The path from making an offer to finally closing on a real estate property can feel like a maze of decisions, paperwork, and emotions. Shelley Torrie Home and Cottage Realty is here to illuminate that path, making the process as smooth as possible.
The first step in the journey is putting forth a compelling offer. This involves not just specifying a price but also detailing other terms such as contingencies, move-in date, and any items to be included in the sale. Crafting a strong offer is part art, part science, and having expert guidance can give you a competitive edge.
Once your offer is accepted, earnest money is deposited into a Real Estate Trusted Account. This is a good-faith gesture that you’re serious about the purchase. It also marks the beginning of a period where various checks and inspections are performed to ensure the property meets all stated conditions.
A thorough inspection of the property is critical to avoid unforeseen complications later. This involves evaluating the structure, systems, and even potential environmental issues. Any issues discovered can be negotiated for repair or can adjust the final purchase price.
During this stage, your mortgage lender will typically arrange for an appraisal to verify that the property’s value matches the purchase price. This is crucial for securing your financing, as lenders will generally only finance properties appraised at or above the sale price.
Before the deal is closed, a final walkthrough is usually conducted to ensure the property’s condition hasn’t changed and any agreed-upon repairs have been made. This is your last chance to verify that everything is as per the terms set in the contract.
As you approach the closing date, be prepared for a host of closing costs, including legal fees, title searches, and mortgage application fees. You’ll also be signing a heap of paperwork, so it’s advisable to review these documents in advance with your real estate agent and legal advisor.
This is the final step where ownership of the property is officially transferred. You’ll meet with various parties involved, including the seller, real estate agents, and perhaps legal representatives, to sign the final paperwork. Once the documents are signed, and the keys are handed over, the property is yours.
From offer to closing, the real estate purchase process can be a complex, stressful experience. But with Shelley Torrie Home and Cottage Realty by your side, you can traverse this path with confidence and clarity. Our expertise ensures that every step of your journey is well-guided, leaving you to enjoy the excitement of purchasing your new home, cottage, vacant land, or commercial property in the beautiful Kenora and Lake of the Woods region.
Broker / Owner
721 Beach Road Keewatin, Ontario
