11 Steps to Becoming a Homeowner

The path to becoming a homeowner can be fraught with unexpected setbacks. The golden rule for achieving your dream in total ease is to plan ahead for every key stage of the process.

Rest assured, Kasakondo+ has prepared a summary for you outlining the major steps to follow. Enjoy!

Set a Budget

Planning a budget can help you assess your monthly savings by allowing you to gather the required amount for a down payment, as well as other additional expenses (transfer tax, notary fees, moving expenses, etc.)

Explore Your Different Mortgage Options

Getting a mortgage pre-approval from a recognized bank will lend more credibility to your file. Be aware that several types of mortgages exist, and that the rates can vary according to the amount of your down payment.

Choose a Real Estate Broker

Collaborating with a real estate broker will give you peace of mind. With their knowledge of the market, and their expertise concerning all the necessary steps leading to a real estate transaction, your real estate broker will spare you from hours of research! But how can you find the ideal broker to help you? In this respect, Kasakondo+ will save you a lot of time by doing the job for you, thanks to our great team of experienced real estate brokers who are known for their reliable services and can meet all your real estate needs.

Find a Home

Having a clear and precise idea in mind of what you’re looking for can simplify the search for your future home. Consider the type of property (single-family, condo, duplex, etc.), area (urban or countryside), and accessibility to essential services (grocery, pharmacy, and public transportation) that you would want for your home.

Submit a Purchase Offer

Now that you’ve visited the property of your dreams, it’s time to make a purchase offer. Your broker will make sure to write up an offer that will keep your personal interests at heart. In addition to the offered price, the purchase offer must also include all the terms of use (obtaining funding, building inspection, reading of documents, etc.), as well as a proposed date for the signing of the deed of sale. Afterwards, the seller will be able to either accept the deal as is, or propose changes, and this, until both parties agree on all the proposed clauses.

Confirm your Mortgage Loan

Upon the approval of your promise to purchase, your real estate broker will send the mortgage representative all the documents related to the property you’ve picked out so that your bank may analyze your file and ultimately grant you a loan without condition.

Perform a Home Inspection

Conducting a home inspection with a building inspector is an essential step in any acquisition, and the best way to ensure that all is in good condition. If the home inspection reveals major problems, you’ll have three options: either negotiate the price down to cover the cost of the repairs; demand that the seller sees to the repairs before reaching an agreement; or finally, if there is no possibility of reaching an agreement, you may breach your promise to purchase.

Review the Documents Related to the Property

It’s very important to take a careful look at the various property documents that the sellers has on hand, such as the location certificate, the insurance policy for the property, the municipal and school tax assessments, and the energy performance rating. As well, make sure to also pay attention to all the documents pertaining specifically to the purchase of a condo, such as the declaration of co-ownership, statements, and financial reports.

All the Conditions are Met

Once the conditions contained in your promise to purchase are all met, you’ll simply have to visit your notary to sign the deed of sale, and then the property will officially be recognized as sold. At this juncture, you’ll submit the coordinates to your notary, so that your broker may transmit them to the sellers.

Prepare for Your Move

After the lifting of conditions, you’ll be able to focus on what’s ahead. Making a list is a great way to avoid forgetting anything: plan for your move, change your address, and update your registered services (telephone, internet, cable, electricity, etc.).

Wait for the Closing Date

According to the date specified on the promise to purchase, the notary will convene with all parties to proceed with the signature of the notarial deed. Once this document is signed, you will then officially be a homeowner and receive the keys to your new house! Congratulations!

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We know your time is valuable, so why not let one of our broker members simplify your life.

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