Once a final agreement on the purchase price has been reached, the seller will sign the sales contract and you must pay the agreed down payment (usually 5% – 10% of the purchase price) to the real estate agent. If you buy the house privately, make sure your deposit is paid to your lawyer (not directly to the seller) so that it can be kept in a trust account until billing. Make sure your finances are all aligned before you commit to building your home. You also need to make sure that the timing of payments works with your loan agreement. We can help them with all these details. If she and the lender reach an agreement, both parties will initiate the amendments to confirm them. You make the offer through a real estate agent or a private seller by entering into a purchase and sale agreement. This includes things like: the seller can then make a counter-offer (a change to all the terms and conditions of the sales and sales contract). Counter-offers generally focus on price and conditions. Once you have obtained prior authorization from your bank and found the house you want to buy, it`s time to make an offer. Don`t forget to talk to your lawyer about the offer you are making and ask them to read your sales contract. You should also ask them what conditions you should include – such as a Country Information Memorandum (LIM), a Building Inspection, a Certificate of Ownership, an Assessment and Funding. Your lawyer will help you understand what your obligations are under the agreement and what will happen if you do not comply.
They also explain the seller`s obligations. The real estate agent will help you conclude the sales contract and present it to the seller. Conditional period: This is a deadline to meet the terms of the sales contract. Meanwhile, you need to make sure that you can get financing to finance the purchase of the property. In general, the unconditional period is 5 to 10 days, but it is decided between you and the seller when establishing the sales and sales contract. If the conditions are not met until the unconditional date, you can withdraw your offer. If you have a fixed-rate home loan and decide to end your fixed interest rate and switch to another interest rate, prepay the loan or make a lump sum payment, you may need to break your current fixed interest agreement. Before you decide to do so, it`s important to think about the financial impact, including so-called early adjustment or ef. Leave unconditionally: As soon as the conditions are met, your lawyer will contact the seller`s lawyer and the agreement will be unconditional.