Could this property be “the one”? Here’s an overview of the steps involved in becoming the owner. These steps and the legal implications remain the same whether the property is purchased from an individual or through a broker.
One of the first things to do when looking for a property is to get a mortgage preapproval from a financial institution. The goal is to determine borrowing capacity, and as a result, the price range to be looking in.
The property suits the budget and needs? Time to submit an offer to purchase! This document sets out the price, the elements included in the sale, the possession date, the conditions of purchase and all other information relevant to the sale.
Need the form?
The offer to purchase generally includes conditions. The most common are the property passing an inspection, the buyer providing proof of financing and the buyer selling their own property. Once the listed conditions are met, the property is considered sold.
The last step is to see a notary, who is generally chosen by the buyer. This real estate professional drafts the deed of sale and ensures that the interests of all parties involved are respected.
Once the deed of sale is notarized, the new owner gets the keys to the home. All that’s left is to move in!
See our All about buying section.
Owners’ comments
Fifty minutes from Ottawa, the above lot is located at 119 chemin de la Ferme, Val-des-Monts, Quebec, on the shore of Lac St-Pierre.
It is part of a new 20-lot project, having an area of 1.5 acres and 466 feet of shoreline. Being southerly facing with a large flat area bordering the lake, it is the most desirable lot in the project.
Price: $325,000 plus taxes.
Tel: 819-663-7497 e-mail: glavon@sympatico.ca