The Buying Process
Congratulations! You are about to embark on an exciting journey seeking and securing possibly the home of your dreams. Whether it is your first home or you have bought and sold many homes in the past, it is always a good idea to solicit the assistance of a professional. That is where The Associates come in. Our job in this journey is not only to see that you find that special home at the best possible price and terms, but also to guide you throughout the entire process form the beginning to end, making the experience as pleasant and efficient as possible.
This home buyer's package is prepared for you as a reference in explaining some of the particulars in the buying process. You may find it useful to familiarize yourself with some of the steps in purchasing a home. Please read the material over and contact us if you have any questions or require any further information that you feel is pertinent to your specific situation.
The Home Buying Process
1. Select one of The Associates to represent you.
2. Initial consultation to meet and evaluate your “needs” and “wants”.
• Discuss pre-approval with a mortgage lender/broker.
• Our regulatory body requires us to identify our clients. FINTRAC requires that we use a driver’s license to do so.
• Agency disclosure is presented to our clients at this time as we want to ensure you are aware of how you are being representing and what types of agency relationships exist.
• Help you locate the ideal home.
• Prepare the "Offer to Purchase".
• Educate you on the market, market conditions and market values.
• Negotiate on your behalf to assist you with the best possible price, terms and conditions.
• Provide you with important information on the property such as; PCDS (Property Condition Disclosure Statement), PID (Property Information Disclosure), Surveyor Certificate.
• Refer you to a financial institution that will assist you with the best financing available.
• Coordinate the home inspection.
• Communicate and convey all documentation to your financial institution and prepare the instructions for your lawyer Essentially save you time, trouble and money.
3. Searching for all Relevant Listings.
• Search through all homes for sale within the Multiple Listing Service, Point2Homes, and all private websites.
• We will make the necessary appointments to view approximately 1 - 10 properties the first time out together and short list from there for the return viewings.
4. The Time is Right
• Once we have located the property that is right for you, we will prepare the offer to purchase and all the necessary paperwork to submit an offer to the sellers.
• We will review some of the comparable homes that are currently on the market as well as sold and then decide on an offering price, terms and conditions that are most suitable for you.
• We will need to collect a deposit cheque at this time which will form part of your initial down payment. (deposit is usually $5,000 - $30,000 depending on the property being purchased).
The seller will have 3 options at this point:
1. Accept our Offer to Purchase
2. Counter our Offer to Purchase
3. Decline our Offer to Purchase
5. The offer to purchase is accepted.
• Arrange and collect all necessary reports, arrange any inspections, email the offer and MLS listing to your lender or mortgage broker so that they can get your final mortgage approval in place
• Typically we will allow 7 - 10 days to satisfy all of the conditions in the offer. If we don’t satisfy all conditions your deposit is 100% refundable (after 15 business days) as it is held in Ron Baliski Realty Inc. trust account which is your representative.
• We will have 2 business days to deposit the cheque, so ensure all funds are in place before we make the deposit so there is no NSF charges.
• If there are any deficiencies with the home as stated in the inspection or reports that we receive then it could reopen up negotiations with the sellers. If we cannot come to terms on the negotiations then we will take our deposit and move on to the next property.
• Once all inspections, reports, and financing are to your satisfaction then we can remove all of the conditions in the Offer. The property is now considered SOLD!
6. Preparation for conveyancing.
• Our administration assistant will then compile all the documentation and reports into a sales report which we then forward onto our conveyancer.
• Our conveyancers job is to go over the documents one more time before we send them to your lawyer that will be representing you. There will be instructions and details about the paperwork that has been submitted.
7. Crucial appointments and “To Do’s”
• Please arrange to meet with your lawyer at minimum 1 week prior to possession. You should call at least 2 - 4 weeks in advance to let your lawyer know that the documents will be sent to them shortly and that is when you’ll set up an appointment.
• Ensure that your financial institution sends over the mortgage instructions to your lawyers office prior to your meeting with them.
• Home insurance will have to be purchased and in place prior to possession day. You will have to have your insurance provider forward the certificate of insurance to your lawyer as well prior to your meeting or else keys will not be released to you or me on possession day.
• Call your utility providers a few weeks before possession to ensure that your utilities are up and running for the day you move in. You will have to contact SKPower, SKEnergy, and the City of Saskatoon. Please see utility contact numbers for connecting and disconnecting utilities.
• If you are arranging a moving company ensure that you contact them at least 1 month prior to move date as they tend to book up quickly.
• Try to arrange for the movers to come later afternoon on the day of possession as the lawyers may not release the keys to us until the end of the business day. If you are planning on having your movers show up for noon then you will have to instruct your lawyer to have all the paperwork and funds sent over to the sellers lawyer at least 1 - 2 days prior to possession so that their are no delays.
8. Possession day.
• On possession day we will receive a phone call from the seller’s agent informing us that keys are releasable. We will then contact you to set up a time to meet at your property to do a walk through and then turn the keys over to you.