1. Selecting a realtor
   As with all major financial decisions, seeking sound professional advice is certainly prudent. Selecting a competent realtor is an important part of this process. We are licensed real estate professionals adhering to a strict ethical code and committed to representing and promoting your best interests. It is very important to work with a professional who knows the area you want to live in. Professional’s committed to the area will know al the best product, neighbourhoods, and the area’s for; families, first time buyers, sports enthusiasts et cetera.
2. Determining your needs
   What are you looking for? What do you need versus what you want? By determining your needs from the outset, this will provide a focus to make efficient use of both your time and your realtor’s time. Your Macdonald realtor will help you put together a prioritized list of your requirements such as price, location, accommodation and other needs or preferences you may have. Your realtor will then bring his or her experience into play and counsel you with regard to your various options.
3. Financing options
   Mortgage pre-qualification: what does this mean to you? Your mortgage broker or financial institution will discuss financing options and provide you with a mortgage amount and rate guaranteed for a certain period of time. Being pre-approved is advantageous for the following reasons:
   it may help you refine your search parameters;
   the guaranteed interest rate lock in period protects you from interest rate fluctuations; and
   it will allow you to act more quickly when you find a property you would like to make an offer on.
   If you do not have a pre-existing relationship with a bank, we can suggest a number of excellent mortgage brokers who will work for you in your best interests
4. Looking at properties
   By now you should have your requirements and your financing in place. Now you're ready to start looking at properties! Of course, you may have already been looking at homes advertised in the newspaper or on the internet. However, your realtor has access to the database of all properties for sale on the Multiple Listing Service ® and can provide you with specific information you may not have access to. Furthermore, they may also have access to listings on the MLS ® that may not have been advertised yet.
5. Making an offer - the contract of purchase and sale
   So you’ve found the perfect home! This is when your realtor’s knowledge and training becomes invaluable - they will construct a legally enforceable contract containing terms that suit your needs and protect your interests. Part of this stage involves determining market value, ascertaining the condition of the property, stating how much you’re willing to pay, paying a deposit, suggesting a closing date, expiration of the offer, and a proposed set of conditions. Your realtor will:
   negotiate on your behalf under the terms of the agency outlined in the contract;
   explain the whole legal process.
6. Addtional Costs
   In addition to the purchase price, you will need to take into account additional or extra closing costs that may be involved in the purchase.
   For example:
   property purchase tax of 1% on the first $200,000 and 2% on the balance will be applicable;
   G.S.T. is applicable on all new home purchases (which will be covered in your Contract of Purchase and Sale);
   if you have high ratio financing , a mortgage insurance premium of up to 2.5% may apply;
   moving expenses;
   home insurance;
   appraisal fees;
   surveying costs;
   your share of property taxes and utilities as outlined in the statement of adjustments; and
   legal costs and disbursements;
   It is obviously prudent to cover all of these issues with your realtor as early as possible.
   While not every real estate transaction will involve all of these steps, we have provided information on each so you will know what to expect.

The above steps will vary from transaction to transaction, but in all cases, early consultation with a realtor will streamline the process and ensure a more pleasant home buying experience.

These comments are for information purposes only and do not constitute legal advice.