First Time Buyers

FIRST TIME BUYERS

BUYING YOUR NEW HOME - THE PROCESS

1. When writing an offer to purchase a property, you will generally need to include a personal cheque. This represent your sincerity in the attempt to purchase and is totally refundable if the offer is not accepted. An earnest money deposit of at least $500 - $1000 is usually required. This money is kept in the trust fund account of the real estate company and is not turned over to the seller.

2. Once the purchase agreement has been accepted by the seller, a lending institution will be contacted to process a new mortgage , if necessary. We will assist in determining which reputable lenders offer the most favourable financing terms at the time of the sale.

3. The Mortgage Officer will ask you to fill out an application:

	If applying for a mortgage, please bring a letter from your employer.
	If you have a pending sale on your present home, bring a copy of the contract, and estimated proceeds from the sale.
	Be prepared to account for the source of funds of your down payment and closing costs.
	if a relocation firm has purchased your home, bring a copy of the contract and equity statement.
	If rental property is owned, furnish a copy of the lease
	If self-employed, bring federal tax return, profit and loss statements and balance sheet for the last three years.
	Alimony and child support information (divorce decree for verification) may be required.

4. Your lawyer holds legal documents and funds on behalf of buyer and seller, and distributes them according to the buyer's and seller's instructions.

5. You will be asked to name an insurance agents as a policy will be necessary prior to closing.

6. The lawyer will provide an approximate dollar amount that you will need prior to the closing.

7. Before moving in, be sure the utility company has been notified and deposits made, if necessary.

8. Don't forget the telephone company.

9. Monies required at the close of the sale, (down payment, closing costs, etc.) should be in the form of a certified cheque.

10. When all the necessary papers have been signed and the monies received, the documents are recorded. The lawyer will make the necessary disbursements and do all the closing papers. Once documents have been recorded, title to the property (ownership) has changed hands.

For more information, contact Don and Sherry:

Telephone

403-288-2422 Business
403-239-7604 Residence
403-803-5039 Cell
403-650-3429 Cell

Electronic pager (just click on the link to page me): 2679613@telelinkpaging.ab.ca

Electronic mail (just click on the link to email me): CompanyEmail
WE WORK FREE FOR BUYERS!

	DON & SHERRY PERSSON
	AGENTS/MLS REALTORS
	"Let Us Help You"

FIRST TIME BUYERS

BUYING YOUR NEW HOME - THE PROCESS

WE WORK FREE FOR BUYERS!