You wrote an offer on your dream home, and it was accepted by the sellers. NOW WHAT DO YOU DO? First of all congratulations!! This short guide will help you handle all the steps that follow from the time your offer was accepted up until you remove conditons and firm up the sale. Please note this is how we handle the process in Calgary Alberta, so if you are in a different market it could vary.
1. Produce a deposit cheque to be held in trust
Real Estate deposits in the Calgary market are typicaly held in trust by the sellers brokerage. A personal cheque is fine unless the the possession is less than 30 days from your condition removal date. If you have a quick possession less than 30 days from the time you remove your conditions you will need to produce a bank draft or certified cheque. This also applies to Court of Queens Bench and Bank sales in the province of Alberta. Your deposit cheque needs to be made out to the listing brokerage unless it is a Court of Queens Bench or Bank sale, in which case it needs to be made out to the law firm or to the federal court system.
2. Arrange Financing
You will need to get in touch with your bank or mortgage broker as soon as possible and let me know which one you are using, so we can forward the property and contract details as well as any other information required by the lender, appraisers, CMHC etc. It usually takes about 3 -5 days for the formal approval to go through so so it’s important to start this process as soon as possible.
3. Arrange for a home inspection
If your offer has a condition subject to a home inspection you will need to make arrangements within the first 48 hours. Reputable home inspectors in Calgary are busy and it might take a few days to get an appointment. I recommend making the home inspection approximately 2 – 3 days before your condition removal date. This will give us time to address any concerns and consult additional professionals if needed. If you have a home inspector that you would like to use please forward their details along with a time that is convenient for you, and I will arrange for access to the property. If you don’t know a good home inspector I can give you a few names of some of Calgary’s top home inspectors the industry. Most home inspectors only work during business hours and they prefer if you are present at the inspection to review everything with them, so you will likely have to take some time off work. **Please note** A home inspections purpose is to help you identify problems that you could not see with a visual inspection during our viewing. It isn’t for discounting the price of the property for every little ding in the wall and minor visible imperfections. The price can be renegotiated in some cases if there are hidden defects in the home.
4. Select a Real Estate Lawyer
Select a lawyer that practises real estate law. Preferably specializes in it!! I’ve often found over the years if a client use their family lawyer that doesn’t do a lot of real estate law things can go sideways, and it usually ends up costing more in the end because they are not as efficient as lawyers who do it everyday. If you need a recommendation of a good real estate firm I can provide you with numerouse law offices. One of the firms I do the large amount of work with is LeClaire Thibeault Barristors and Solicitors. I find them to be very thorough with competitive fees. Ron Thibeault also teaches real estate law at the U of C so he really knows his stuff. Selecting a real estate lawyer really doesn’t need to take place until after you have removed your conditions, but if your possession is within 3-4 weeks I will need this information sooner.
Here are a few articles I’ve prepared on real estate lawyers to help you make an informed decision.
FAQ When Purchasing A Calgary Home
Legal Question About Mortgages
For Condo Purchases In Calgary
In the purchase of a condo in Calgary all of the above applies, however home inspections are not as common as most of the concerns are address in the condo documentation. Townhouse are still inspected regularly but high rise condos are not that commonly inspected as they are just a box in the skye so to say.
5. Review all condo documentation, financials, bylaws etc
In Calgary is takes approximately 5 days for the sellers Realtor to produce the most current condo documents. After they have delivered them, you then have 10 days to review all the documentation. You can review the documents yourself, however I highly recomend attaining a Certified Condominium Document Specialist to review the condominium package and financials. Condominium Document Specialist’s have the knowledge and expertise to guide you in making a very complex decision. Some of the document specialist I’ve used in the past that do a great job are Phyllis Fyckes with Condo Diagnostics LTD. and Bernie Winters with Condo Check.
As alway if you have any questions as we move forward feel free to contact me directly.
