General Steps in the Buying Process
- Decide the area in which you wish to live. We specialize in the Kensington/North Shore area, truly a fine locale. Close to the famous Cavendish National Park and beaches, schools and shopping, it is a rural parkland, characterized by rolling, green meadows - however we can help you find a property anywhere on PEI.
- Determine what you can afford. This is explained in some detail on the Financial Page. Use the Mortage Calculator to help with calculations
- Apply for a pre-approved Mortgage Certificate. This will guarantee you a specific amount of money at a particular interest rate. By having a pre-approved mortgage you will shop for homes in your price range and you will enjoy the advantage when negotiating of vendors confidence that you can afford to purchase their home.
- Now you can begin looking for that perfect place. You can start by looking through our listings - you can also check MLS listings. If you want to browse through properties to get an idea of what's available, have a look through the MLS website. We can help you with your search, just call us at (902)836-3845 or email us. If you would like to be taken step by step through the search process go to our Search Wizard
- Now let us arrange for you to view homes that are of interest to you. Also attend OPen Houses in the area. We will be happy to assist you to compare homes to see what would be the most suitable and the best value.
- Once you find a home that suits you, you will have to make an offer. Your offer, once accepted by the vendor is a legally binding contract, but you may safeguard yourself with "subjects", eg offer subject to sale of purchasers home. These subjects protect you against unforseen circumstances. We will prepare your offer to purchase.
- The vendor may accept your offer, as is, reject your offer totally, or counter offer.
- After your offer is accepted you will need to arrange a home inspection. You will also need to arrange for homeowners insurance and finalize the mortgage, which will include an appraisal for your lender performed by a certified real estate appraiser.
- You will require a lawyer to arrange the conveyancing. The lawyer will work out your share of property taxes, utility bills, including such items as oil left in the tank, etc. On closing day, you will meet at your lawyers office to go over and sign all the necessary paperwork.
- The Home is Yours!
The Costs of Purchasing a Home
- Basic purchase price
- Legal fees
- Disbursements (Out-of pocket expenses a lawyer incurs)
- Closing Adjustments
- taxes
- rental income
- condominium maintenance
- utility charges
- New mortgage
- application fees
- appraisal fees