The standard steps involved in buying a property
As a potential buyer, you have several options for researching and ultimately purchasing your future home. As a general rule, I highly recommend using the services of a real estate broker who will accompany the buyer during the research phase. Once you proceed with the purchase, it is the seller's responsibility to pay my compensation. When dealing with a property for sale by another broker, my compensation is paid by the other broker as the buying agent.
As a buyer you have my services for free, so why not use them?
The search process for buyers can be long, so it is important to stay patient and wait for a property that suits your needs. In addition to having access to my property alerts, you will save a lot of time and energy working with me, and it is my hope that we can move quickly to the first step of the purchase process: the promise to purchase.
The promise to purchase
Now that you have found the right property, I'll help make the promise to purchase step easy for you. A promise to purchase is a legally-binding and irrevocable contract and should not be taken lightly. With my experience and training, I can guide and advise you in this process, but there are a few important points to remember:
Terms and conditions:I will include all your terms and conditions in the promise to purchase along with their expiry dates if applicable. Examples of terms and conditions are:
- mortgage loan approval
- building inspection
- water test for quality and quantity (wells), etc.
Inclusions:I will carefully detail any specific items you wish to include in the sale. For example: shed, pool, light fixtures, appliances, pool table, etc.
Dates:Never write "to be determined" in place of a date. Carefully verify and be specific about occupancy dates, terms and conditions deadlines, etc. Leave no room for ambiguity.
Certificate of location:I will ensure that the certificate of location provided by the seller is representative of reality.
Upon having received your promise to purchase, the seller can choose to accept, reject, or make a counter-proposal. You in turn may choose to accept, reject, or present a counter-proposal in response to the seller's counter-proposal and so on.
Each subsequent counter-proposal nullifies all previous counter-proposals made by either the buyer or seller. It is therefore important to repeat the inclusions and exclusions and verify all details relating to the promise to purchase.
The promise to purchase, as amended by the last counter-proposal, acts as a binding agreement between the buyer and seller.
Transfer of ownership
Once the promise to purchase or counter-proposal is accepted and all conditions implemented, it is time to formalize the transaction. This step requires the services of a notary. The notary will perform a title examination to validate that the seller is the true owner of the property and has the authority to sell it, and also to ensure that the property as well as the certificate of location are in compliance with the bylaws.
Once the title examination is completed, the act of sale is prepared and signed thus formalizing the property purchase. The notary then registers the transaction with the Bureau de la publicité des droits (land registry office).
A few days before the transfer of ownership we strongly suggest you go check that the property is still in the same condition and ensure all applicable conditions are met before the move.