What Are The Steps To Buying A Home?
Deciding to buy a home is a big decision, The home buying process to owning your first (or second or third) home can be overwhelming. There are many steps to the home buying process. Some of the steps are financial, some legal, some personal. The lawyers at Kahane Law Office in Calgary are here to help you with every step of the way.
Should You Buy A Home?
There are many personal factors in this first and critical step to the home buying process. These include your ability to manage a home, do you know what type of home you want, will you be moving soon, is your job secure. You have to decide if this is the right time to buy. CMHC has an excellent Pro’s & Con’s worksheet for helping decide if you should buy a home.
Can You Afford A Home?
Once you have decided you should buy a home, you are on to step two. The second step in the home buying process is deciding if you can afford a home. There are many legal consequences if you contract to buy a home but then do not follow through and complete the purchase. Our litigation lawyers do not want to see you for this issue so make sure you speak with a mortgage professional and determine if you can afford to buy a home.
Picking The Home You Want To Buy
There will be a lot of factors that go into this step of the home buying process. There are practical, personal, financial, and lifestyle choices at play. Be cautious! Many people will go back to a furniture store 5-6 times before they decide on buying a new bed. The picking a home step in the home buying process is emotional. This means that people are often wanting to write an offer to buy a home within an hour of seeing it. Sometimes market conditions force you to act quickly but be sure to use a real estate agent who can help you pick the right home.
Writing An Offer On A Home
This step of the home buying process in Alberta can be the most critical. Here is where a great real estate agent is key. While the Alberta Real Estate Association has a form of contract, it is the specifics to your situation that are key. Price negotiation is clearly an important factor. Also, this contract will govern what you get for that price. If there are any concerns that need to be addressed, they must be in the contract. A good agent will do this.
Sometimes it is key to get legal information from a lawyer to do this properly. This process often occurs on the weekend or evening. Kahane Law Office has an after hours legal information line especially for your Alberta real estate agent. This means if there is anything unusual, you can better ensure you are protected. If your real estate agent does not have this number, have them call the Kahane Law Office main reception for it.
Hiring Your Lawyer
It is easy for us to say “pick Kahane Law” because we have won the Top Choice Award for Top Real Estate Law Firm in Calgary for 5 consecutive years. BUT… We think people should make their own choice. We have a video that outlines what you should focus on when picking a real estate lawyer. You obviously want great representation for a fair price.
Meeting With Your Lawyer
The real estate lawyer part of the home buying process involves a lot of paper. Part of these documents include a tenancy at will agreement. We have more specific information on this step and what your real estate lawyer does. Do not ever hesitate to call or email your lawyer for more information.
Taking possession of your home
Taking possession of your new home is exciting. When you take possession of your home, you will check it over with your real estate agent. If there are problems (and it is not that common), it is important to call your lawyer right away. What happens next is governed by the real estate purchase contract. While issues are usually worked out, you cannot simply decide to hold back money unless it was written into the contract.
End of the Home Buying Process: Happy ever After….
The home buying process can be a blur so never hesitate to call your real estate agent, lawyer or mortgage professional even after your deal is done. You are on your way for your house becoming your home.
Calgary Real Estate Lawyers: Peace of Mind & Great Value
Kahane Law Office can help you understand the home buying process. We are also pleased to offer flat rate fees that include issue resolution time if problems do come up. Please see our flat rate fees for details. Call 403-225-8810 or email today to contact us.