First-time buyer Checklist

Being a first-time home buyer, knowing where to start is an important part of making the home buying process easy, stress-free, and simple. 


1) Getting Ready

• CONTACT A MORTGAGE SPECIALIST & GET PRE-APPROVED
• Review Purchasing Costs
• Deed Transfer Tax (Varies depending on wheere you are - check with your muinicpality)
• G.S.T / H.S.T (only on new property)
• Legal Fees (Notary Public / Lawyer)
• Home Inspection (if applicable)
• High Ratio Mortgage Premium (only if borrowing over 80% of the purchase price)
• Deposit (minimum 5% & forms part of the purchase price)
• Review First Time Buyer Savings
• R.R.S.P tax free withdraw (up to 25K per person)
• Property Transfer Tax Rebate (No P.T.T under $425K)

 

2) Get Set

• Define your Search Criteria
• Needs Vs. Wants analysis
• Neighborhood analysis (likes & dislikes)  
• Become an expert
• Determine what your budget will get you in your neighborhood of choice
• View property details from listings in your neighborhood of choice
• Tour open houses of qualified homes
• Through process of elimination determine what home(s) interest you the most

 

3) Go

• Make an offer  
• Draft Contract of Purchase & Sale  
• Determine Price, Possession date & Completion Date  
• Determine Subjects (usual subjects: Inspection, Financing & Strata Paperwork)  
• Submit Offer (with Expiry time and date)  
• Sellers Options (Accept, Counter or let expire)  
• Once offer is accepted  
• Work through & remove all Conditions 
• Place deposit check into the Trust Account of your Realtors Brokerage (Bank Draft)

 

4) Congratulations

 

• Select Notary Public / Lawyer  
• Prepare for the move
• This First Time Home Buying outline will be altered slightly depending on the product being purchased (House or Condo). However the basic outline that you see above is the foundation of the home search needed to get you “the buyer” into the home that works best for your needs.