Buying Real Estate in Calgary - Reich Law Office
How it works
Buying a home or other property usually means working with a realtor, someone who knows the area and can tailor the search down to the most likely candidates for purchase. Many agents specialize in one town or local area. A good agent will be on top of what is available, including the most recent listings, and able to provide a list of possibilities for you to visit. Once a suitable property is located and decided upon, they can set the mortgage process into motion.
Residential financing is generally available at 80% of the purchase price for a primary residence for a term of 25 years. Loan qualification is based on income, credit score, and amount of accumulated debt already on the books, with applications considered on a case by case basis.
Mortgage approval may take a day or two, depending on the amount of documentation required. Generally, the more questionable the credit, the more paperwork will be needed for a decision to be made. This may include income verification, tax returns, or a bank report detailing the applicants standing with that bank. Proper ID and a real estate appraisal will also be needed.
Once the applicant is able to make their offer, there may be a period of back and forth negotiating, usually with regards to price, but also for any work that may need to be done on the home. All of these considerations should be provided in writing through the offers and counter offers. Once an acceptable offer has been made, it is written up into an Agreement of Purchase and Sale. This contains the names of both buyer and seller, the civic address of the property, the price that is being offered for the property, the closing day, and the amount of the deposit. There may also be conditions as a part of the agreement, such as mortgage financing, property appraisal, and home inspection results. Once the offer is accepted and signed, it becomes legally binding, and a deposit is required. This deposit may be lost if the buyer backs out of the agreement.
How Reich Law Office can help
As your real estate lawyer, Jim Reich will be secured to prepare the mortgage documents and registration for the Land Titles office. The purpose of the lawyer is to basically take care of the “devil in the details” that are so prevalent in real estate transactions.
There are also a number of costs and fees that are associated with real estate purchases, including taxes, realtor’s fees, appraisal fees, survey fees, lawyer fees, home inspection, and service charges. One of the primary purposes for proper legal counsel during real estate purchases is to make sure all monies are properly disbursed, resulting in a buying process that is efficient and free of unexpected issues.
Contact the Reich Law Office today: (866) 529-7224.
How We Can Help
- Buying Real Estate in Calgary
- Getting a Mortgage in Calgary
- Refinancing Your Mortgage in Calgary
- Selling Real Estate in Calgary
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Reich Law Office
212 Market Mall Professional Centre
4935 - 40 Ave NW