5-Step Process To Buying Real Estate In Vancouver
Buying real estate is a big deal. For most of us, buying a house is the biggest purchase we will ever make in our lives. It’s important to get it right, the first time!
As a notary public in Vancouver, our goal is to make the legal portion of the buying process crystal clear. Not only do we prepare all the legal documentation, but we also work to provide clarity and advice throughout the whole process.
Here’s what a typical buying process for real estate looks like:
1. You’re Prepared to Buy Real Estate
You’ve saved some of your down payment and have experience managing debt (credit carts, loans, etc). You’ve identified which neighborhoods you may want to live in and whether or not it’s a good time to buy real estate. You’re raring to go. Let’s make it happen!
2. You Find The Right Realtor
A realtor will help you find your dream home. They generally have access to a wide range of information and will be able to find listings that meet your criteria. A realtor can also help you sell your existing home before, after, or even during this buying process.
3. You Hire A Notary Public & Other Specialists
Before going through with making an offer and purchasing your new home, it’s important to take necessary precautions. Hire a lawyer or notary public that is a right fit for you and your needs. The right notary would have a good match with your personality, a proven track record and excellent work ethic.
Other specialists you should consider include a mortgage broker to get you the best possible rates, or a home inspector to save you from unnecessary troubles once you move in to your new home. Make sure you’ve thoroughly inspected the property before you make an offer.
4. You Make An Offer & Arrange A Mortgage
Make sure you are completely certain before making an offer! Contact our notary public office if you have any concerns or have specific plans for the property. If you plan to build a swimming pool, for example, you will want to look into city bylaws.
Once you’re certain of your purchase, you can have your realtor prepare an offer for you. To ensure that you have the financing for your new home, you will need to have a mortgage approved by your financial institution.
5. You Close The Deal & Transfer The Legal Title
The transfer of legal title of a property from one person to another is called conveyancing, which is one of the services that we provide at Vancouver Downtown Notary. We will inform you of any conditions of the agreement that may require immediate action.
If you have secured a mortgage with a mortgage company, your mortgage broker will then contact your notary public or lawyer, ideally Vancouver Downtown Notary, to forward the mortgage terms.
Your notary public or lawyer will then prepare all the necessary documents. This includes transfer documents, mortgage registration, consent forms, and statement of adjustments.We will let you know when it is time to sign the documents, as well as the necessary steps leading up to the closing date. You’ll have the keys to your dream home in no time!