Step 1: Checking affordability and determine price range.
Talk to your bank manager or a mortgage broker to see how much you can afford.
Step 2: Decide where to buy, a list of must haves, and a list of nice to haves.
It will save your time if you know what you need and what you want before you start searching for your dream home.
Step 3: Search for your dream home with or without the help of a realtor.
Most buyers in Ontario will use a realtor in the buying process since it is free (there are exceptions, but they are very rare). The realtors normally are paid by the sellers, not the buyers. You can work with a realtor either as a client or a customer. Tell the realtor your budget range, desired location, your needs, and your wants.
Step 4: Make a conditional offer.
Typical conditions are home inspection and mortgage approval.
Step 5: Inspect the home and get mortgage approval.
Find a qualified home inspector to inspect the home and get mortgage approval either from your bank or through a mortgage broker. Your realtor will send a notice of fulfillment or a waiver on your behalf if you want to proceed with the deal.
Step 6: Find a real estate lawyer to assist you in the closing process
You can do this either before or after the purchase agreement is signed.
Step 7: Take possession on the closing day
Your real estate lawyer will notify you once the deal is closed. Once you get the key, make sure to do a quick visual inspection of your new home. Your realtor will assist you to communicate with the seller if there are any issues.
Step 1: Prepare for the sale of your property.
Collect documents of your property, such as property survey, deed or title search, status certificate (if it is a condo property), property tax bill, recent utilities bills, etc. Complete cosmetic repairs if needed.
Step 2: Choose a realtor and sign listing agreement.
Most sellers in Ontario will use a realtor in the selling process, even though it is possible to sell a residential property without the helper of a realtor.
Step 3: Determine the fair market value of your property.
Your realtor may use recent comparative sales data to estimate your property's current market value.
Step 4: Decide the details of your listing plan.
Your realtor will assist you in determining the listing pricing strategy (below fair market value to attract more potential buyers, at fair market value for a quick sale, or above fair market value in anticipation of a higher financial reward). You will also need to determine the offer review strategy (whether to review offers as soon as they come in, or review all the offers at a pre-determined date/time so the potential buyers may have a biding competition). Other details including desired closing date, list of chattels/fixtures in the property you wish to keep, etc.
Step 5: Conduct a pre-sale home inspection (optional).
A pre-sale home inspection will help you to know what condition your home is in. It will also help for a quick sale of your property since the buyers may not need a home inspection as a condition for their offer.
Step 6: Hire a home staging professional (optional).
Professional stager may help to increase the property's overall appeal to buyers and help for a quick property sale.
Step 7: Review and decide which offer to accept.
When there are multiple offers, you need to take many factors, such as offer price, closing date, deposit amount (indication of the seriousness of the buyer), whether there are any conditions to the offer, into consideration before determining which offer to accept.
Step 8: Find a real estate lawyer to assist you in the closing process.
You can do this either before or after the offer is accepted.
Step 9: Turn over the property to the buyer and receive fund on closing day.
Make sure the property is in a good condition before the closing day.