This may seem out of order, but it isn’t! A pre-approval doesn’t obligate you to anything- you can still shop around before making a decision. However, a pre-approval does provide you (and your Realtor) with clarity and it protects you in case of an interest rate increase in the market. Once you’re pre-approved, you’ll know exactly how much you can spend and what the interest rate will be (should you choose that lender). With that information, you’re ready to go shopping!
If you already have a Realtor you can skip this step. If you don’t, you have options! Our office has great relationships with experienced Realtors that will help you find a great home. As a buyer, your Realtor will find properties that meet your criteria, negotiate on your behalf, and protect your interests throughout the purchasing process (and at no cost to you).
With your pre-approval in hand, the hunt is on! Calgary has thousands of homes available across a range of price points, building types, and lifestyles. Have some fun and see what’s out there- you’re sure to find a place to call home!
Once you’ve found a home and are ready to place an offer, your Realtor is really going to go to work. In addition to handling all the paperwork that comes with submitting an offer, they will aggressively negotiate the price and possession terms on your behalf.
Your offer will be placed under conditions, such as financing, a successful home inspection, condo document review (if applicable), and any other conditions deemed necessary by your Realtor.
This looks like a daunting step, but in reality these pieces are all progressing simultaneously. It all comes together very quickly!
The first step here is to clear conditions. The home inspection, for example, is an almost-certain condition (as a good home inspector will tell you the exact life’s story of the home you're looking at purchasing) that must be cleared. Any other terms, including possession date, cleaning, requested repairs, etc. will also be ratified before acceptance of the deal.
On the financing end, we secure/finalize the mortgage so that financing conditions can be waived.
Once everything checks out, you’re almost good to go.
Up next is the contractual and financial side of the process. You’ll connect with a real estate lawyer, who will confirm the deal’s details, handle the contracts, and take your down payment. This is also when you’ll address closing costs, such as pending property taxes, and finalize all the final details of the purchase.
On the day of possession all you need to worry about is moving in to your new home! Your mortgage has already been funded and paid to the sellers, the contracts are all signed, and the deal is done. Usually, you’ll meet your Realtor at the home to accept the keys.
Congratulations, you are now a homeowner!