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Steps to take when buying residential real estate

Buying a new home in Alberta is an exciting time, but it is not just a matter of buying it and moving in. It is a complex process with many intricate steps and is typically made easier by a registered residential real estate agent and a legal representative. The most appropriate first step is to obtain a pre-approved mortgage that will allow you the confidence to make a firm offer on the home of your choice.

If the property owner accepts the offer, a list of tasks awaits the purchaser before moving day. To start, he or she must remember to give the current landlord notice of the intended move -- if the current residence is a rental. The offer will have several conditions to satisfy, such as a home inspection and conditional financing. Once an Agreement of Purchase and Sale is ready and signed, the financing can be confirmed. A house inspection by an experienced, qualified home inspector who can identify any structural problems will follow.

If the inspector raises any issues, the realtor must discuss it with the seller to have repairs done, and the buyer's attorney can ensure the proper steps are taken to achieve this. The buyer can sign the firm order once both parties have either met or waived all conditions. The mortgage holder may require proof of home insurance before providing the funds.

Alberta home purchasers will likely find that such a significant transaction invariably produces some hiccups, and having an experienced residential real estate lawyer on their sides can be extremely helpful. A skilled lawyer can monitor every step of the process and protect the rights of the buyer. Signing any of these documents without the guidance of a seasoned professional can lead to litigation in the future.

Source: reco.on.ca, "Found the home of your dreams? Here's your to-do list.", Accessed on Dec. 9, 2016

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