First Time Home Buyers 

Buying your first home is possibly the most exciting purchase you will ever make. The excitement of making an offer, to the pure joy of having that offer accepted and of course the inevitable Closing, or move in date! For many it is a sign of becoming independent.

The home buying process can seem complicated to many people, however, by following a step by step plan, your dream of owning your own home will become a reality quicker than you know.

(To receive a free homebuyers kit, fill out the form below)
 

The 8 Steps to becoming a homeowner!

Step 1 – Get pre-approved! – By getting pre-approved financing in place prior to your Search, you will be armed with greater confidence in your offer and will have a better idea of where to start.

Step 2 – Hire a Realtor – Hiring a Realtor who understands your needs and knows the market can be the best decision you can make in this process. A Realtor will help you determine your criteria and work hard to preserve your best interests.

Step 3 – Hire a Lawyer – A Real estate Lawyer is not one to be scared of. They are a very valuable resource that will sift through all the legal documents to ensure all your rights are covered and protected.

Step 4 – Previewing Property – Previewing Property with you Realtor will help you determine With your Realtor that interests you and meets your criteria.

Step 5 – Making an Offer &– Now that you have found the home you must have, it’s time to make an offer. An offer can sometimes go back and forth between buyer and seller, until a final agreement of terms and conditions is met.

Step 6 – Conditional Period – This is the period of time after the offer has been submitted that allows for activities such as a Home Inspection, Ensuring Financing, Review of Condo Documents, etc.

Step 7 – Planning the Move – Planning your move to ensure the BIG DAY goes smoothly.

Step 8 – Closing the Transaction – The transfer of the ownership from Seller to Buyer. Your Real Estate Lawyer, whom will ensure that the title is clear and that you will not be left with any unforeseen costs or expenses, handles this step.

By following these 8 Steps, your first Home purchase should be an exciting and painless process that will change your life forever!

Click here to register for a First Time Buyers Home Seminars

 

• Introduced by the Federal Governement
• Allows First time buyers to withdraw up to $20,000 from their RRSP's tax free to use towards the purchase of a property.
• Money can be withdrawn from your RRSp provided it has been in the account for greater than 90 days.
• Money Withdrawn must be paid back to your RRSp within 15 years.
• If you do not pay back the full amount within 15 years, the amount outstanding will be subject to tax when you file your income tax return.
• Fo more information on the HBP, click here

• Introduced by the Ontario Provincial Government
• Allows first time buyers to get a rebate on the Land Transfer Tax (LTT) on new and resale homes
• Maximum refund of $2,000
• Purchasers must apply for the refund no later than 18 months after registration of the home
• For more information, refer to the Ministry of Finance Webpage