I am a first-time buyer. Can you provide me with more details on the sales process?
The first step in purchasing a home is to ensure that you are pre-approved by a reputable financial institution. This process determines an estimated amount of how much the buyer is qualified to borrow in order to be financially prepared to commence a purchase and meet contractual obligations.
As a prospective buyer, you will be asked to select a house type and lot. Once this step is completed, you will be asked to complete an application form which request particulars needed to prepare your Agreement for Sale, which is the contract governing the sale transaction from start to finish; legally binding both Vendor and Purchaser. A prospective buyer is also asked to indicate how the buyer plans to complete the purchaser, where using their own resources (cash) or through financing from a mortgage institution (in full or part).
After application submission, a deposit is required to secure the selected lot. Once the lot is secured, our Legal Department will prepare an Agreement for Sale to be reviewed and signed by you. The Agreement for Sale will set out the obligations for the Purchaser and Vendor to complete the sale. It is imperative that a buyer make note of and comply with the timelines indicated in the Agreement to demonstrate that the buyer is in position to complete the sale.
If the buyer is paying cash, a Letter of Hypothecation is needed from a local reputable financial institution or an acceptable undertaking from a Firm of Attorneys-at-Law stating that funds have been held to pay the balance that is needed to close.