Buying a house in Edmonton is a simple and safe process thanks to Canada’s (Torrens System), insuring there is almost no possibility for Land Title Fraud, and our cities Real Estate Association.
You do not have to use a Realtor to buy a home in Edmonton it can make a somewhat complicated process incredibly easy. All Realtors in Edmonton operate under the same Realtors Association of Edmonton. We also all use the same Contracts provided by the Canadian Real Estate Association (CREA). As a result, there is not much room for mistakes or confusing scenarios. In addition to Realtors both the Buyer and the Seller are represented by their own lawyer, each backed by their own association and insurance.
STEP ONE: Mortgage Pre-approval
To buy a home in Edmonton you need to contact a financial institution and request a pre-approval for a residential mortgage. To get pre-approved you’ll need to provide proof of employment and income, pass a credit check, and show the bank proof of sufficient down payment funds among other potential requirements.
STEP TWO: Find a Realtor
Once you are pre-approved you need to find a Realtor. A nice part about buying a home in Edmonton is that your Realtor is paid by the sellers, so there are no fees for working with a Realtor. This is a good website to find Realtors based on their reviews from past clients. Your Realtor will tour you through 10-40 houses within your price range and desired location. It’s best to tour as many houses as possible. Tour homes until you feel comfortable with all the different options available. We’ll be in this stage of house hunting for 3 – 8 weeks.
STEP THREE: Write a Conditional Offer
Once you’ve found a house your Realtor needs to start the due diligence process. This should begin with reviewing the comparable sales from the neighborhood. A comparable sale is a property with similar qualities to the one you are buying. Qualities like year built, size (square footage), upgrades and quality of finishes throughout. It is important that you purchase the house for market value. Once you and your Realtor have decided on a price you will write an offer and submit it to the sellers Realtor.
STEP FOUR: Conditional Period
You’ve signed the purchase contract! We now have 2 weeks to get the mortgage and inspect the property. If your bank approves you for a mortgage on that specific home and the inspection results confirm there is nothing to worry about with the house, you can ‘remove conditions’ and you have now purchased a home in Edmonton! If there are issues with the inspection we can negotiate further on the price or walk away from the home. There are no consequences from walking away from a deal due to a bad inspection other than the cost of the inspection.
STEP FIVE: Possession Day
Possession day is when the home officially becomes yours. You will meet with you lawyer prior to possession and all paperwork will be signed to ensure funds transfer properly on possession day.
If you have any specific questions, feel free to contact me!
