Buying on the Open Market
So you are thinking of buying a house on the Open Market. Here are a few tips to get you to moving day, with the help of your qualified CRS Realtor.
Start by writing down your monthly budget, income and expenses. It may require cutting back on some things.
Determine your budget, including how much you have saved towards your deposit and closing costs.
Get pre-qualified. Speak to a mortgage institution to determine how much mortgage financing you would qualify for.
Before starting your search, you have to determine what exactly you want.
First, you have to decide on the location based on your objectives. Location is one of the most important criteria when buying real estate.
The next step is to determine the property type. Are you looking for a house, townhouse or apartment? Do you desire a yard, a pool or on-site security?
Included in your decision-making process is the number of bedrooms, bathrooms and other amenities that you desire based on your circumstances.
- Map
- Property criteria
- Predefined searches
Your CRS Advisor will assist you in filling out the offer form, and submitting it along with a proof of address, copy of your ID and proof of financing.
To secure the property you will have to pay the deposit (5% – 10%) and sign the Sale Agreement.
Typically, you will have 90 days to secure a mortgage and pay the closing costs. Your financial institution will issue the commitment letter and letter of undertaking.