GETTING PRE-APPROVED
TIPS FOR PRE-APPROVAL
1. Be prepared with your documents
Tax records, income statements and IDs are just some of the items you will be required to provide
2. Consider all your sources of income
Income from rent, monetary gifts from family, and more are all something to consider
3. Get your pre-approval in writing
4. Ask us for recommendations
If you don’t have someone to help, we would be happy to introduce you to one of our preferred partners.

It’s imperative to know and understand the costs to be aware of when buying a home as they can add up quickly (on top of your purchase price). Don’t worry! To ensure you are informed and prepared, we’ve broken down the common costs in detail for you here:
DEPOSIT AND DOWN PAYMENT
Deposits in the Greater Toronto Area are typically 5% of the purchase price. This amount needs to be accessible in a bank account and ready to be paid within 24 hours of your offer acceptance. Deposits form part of your total down payment and are contributed towards your balance owing on the purchase price on closing.
CLOSING COSTS
Closing costs are typically 1-2% of your final purchase price. These are additional funds that you will need to have accessible for your closing (they are not included in your mortgage):
• Legal (lawyer) fees
• Land transfer tax
OTHER FEES
1. Home Inspections
2. Appraisal fees
3. Mortgage Insurance
Always consult your Mortgage Broker/Lender and your Blum Team Partner to estimate your closing costs and fees.V

CREATE YOUR WISH LIST

THE SEARCH PROCESS / PREVIEW PROPERTIES

DECISION PROCESS

MAKING AN OFFER
When you find the right place, the next step is to submit an offer. In today’s market, there are a couple of different strategies Sellers will have to accept an offer. A lot of properties are sold in multiple offers (otherwise known as bidding wars; when there is more than one offer on the same property) or through pre-emptive offers (where an offer is submitted in advance of a specified offer date). A pre-emptive offer is also known as a “bully offer”. When you submit an offer (Agreement of Purchase and Sale), the main components for you to consider are:
OFFER PRICE
The amount you are willing to pay. This may be the final amount or the starting point of negotiations
CLAUSES
A clause is a term or terms necessary to include in your offer to protect you through the purchase process
CLOSING/COMPLETION DATE
The date that you pay for and take title/ownership of the property
DEPOSIT
This is typically 5% (or more) of the purchase price and is payable by bank draft or certified cheque within 24 hours of offer acceptance or in some cases, with the offer, depending on circumstances
CONDITIONS
A condition is a clause the Buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, lawyer review and status certificate review
CHATTELS AND FIXTURES
Otherwise known as inclusions and exclusions; these are the items that you wish (or the Sellers wish) to be included or excluded from your offer.

OFFER ACCEPTANCE
Once your offer has been successfully negotiated and accepted by all parties, you now have either a conditional or firm sale. Once firm (conditions have been fulfilled according to the agreement), your sale remains pending until the Closing/Completion Date. You will require a lawyer to facilitate the closing of your property. We recommend that you contact your lawyer a minimum of 1-2 weeks before your closing date to ensure that everything is in order and to confirm a date and time to sign all paperwork (this can be done virtually), where and when to pick up keys for your new home etc.*
*If you do not have a lawyer, we will be pleased to recommend one of our preferred partners to you.

CLOSING DAY
On closing day, your lawyer will advise you once the transaction has been successfully completed (i.e. funds have been transferred) which would mean that the title will be officially transferred and you’ll be given access to your new home! The Sellers typically have until 6:00pm to provide vacant possession, unless otherwise negotiated in your contract.
Congratulations, homeowner!

SCHEDULE A CALL
If you have questions about any part of the process, please reach out to us. We have a whole team eager to work with you!
REACH OUT