Real Estate Survival Guide:
Buyer’s Checklist

Refer to this 10-step checklist to get you through the home buying process
  •   Calculate your Monthly Income and Debt.
  •   Check your Credit Report and Credit Score.
  •   Use RealProperty’s Mortgage Calculators.
  •   Figure out your Down Payment.
  •   Choose a Type of Mortgage.
  •   Speak to at least Five Lenders and Mortgage Brokers.
  •   Shop for The Best Interest Rates and Programs.
  •   Choose a location (downtown, urban, suburban, rural).
  •   Choose a type (single family, townhouse, condo, loft).
  •   Choose a price range.
  •   Choose a size.
  •   Choose an architectural style.
  •   Look online for information on schools, crime rate, traffic and zoning.
  •   Determine your work commute.
  •   Scout local amenities, such as parks, shops and restaurants.
  •   Get Referrals.
  •   Consider working with an Exclusive Buyer’s Agent.
  •   Interview at least three agents.
  •   Look for experience and good chemistry.
  •   Browse listings online, including realtor.ca.
  •   Ask your agent to set up tours of homes that fit your criteria.
  •   Check local newspapers.
  •   Pick up flyers and attend open houses.
  •   Ask your agent for comps to estimate the property’s fair market value.
  •   Ask the seller’s reason for selling.
  •   Review all property disclosures.
  •   Find out about liens, easements or other restrictions.
  •   Determine the purchase price.
  •   Include contingencies, such as financial, inspection or purchase.
  •   Spell out any special requests and repairs you want included in the sale.
  •   Determine an earnest money amount.
  •   Define a move-in date.
  •   Once both parties agree to the terms, sign the Purchase and Sale Agreement.
  •   Get the house appraised.
  •   Get a professional home inspection.
  •   Consider getting specific inspections for structural engineering, roof and termites.
  •   Use the appraisal and inspection reports to re-negotiate if necessary.
  •   Choose a home insurance company.
  •   Complete the loan process with the lender.
  •   Do a walk-through inspection prior to closing.
  •   Set aside cash for the closing costs and down payment.
  •   Review the settlement document at least 2 days before closing to see how funds will be collected and distributed.
  •   Get a cashier’s check for the amount you need to bring to closing, including the down payment and closing costs.

 
Created By
HGTV

Curated By
Tyson Gobind
IT and Marketing Manager
RealProperty Transaction Centres Inc.

Reference and Notes
Real Estate Survival Guide: Buyer’s Checklist provided by HGTV.com