Let's Buy a Property - Part 2 of 2

Step 4: Craft an Initial Offer

  • What are the differences between Terms and Conditions
  • When will we need our deposit (s) and in what form
  • How prior sales history and seller ownership data can influence negotiations
  • Am I getting the best deal 
  • What help is there to work through all our conditions
  • When is the deal firm
  • What are competing, multiple and back-up offers
  • What if the Seller is represented by the same Brokerage
  • Apply for mortgage funds with known borrowing now in place

Step 5: Due Diligence

Means all the Conditions that you and your Agent team feels are necessary to protect your best interests moving through the Purchase process

  • Property Inspections
  • Lawyer review
  • Appraisals
  • Financing
  • Joint Venture Financials and Obligations for Vacation Property
  • Review of condominium documents

Step 6: Firm Sale

  • Second deposit may be due
  • Interim accommodations and/or storage of goods may be necessary
  • Lawyer will need to be hired if not already
  • Utilities need to be switched over from home to home
  • Packing and moving arrangements made
  • Meet with lawyer and ensure mortgage in place and cash to close is available
  • Organize insurance either for a structure and contents or in the case of a condo, just the contents
  • Set up property tax account and other obligations such as condo fee payment

Step 7: The Big Move

Plan ahead and yes, again make a checklist

  • Label boxes as you pack and consider where that box will end up in the new home.  Set aside items for disposal or sale
  • Inform key contacts like Canada Post, your employer, doctors, dentists, CCRA for important address change
  • Talk to friends, family about the move.  If kids are involved then appointments may be needed at new schools
  • Follow-up with lawyer after the sale to ensure you have all the transfer documents, understand them and place them in safe-keeping for future use
  • Ask your CanmoreRealEstateTeam for ideas on how you can get quickly oriented to this fabulous community of the Bow Valley

When purchasing a home in Canmore/Banff, you are faced with a multitude of decisions!
For an in-depth consult on how we guide you every step of the way, contact Jim or Jordy today.