At the Eximus Real Estate Team, we can help you with every step of the process by offering advice, guidance, and knowledge based on years of experience in helping hundreds of families move every year. Here is a general timeline of the process and activities when you are buying your home:
Considering a Move?
Pre-Approval: It is usually a good idea to be pre-approved for a mortgage before you take any other steps towards purchasing a home.
Ready to Select a Home
Viewing Homes: In this part of the timeline, we will select the best homes for you from hundreds. It is our job to make sure that you only spend time viewing homes that fit the criteria that you are looking for.
At the Time of an Offer
Writing an Offer: The good homes go very quickly. Once you find the one that is right for you, we can help you to write an offer immediately and negotiate the best deal.
After Offer is Written & Negotiated
Accepted Offer: This part in the timeline is when all parties agree on the terms of the sale, the contract is fully signed, and changes have been initialed. There are still conditions/subjects to the contract that the buyer or seller is under obligation to resolve before the sale becomes firm. There is an agreed upon date at which the subjects must be removed from the contract, usually one to one-and-a-half weeks after the contract date.
During Subject Removal Period
Some of the most common subjects that appear during the subject removal period include:
- Obtaining satisfactory financing
- Receiving and approving a property disclosure statement
- Receiving and approving an inspection report
- Receiving and approving a title search
- Receiving and approving all strata documents
1-1.5 Weeks After the Offer is Accepted
Subject Removal: An addendum to the contract is signed stating that all conditions to the sale have been removed and the property is sold firm.
After Subjects Are Removed
Lawyer or Notary: It is a good idea to choose your lawyer or notary immediately after the deal is firm. That way, our office can send the paperwork 2-4 weeks prior to the completion date. We want to make sure that the sale process is smooth and that all the paperwork is taken care of as quickly as possible.
Prepare to Move: Between subject removal and title transfer, it is a good time to start planning to move. Please see our moving checklist to help you as you prepare to move.
Insurance: Most lenders require proof of insurance on the property before they will advance their financing. It is a good idea to set this up as soon as the subjects are removed.
2-4 Weeks Before Closing
Change of Address Cards: This is a good time to start sending out your change of address cards and new telephone information to your friends and contacts.
1 Week Before Closing
Sign Documents with Lending Institutions: If you are taking out a mortgage, you will meet with your lending institution about one week before the closing date to sign the necessary documents.
Sign Documents with Lawyer or Notary: About one week before the closing date, your lawyer or notary will schedule a meeting with you to sign all the necessary documents.
Follow Up Call: About one week before closing, we touch base with your lawyer or notary to make sure that everything is going smoothly and that they are prepared to close your deal successfully the next week.
Completion: On the day your deal is complete, you will receive the money for your property and the title changes hands. You will receive a call from our office as soon as we get the good news from the lawyer or notary.
Transfer of Title: This clears the seller of all financial encumbrances associated with the property: any amounts owing (strata fees in arrears) are paid for out of the selling price, making it a clear title. The title now goes under the buyer’s name and any new financial encumbrances (i.e. mortgage) are applied.
1-2 Days After Closing
Possession Date: At this point, you will be given the keys and can begin to move in.