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Licensed REALTOR® in Victoria, BC with Pemberton Holmes + Mavrikos Collective

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Prospective Buyer to Homeowner in 10 Simple Steps

June 8, 2022


Over the past couple of years, I have learned (and I am trying to implement more) the importance of real estate checklists!

There’s something about seeing each step outlined and what needs to be done so that you don’t miss anything. For home buyers, I know there are so many things to think about during your home search process. 

I’ve outlined below the buyer’s agent checklist that I go through with my clients and that you can download straight to your inbox. This buyer’s agent checklist will help prospective buyers along the buying process by outlining the ten most important steps from potential buyer to homeowner.

Determine Why You Are Looking For A New Home

Before starting your home search, it’s important to ask yourself why you want to buy a house, condo, townhouse, or investment property. Is it to have the freedom of owning your place instead of renting?

Are you excited about being able to pay down your mortgage instead of paying rent each month? These are important questions to ask yourself before buying a home.

Or are you looking to get into real estate investing and want a holding property, buy and flip, or try the BRRRR strategy (Buy, Rehab, Rent, Refinance, Repeat)? Maybe you have a growing family and need more bedrooms, or you’d like to be in a better school district for your kids.

Everyone’s reasons for purchasing a home will be different, so it’s beneficial to take some time to uncover your homeownership and lifestyle goals. This will help you have a clear understanding of your ideal neighbourhoods, property style and features, proximity to schools or work, and price range. 


1. Select Your REALTOR®

Take your time to select a real estate agent who you get along with and who is knowledgeable in the neighbourhoods and property type that you’re interested in purchasing.

Your REALTOR® will show you available homes that meet your criteria and will educate you along the process. It’s a good idea to ask friends or family for referrals or check out online reviews. You can also get to know real estate agents at an open house in your neighbourhood.

2. Meet With A Mortgage Broker

Potential buyers should always meet with a mortgage broker as a first step. To determine your qualifying amount, a mortgage broker will go over your financial information, such as employment or business income, debts, and assets.

The more organized you are with your documents, the faster your mortgage lender will be able to complete your mortgage application and approval process.

Together, you will go over your budget, determine a feasible amount for your monthly payments, and uncover the best mortgage loan type for you.

Your mortgage broker will ask you about your employment income and industry, the down payment amount, and car loans or credit card debts. They will also discuss different mortgage products and interest rates and use a mortgage calculator to estimate your monthly mortgage payments.

A mortgage broker should not pull your credit report during these initial stages. Pulling too many credit reports can negatively affect your credit score in the long run. 

3. Time To Start Your Home Search Process

After meeting with a mortgage broker and a real estate agent, you should feel confident to start your home search process. As a next step, your real estate agent can set you up on an automated MLS listings search portal where new and active listings that match your criteria will be sent directly to your email. 

It’s a great way to stay informed and updated on listings on properties that are of interest to you. You’ll also be notified right away as soon as a listing hits the market so that you can arrange a showing with your REALTOR®.


4. You’ve Found The Perfect Home – Your REALTOR® Will Prepare Your Offer

Whether it has been weeks, months, or years – you’ve just found your perfect home! Your REALTOR® will complete a comparative market analysis to estimate the market value of the subject property. 

Once you have presented your offer, negotiations between the buyer and seller occur, and communication begins between the buyer’s agent and the listing agent. If your offer is accepted, you will likely have included certain subject conditions in your offer. 

Buyer’s conditions often include financing, home inspection, title notations, property insurance, or strata document review (if applicable).

You will continue towards the due diligence phase if your conditional offer is accepted. You will receive a copy of the purchase agreement and supporting documents from your real estate agent.

If your offer is unconditional, you will move to deposit due and schedule an appointment with your real estate lawyer or notary to prepare the closing disclosure. 

5. Due Diligence Phase

Once your offer is accepted, you move into the due diligence phase. It’s usually a 7-10 day period where you and your REALTOR® will work together to fulfill your conditions. This stage is where you will gather as much information as possible about the property, and it’s a great way to be fully informed before removing your conditions.

What if your conditions can’t be fulfilled? Maybe the home inspection uncovered health hazards and potential problems in the home, or you cannot get financing. 

That’s ok, as long as you tried your best to fulfill the conditions set out in the real estate contract. If you can no longer proceed with the home purchase, a release form is signed, and we’ll continue on your home search! 

If you have a home inspection condition, you will want to attend the final walk-through with the home inspector and ensure that you receive an inspection report.

6. Conditions Are Fulfilled and Removed – Purchase Continues Towards Completion

If you are satisfied with all of your conditions as set out in the contract of purchase and sale after the due diligence phase, you will sign an “Amendment to Remove Subjects.” Once signed by the buyer, it is sent to the seller’s agent. 

When you remove your conditions, you should schedule an appointment with a lawyer or notary to finalize your closing costs and conveyancing.  

In some cases, there may not be much time between the acceptance or pending date and the completion date, so it’s a good idea to book an appointment once you are certain that you want to purchase the property. 

7. Buyer’s Deposit Due

Typically, the buyer’s deposit is about 5% of the purchase price. The deposit can be due a certain time period after acceptance (such as 24 hours) or a certain time period after subject removal (such as 1-2 business days), depending on how it’s agreed upon in the purchase and sale contract.

The deposit, also known as earnest money deposit, is due first before you need your down payment amount. Then, your deposit will go towards your down payment amount on the completion date.

For instance, say your deposit is $30,000, and you plan to use $60,000 as your down payment. You will need to have the $30,000 deposit available (usually within 1-2 weeks of an accepted offer), and then on the completion date (usually anywhere from 1-3 months after the accepted offer), you’ll need to have the remaining $30,000 to put towards your down payment amount for your mortgage home loan.

Once the deposit is in (almost always held by the buyer’s agent’s brokerage), the purchase is advertised as “pending.” The home sale now moves towards the closing process.

8. Contact A Real Estate Lawyer or Notary

A real estate lawyer or notary will prepare all of the closing documents necessary to complete your new home. You should schedule an appointment with a lawyer or notary at least a week before the closing date and the possession date agreed to in the signed contract. 

At the latest, you should contact a lawyer or notary once conditions are removed and provide your lawyer’s contact information to your real estate agent. 

Unless one of your conditions is for lawyer approval, or you would like any legal advice from a lawyer about the real estate transaction before removing your conditions or submitting an offer. 

When you meet to go over the closing documents with your real estate lawyer or notary, remember to bring a valid photo ID such as a driver’s license or passport. Also, it’s important that your documentation isn’t expired, and you may need to bring a marriage certificate for couples whose names don’t match the contract of purchase and sale.

9. Possession Day! 

Congratulations, the day is here when you get the keys to your new home! The possession date is when you are legally allowed to move into your new home and is the final step of the home buying process. By this point, you would have already met with your lawyer or notary, the transaction is complete, and the moving company has been booked. 

Your REALTOR® will meet you at your new home and ensure that everything agreed to in the contract has been fulfilled. Time to celebrate and pop something bubbly!

10. Follow Up

After you take possession, you may still have some questions about your new home. After a few days in the property, your REALTOR® should follow up to make sure you’re happy in your new home!


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