Buying
Purchasing real estate involves a series of crucial steps that are fundamental to a successful investment. From market research and securing financing to property inspections and legal due diligence, each step plays a pivotal role in the acquisition of real estate.
Begin by clearly outlining your requirements, such as location, property type, size, budget, and any specific features or amenities you're seeking.
Whether purchasing commercial or residential real estate, it's crucial to explore your financing options and secure pre-approval to understand your purchasing power.
Engage in a thorough search for properties that meet your criteria, conduct inspections, and perform due diligence to assess the property's condition, market value, and potential for growth.
Work closely with your realtor to negotiate an offer that aligns with your budget and needs, leveraging their expertise to navigate the negotiation process effectively.
Once your offer is accepted, proceed to the closing process, which involves finalizing the transaction, completing legal documentation, and preparing for post-purchase activities such as property management or renovations.
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HOME BUYER'S GLOSSARY
AMORTIZATION SCHEDULE
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
APPRASIAL
The process of determining the market value of a property.
Closed Mortgages
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Mortgage
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Heritage House Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Heritage House Ltd. Brokerage
515 Riverbend Dr., Unit 103, Kitchener, ON N2K3S3
(519) 570-4663
INFO & SERVICES
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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR ® , REALTORS ® and the REALTOR ® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. This listing content provided by REALTOR.ca has been licensed by REALTOR® members of The Canadian Real Estate Association. Not intended to solicit properties currently listed for sale or buyers under contract.
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