Once you have found the property that meets your needs, you’ll put in an offer that’ll be accepted or countered. This may go back and forth until you reach an acceptable price with the vendor.
Contract of Purchase and Sale
Names and occupations of the parties
Description of the property being sold
Description of the price and related financing
Consent to use personal information for the purposes described.
Terms and conditions
Property Disclosure Statement Incorporation into the contract
A proposed closing date
Agreement expiry date
Buyers conditions, subject to
a date for arranging a suitable mortgage
selling a current home owned
seller providing a current survey
a home inspection to detail home’s safety, construction or condition
Once accepted your offer is a legal binding contract.
A deposit of must be presented with the offer and is held in trust by the Sellers Real Estate Company until closing. The amount will be applied to the purchase of the home.
The deposit will be returned with an unaccepted offer. However, if you cancel an accepted unconditional offer the deposit may be kept.
What Happens Now?
You may choose to have your lawyer review your accepted offer, this would need to be one of the conditions in the offer.
Fax your accepted Offer to Purchase and MLS listing to your Mortgage Expert
Fax your Mortgage Expert a copy
An appraisal is ordered (if necessary)
Send in any remaining documents required for financing (income confirmation, down payment confirmation, etc)
Send an inspector in (if applicable) – I can help you arrange this
Receive the lender’s approval on property and final approval letter
Your Mortgage Expert will submit your application to the selected lender for review
Lender issues a “Mortgage Commitment” that must be signed by all applicants
Your Mortgage Expert will review the “Mortgage Commitment” and explain required conditions (ie. Proof of income, down payment) and all other required documents.
Once all conditions are collected and all documents are signed, your Mortgage Expert will forward these to the lender for final review and approval.
DO NOT REMOVE SUBJECTS UNTILL YOUR MORTGAGE BROKER HAS THE LENDERS APPROVAL! This will involve you actually signing the mortgage commitment documents.