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First Steps to Buying a Home in Palgrave
Closing on a new home is one of the most exciting and nerve-wracking parts of buying a house. There are many steps that need to be completed before you can move in, and it will take a little time. These are the first steps to buying a house in Palgrave, Ontario.
The first step usually involves obtaining preapproval for your mortgage loan from a lender. This process typically takes about two weeks but could take up to three months if there are issues with your credit score or debt ratio. Once you have an approval letter, you will start looking at homes and making offers on them with the help of either an agent or real estate broker depending on where you live. You may find that some sellers want cash buyers, so this is something worth considering if you are cash-poor but have the liquidity to pay for a house outright.
Once you find the home that fits your budget and needs, it’s time to put in an offer. This process can take up to two weeks or more as well depending on how quickly sellers want to sell their homes and whether they’re willing to negotiate with buyers about price. Once negotiations are done, both parties will sign papers called “contracts,” which set forth the terms of sale including what happens when there is no deal after multiple rounds of negotiation such as cancelling the contract or going through arbitration instead of litigation. A final inspection may be required at this step before closing occurs, where an inspector checks out all aspects of a property from its roof down to the plumbing to ensure there are no hidden damages.
Once you have passed the inspection, it’s time for closing. This process usually takes about 45 days but can take up to two months if there are any hiccups along the way. You will need to go to a notary public and sign papers in order to complete the sale. After this is done, you will get the keys to your new home and can start unpacking.
Closing on a new home can be a long and complicated process, but with some preparation and by understanding what to expect, you’ll be able to navigate it smoothly. By knowing what needs to happen before, during, and after closing, you’ll be one step closer to moving into your dream home.
If you’re looking for more information on the home-buying process in Palgrave, Ontario, be sure to check out our other blog posts.