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You’ve Bought A New Home

What are the

Next Steps?

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Gather Documents

Now that you have an offer accepted with the sellers, it is time to gather your remaining documents to submit to the lender, here is an overview of the documents we may need.  Your realtor will send the purchase agreement and MLS.

Submit To Lender

We can now submit to a lender, and we will discuss which mortgage suits your situation best beforehand.  We can expect to get a response from them within 48 hours or so and when we do, you will receive an email from us.

Approval

When you are approved, we will have a commitment letter from then lender.  This outlines the details of your mortgage, as well as their conditions.  We will review this over a video for you, and you can sign it via signNow.

Satisfy Conditions

Sometimes the lender will have some conditions before they will proceed with advancing the funds.  This could be questions about documents, more information needed about you, they may even ask for an appraisal.

Appraisal

Appraisals are most common when you put down more than 20%, you are buying a rental property or acreage, and when the property is valued at more than $1,000,000.  We will arrange this for you, and they will bill you for payment.

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Waive Conditions

Once we have satisfied all of the conditions with the lender, you can waive your financing condition with the seller.  It is important that you to wait for us to confirm with you, before you waive your financing condition with the seller.

Solicitor Instructed

Once you you have satisfied the conditions with the lender, you are then “broker complete”, this is when the lender sends your solicitor the mortgage instructions.  This is an important step for you in the process!

Organise

 Now is the time to get packing and book your movers.  You should organise your taxes with the city and talk to your insurance broker about home insurance.  We recommend signing with your solicitor two weeks before possession day. 

Take Possession

The big day is here, and it can seem like a stressful day.  The lender usually send the funds to your solicitor before noon and once the seller’s solicitor receives their money, your keys are released, and you are officially a home owner!