Tip: Hover over a highlighted word to see its definition.
1. Initial Consultation
2. Find a New Home
3. Purchasing the Home
4. Closing the Deal
5. Post-Closing
Frequently Asked Questions
The Okanagan Home Buyer Services Home Buying Process involves a single appointment to meet with all the Okanagan Home Buyer Services professionals who will assist you in this process.
Legal: You will begin by sitting down with our Lawyer for a brief consultation about the home-buying process and the legal issues and pitfalls of buying a new home. Our Lawyer will advise you on your eligibility for any GST/HST Rebates, Property Transfer Tax exemptions or other technical issues in connection with your purchase. The OKHB buying process ensures that you are legally protected every step of the way.
Financing: Before beginning the search for your dream home, it is important analyze the financial aspects of buying a new home, including all the potential costs and your personal budget. Our Mortgage Broker will work with you to determine your financial situation and advise you of the different Financing Options and Mortgages that are available. Our Mortgage Broker works with various lenders offering the most competitive, Interest Rates in the industry. You will walk away with Pre-Approval for Financing and a solid understanding of the financial aspects of buying your new home.
Home Search: Your meeting with our Realtor will be aimed at determining the style, type and preferred location of your new home. Our Realtor will advise of you of the availability and price of the home you are seeking and begin a comprehensive search of the homes in the market that fit your needs, wants and budget.
List of Homes: Our Realtor will compile a comprehensive list of available homes that meet your needs, wants and budget. This list will be reviewed with you to create a short list of suitable homes
Tour Homes: Our Realtor will make all the arrangements with the Seller to tour those homes on the short list that was prepared with you.
Evaluate Homes: Our Realtor will assist you in evaluating the pros and cons of the homes that you have toured. Take advantage of our Realtor’s experience in determining value and price having regard to the home’s size, style, age and location.
Offer: Once we have found you your dream home, our Realtor and Lawyer will work closely with you to make a written Offer to Purchase to the Seller. The Offer to Purchase may be conditional on a number of Buyer’s Conditions, which you can discuss with our Lawyer to ensure that they meet your needs and are legally binding. Click here for a list of typical Buyer’s Conditions.
Counter-Offer: Once the Offer to Purchase is presented to the Seller, the Seller may make a counter-offer. Rest easy knowing that you have all of the Okanagan Home Buyer Services professionals on your side to carry out the negotiations on your behalf.
Acceptance: Following the successful negotiation of terms in the Offer to Purchase, our Realtor and Lawyer will assist you drafting the required changes to the Offer to Purchase to reflect the negotiated terms. The revised Offer to Purchase will then be presented to the Seller for Acceptance. Once accepted, you will have a firm and binding Contract of Purchase and Sale, subject only to the Buyer’s Conditions that have been included in the Offer to Purchase.
Searches and Investigations: Following the Acceptance of the Offer to Purchase, our Lawyer will assist you in reviewing Title to the home, including any Encumbrances or Charges registered against title. You will also complete any other searches or investigations of the property that have been negotiated as Buyer’s Conditions in the Offer to Purchase.
Mortgage Approval: Following the Acceptance of the Offer to Purchase, our Mortgage Brokerwill work with you to finalize your mortgage application. Our Lawyer and Realtor will have already obtained the necessary documents to seamlessly complete your mortgage application for you, saving you time and energy!
Subject Removal: After having completed your searches and investigations and finalizing your mortgage approval, you will then be in a position to waive the Buyer’s Conditions. This is often referred to as “Subject Removal”. Our Realtor and Lawyer will assist you in notifying the Seller in writing of your waiver of Buyer’s Conditions. Once the Buyer’s Conditions have been waived, the Contract of Purchase and Sale will be final and binding on you and the Seller.
Searches and Investigations: Our Lawyer will conduct utility searches, tax searches and strata property searches, if applicable, to make sure that you are not stuck with any unexpected bills associated with the Home. Our Lawyer will ensure that any adjustments required for these items are adjusted between you and the Seller on the Closing Date.
Pre-Closing Meeting: About 3 days before the Closing Date, we will make an appointment with you to meet with our Lawyer and sign the documents required to Transfer the Title to the home into your name. You will be asked at this time to bring in any additional money for the balance of the down payment, Property Transfer Tax and HST, as applicable. This amount is typically referred to as the Cash to Close.
Closing Date: On the Closing Date, our Lawyer and Mortgage Broker will make arrangements for the proceeds from your Mortgage to be delivered to our office. Our Lawyer will then forward these proceeds, together with the Cash to Close to the Seller’s Lawyer. Our Lawyer will then register the Transfer of Title in your name. Our office will arrange to get the keys from the Seller and provide them to you together with a special housewarming gift from us! At this point, the purchase has been completed and you can proudly call yourself the owner of your new home!
Moving-In: You will be ready to move into your home on the Possession Date, which is usually the day following the Closing Date. Don’t forget – prior to moving in you will want to change your address with Canada Post, your bank, and credit card companies. Also be sure to cancel your old utilities and order utilities for your new home. Then start unpacking!
Closing Documents: About 10 days following the Closing Date our office will deliver a package to you enclosing all of the documents in connection with your purchase, including a State of Title Certificate, showing you as the registered owner of the home.
How can Okanagan Home Buyer Services provide all of these services at no charge to the Home Buyer?
