior and the major systems (electrical, plumbing, heating, cooling and ventilation). Your Offer to Purchase should include a clause stating that the sale is contingent upon a home inspection. This contingency is meant to protect you against major structural flaws, not the normal, everyday “wear and tear” almost every home
has.

Attend Closing Day
Congratulations, today you will become a homeowner! At the closing, you will settle all the financial details, the title to your home will be conveyed and usually you will receive the keys to your new home.

Mortgage/Life Insurance
In case of death of the owner(s), the mortgage balance is insured by a type of temporary life insurance, called a mortgage insurance. This type of insurance is especially recommended for families with small children who cannot risk losing their home if one of the family’s supporting members should die.