Get a pre-approval and decide your walk-away number. A pre-approval tells you what a lender will lend and usually holds a rate for a period. Lenders qualify you at the greater of your contract rate plus 2% or 5.25%, so your approval is lower than the payment alone suggests. Start with the affordability calculator or send a pre-approval request.
The Agreement of Purchase and Sale sets out everything that matters:
In a multiple-offer situation, conditions make an offer weaker, so we talk through how much risk you are comfortable carrying before we write it. We never advise skipping an inspection or financing condition you actually need.
You have the number of days written into the offer to satisfy each condition: the lender's approval and appraisal, the home inspection, the lawyer's review of a condo status certificate. When each is satisfied you sign a waiver or notice of fulfillment and the deal is firm. If a condition cannot be met, the offer spells out what happens next, usually the deal ends and the deposit is returned.
Your lawyer receives the mortgage funds, collects your down payment and closing costs, registers the transfer and pays the Ontario land transfer tax. Once registration is complete, the keys are released, usually through the listing brokerage. Before that we do a final walk-through with you if the offer allows one.
The land transfer tax on a London home is Ontario's only: $4,475 on $400,000, $8,475 on $600,000, $12,475 on $800,000. First-time buyers may get up to $4,000 back (calculator).
The search takes as long as it takes. Once an offer is accepted, the closing date is whatever you and the seller agree in the offer, so it can be set around your lease or the sale of your current home.
Usually the listing brokerage, in its trust account. It is credited toward your down payment on closing.
Yes. A real estate lawyer searches title, arranges title insurance, handles the mortgage funds and registers the transfer. Choose one before you offer so your condition dates are realistic.
The deadline for the seller to accept, reject or counter your offer. After it passes, the offer is void.
Tell us the neighbourhoods and the budget. We book the showings.
