Purchasing a Property

Important Steps to Take

Before purchasing the home of your dreams, you will need to take the following steps:

Step 1: Define your requirements

Before looking for a home to purchase, you should clearly identify your housing requirements. It is important for you to know:

• The neighbourhood in which you would like to live
• The type of residence you would like
• How much you are prepared to pay.

Step 2: Choose your partners

In order to help you make the best choice, you may have to consult competent, renowned specialists. Find out how to find the right :

• Real estate agent
• Appraiser
• Mortgage lender
• Legal advisor
• Building inspector
• Insurer

In addition, if you are building a new house, choose your contractor carefully.

Step 3: Obtain a mortgage loan

There are several types of mortgage loans. To choose the loan that is best for you, you should take into account several factors, such as the downpayment you can make, the amount of the periodic payments you must make and your need for security or flexibility.

Step 4: Make an offer to purchase

You have finally found the home of your dreams, and it meets your requirements and respects your budget. You can now make a formal offer to purchase.

Step 5: Close the sale

Once your offer to purchase has been accepted, you can close the sale. Find out from qualified persons what legal and financial obligations you must fulfil. Then you can take possession of your new home.

As you go through each of these steps, consult the experts. They will be able to guide you.

For further information

For further informationon the steps to take when purchasing a home, visite the Canada Mortgage and Housing Corporation website.