This guide provides a comprehensive overview of the home-buying process, carefully designed to answer your questions and offer clarity at every step. It serves as an invaluable resource, offering expert insights into everything from navigating market options to understanding key considerations such as financing, conditions, and closing costs. With HJH by your side throughout the journey, you can trust that the process will be seamless, stress-free, and tailored to help you find the perfect home with confidence and ease.
Table of Contents
1. The Buying process
2. Defining the market
3. Most important points of an offer
4. 4 Tips for Buyer’s
The Buying Process
At HJH Realty, we’re dedicated to ensuring you’re fully prepared for every step ahead. Our buyer’s road map offers you a clear and insightful guide to the process before, during and after the purchase, providing you with peace of mind at every turn.
1. Buyer Consultation and Pre-Approval
A buyer consultation meeting is an essential first step in your home-buying journey, designed to ensure we fully understand your wants, needs, and goals. During this meeting, we’ll explore the features and amenities that matter most to you, the location you envision calling home, and any specific preferences you may have. We’ll also discuss the importance of getting pre-approved for a mortgage, as it sets a clear budget and strengthens your position when making an offer.
At HJH, we partner with reputable mortgage brokers and banks to provide you with seamless access to trusted mortgage advisors. We’ll connect you with a dedicated professional who can guide you through the pre-approval process, ensuring you’re well-prepared to make informed decisions. Their expertise will help secure the best financing options tailored to your unique needs, giving you the confidence to move forward in your home-buying journey.
2. Property Search and Viewings
Once we’ve established your criteria and secured a pre-approval, HJH will set up a property search on multiple MLS systems customized to your specifications with automated email alerts for immediate or daily emails of new properties that hit the market. Based on your choices, we’ll coordinate showings based on time and distance, creating an efficient outing. All you need to do is arrive at the first address—and let the exciting journey of finding your perfect home begin!
3. Submitting an Offer
When submitting an offer on the perfect property, HJH will guide you through every step of the process with care and expertise. We will review comparable properties to ensure an informed decision and discuss key elements such as the deposit, price, closing date, and any conditions to include. Our goal is to craft an offer that is both competitive and reflective of your best interests.
4. Deposit & Conditional Period Begins
Upon acceptance of the offer, the buyer is required to submit the deposit to the Listing Brokerage within 24 hours unless otherwise agreed in the offer to formalize the agreement. This deposit initiates the conditional period on the following business day. The average conditional period spans five business days, allowing for financing arrangements and home inspections to be completed. In some cases, an extension of the conditional period may be requested by the buyer and must be approved by the seller.
During this time, our client care team will coordinate the scheduling of specialized trades or inspectors as required by the conditions in place. Additionally, we will ensure all necessary documents are promptly forwarded to the appropriate parties, including lawyers, mortgage brokers, and other relevant professionals, to facilitate a seamless and efficient process.
5. Firm Deal
Once all conditions have been fulfilled, and any necessary amendments or renegotiated terms have been agreed upon and accepted by both parties, the agreement is finalized, and the property is officially yours! It’s time to celebrate this exciting milestone—you’ve successfully purchased your new home! Raise a glass and savor this momentous occasion as you step into the next chapter of your life!
6. Sign Documents with Lawyer
Within two weeks of the closing date, your lawyer will schedule a meeting to review all pertinent documentation, including proof of home insurance, statements and adjustments, and any buyouts or liens associated with the property. During this meeting, the lawyer will verify the names registered on the title and guide you through signing all necessary paperwork. Additionally, the lawyer will provide clear instructions regarding the key exchange process on the closing day, ensuring a smooth and seamless transition. If you don’t already have a lawyer, HJH partners with trusted legal professionals and would be delighted to connect you with one to ensure your needs are expertly managed.
Defining the Market
1. A Buyer’s Market
A buyer’s market is when there are more homes for sale (supply) than there are buyers (demand) for them. In this type of market, buyers have the advantage with more inventory to choose from, prices remain stable or sometimes soften with sellers more open to negotiating.
2. A Seller’s Market
A seller’s market is when there are more buyers (demand) than there are current homes for sale (supply). In a strong seller’s market, sellers are in the driver’s seat. Prices strengthen or increase; homes sell quicker and, in some cases, sellers get multiple offers.
3. A Balanced Market
A balanced market is when there are equal number of buyers and sellers in the market. Homes sell in a reasonable time frame and prices remain stable. This is a healthy real estate market, one that is good for both buyers and sellers.
Most Important Points of an Offer
Average conditions in most offers are Financing and Home Inspection for 5 business days. When purchasing a condo, a Status Certificate is also a average condition, usually for 13 business days. These conditions could be shortened or completely removed to improve your offer.
Closing Conditions
Also referred to as Completion Date, this is the day you get the keys to your new home. Often during negotiations, giving the Seller the closing date they prefer can give you an advantage and persuade them to accept your offer. A Seller may accept an offer with a preferred closing date over price due to their circumstances.
4 Tips for Buyers in a Highly Competitive Market
1. Know exactly what you want
Get crystal clear on the type of home you’re looking for including size, location, old, new, number of bedrooms, garage, parking, etc. This well help narrow your focus on listings that are a good fit.
2. Get your financing pre-approved
In a competitive market, getting your financing pre-approved will give you an advantage at offer time. Don’t leave this to the last minute as accurate pre-approvals can take a few days to a week. Once an approval is established, keep in mind they are typically only valid for 60-90 days from the day you receive it.
Closing Costs
Legal Fees
• Additional services: Disbursements (costs paid by the lawyer on your behalf, such as title searches and document registration) may add $200 to $400. You’ll need a real estate lawyer to facilitate the sale, handle title transfers, and disburse funds.
• What to expect: Legal fees typically range from $800 to $2,000, depending on the complexity of the transaction and the region.
Land Transfer Tax (LTT)
Another important cost to consider is the Ontario Land Transfer Tax.
• What to expect: In Ontario, buyers are obligated to pay this tax when purchasing a property, and for those purchasing within Toronto, an additional Toronto Land Transfer Tax applies, creating a dual tax structure for properties within the city limits.
Moving Costs
Moving expenses can vary significantly based on distance, time, and services required.
• What to expect:
-Local moves: Average $500 to $1,500 for a single-family home.
-Long-distance moves: Costs may range from $2,000 to $10,000+, depending on distance and volume.
-Packing and supplies: Add another $200 to $500 if professional packing or additional materials are needed.
Utility Adjustments and Final Bills
You’ll need to settle utility accounts and prorate payments for services like hydro, gas, and water.
• What to expect: Adjustments typically range from $50 to $300, depending on the billing cycle and usage.
With You Every Step of the Way – And Beyond
At Hanson Jansen Homes Realty Group, our dedication to you goes far beyond closing day. From our first meeting to the successful purchase of your property, we are by your side, ensuring every detail is handled with care and precision.
But our relationship doesn’t end there, whether you need guidance, resources, or simply a trusted advisor to call on, we remain at your service long after the transaction is complete. Your trust means the world to us, and we are proud to be part of this important chapter in your life.
Thank you for choosing Hanson Jansen Homes Realty Group. It’s more than a transaction to us—it’s a lasting partnership.
