Initial meeting with agent Agency relationship explained - pamphlet & agency agreement signed Mortgage pre-approval by the lending institution Credit Report Verification of income assets & employment Home search begins Initial consultation with lawyer Home selection process - suitable home found Offer to purchase prepared by agent - (a deposit cheque in the amount of 5%-10% of the purchase price is usually required at this time) Offer delivered to lawyer for review (optional) Offer to purchase presented to Seller - negotiations with seller take place Both buyer and seller agree on terms of purchase contract Purchaser and agent make arrangements for Home/Termite inspection(s) (if applicable) Purchaser and agent make arrangements for status certificate (condominiums only) Satisfaction of inspection(s) and other contingencies Purchaser obtains homeowner’s insurance (within the “Search Title” period) Notify post office & utility companies of pending moving dates Final appraisal of property by lending institution Final mortgage approval Discuss final closing costs & arrangements with lawyer including title insurance Deliver funds to lawyer prior to closing Pre-closing inspection Transfer of utilities Closing settlement & transfer of deed. (done by lawyer on the date of closing) Move-in (usually the day of the scheduled closing date)
