Marilynn Kennedy, your local Nanaimo Realtor

Obtaining a pre-approval tells you exactly how much you can afford and guarantees your rate for up to 120 days. Now, you can buy a home with the confidence of knowing you qualify. It also shows the vendor you are serious about buying the home and keeps you several steps ahead of others in the market.

Now that you know your price range, you can begin the search. First, make a Checklist of your needs the home will fulfill, such as: type of home, type of ownership, location, inside and outside features, condition, and other matters such as property tax levels, etc. At this time, you should decide on a lawyer so that he/she will be ready to check all legal documents to ensure your interests are protected.

With your mortgage pre-approval, personalized needs checklist, you are ready to start looking at properties. At this time, it is important to note that you don't have to go to every real estate agent who has the listing. In fact it is much better to use one agent who knows "your needs and wants" for your new home. Real Estate agents who are computer literate have a lot of information readily available at the touch of a finger tips and can email you information that suits your specific needs.

Should you use myself as your agent I can provide information on similar properties for sale and in your price range. I can help you fine tune your personalized needs checklist; explaining the types of property and ownership, recommending neighborhoods, pointing out inside and outside features, and condition of a particular property.

Having worked in the real estate industry full time since 1988, I have the level of skill and experience needed to look after your real estatae needs. I am very skilled at preparing the paperwork involved in making an offer to purchase and closing the sale. It is helpful for you communicate your needs to me clearly as it assists me in finding the right property for you. I will go to work for you as soon as you have indicated you would like to use me for your Realtor.

Once you have found the right home, visit it at least twice, once in the daylight and once at night, and have your needs checklist with you.

If you have decided that this is the right home for you, I will help you decide on a figure and prepare the Offer (Agreement of Purchase And Sale). List everything you want included (i.e., conditions on financing and inspection, survey clause and include appliances if they go with the listing). You will also be required to put down a deposit to the Real Estate Firm "in Trust", as a symbol of your committment in making this purchase.

A conditional offer: means that you will buy the property if certain conditions are met. Some examples of conditions are: Subject to a home inspection, Subject to being satisfied with the property disclosure statement as well as a condition on financing included if you need a mortgage to close the sale. If you have a condition on financing clause, I can assist you if you have no Mortgage Brokerage helping you.

Copy of the accepted Offer To Purchase
Copy of MLS listing (if listed on MLS service)
Completed and signed application (if one is not on file yet, so that we can run a credit check).
Confirmation of your earnings: if you are salaried, a signed letter of employment, 3 years tax returns and assessments if you are on commission, and 3 years tax returns and financial statements if self-employed.
Confirmation of your down payment: it may be from your savings, RRSP, equity from sale of another home (copy of sales agreement), a gift letter for any money gift.
If purchasing a condominium, a copy of the financial statements for the condominium corporation

Once all conditions have been satisfied I will do up an addendum stating that all conditions have been satisfied, this addendum goes to the owner to advise them they have a solid sale on their home.

Step 5: Closing the deal and taking possession

After all conditions have been approved and or waived, our office will deliver the following documents to your lawyer:

Copy of the complete accepted offer to purchase (all schedules, waivers, etc)
Certificate of Fire Insurance - The insurance company will need to know the details of property and Mortgage Company to prepare this. Lenders usually require you to arrange for full replacement value of the building.
A copy of a Survey, signed by a qualified land surveyor. In lieu of a survey, title insurance is acceptable with most lenders.
Advise us of the name, address, and phone number of your lawyer so that the mortgage instructions can be sent to him/her.
You should arrange for utilities (such as electricity, water, fuel, and telephone) to begin service in your name.
A few days before the closing date, you will meet with your lawyer to go over all details. At this time, you will also be provided with a dollar figure so that you can prepare your certified cheque, made in trust to the lawyer. This amount will cover for the balance of the down payment, closing costs and adjustments (please refer to section: "Closing Costs and Adjustments" for details and estimated costs).

On closing day, the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name, and I as your realtor will obtain the keys for you.