You’ve been looking at homes – it’s my goal with my clients to make this an awesome process.
When you find that perfect house, the negotiation begins, and you submit your offer. At this point 1 of three things will happen:
- Your offer will be accepted
- Your offer will be not accepted/ignored
- The sellers will look at it, and make a counteroffer. If you don’t like the counteroffer, but you still want the house, you will then restart the offer process with a new offer.
You will now continue the negotiation until you have an agreement.
Once your offer is accepted, there are 8 steps to finishing the process and moving into your new home.
Now all the people on your home-buying team kick in. Your real estate agent, mortgage broker/bank, and your lawyer will play a role in making your new home transaction a success. There will be other people/services that you need, but these will be the ones that guide everything.
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So, here it is, without further delay…
- The Signed Documents
- The Deposit
- The Home Inspection
- Release The Conditions
- Home Insurance
- Arrange For Utilities
- Finalize The Moving Details
- Sign The Final Documents and Take Possession
The Signed Documents
Get the final signed documents and send them to your mortgage broker and lawyer. I do this right away for my clients – but you may want to also do it. The sooner they get these documents, the easier the process will be.
When you make an offer, it will always contain a deposit. In Saskatoon, the deposit is typically between $5,000-$10,000. Sometimes a condition is included to increase the deposit at a later time, before the possession date.
Make sure that there will be no issues with this deposit – it needs to clear, and it will be held in trust and applied to your purchase. In Saskatchewan, the buyer’s broker needs to have it deposited into a trust account within 48 hours of the offer being accepted.
Note: This is a good time to refrain from using your credit to make other big purchases. Don’t go out and buy that new car, or finance all the new furniture for your new house. If your credit changes quickly, your home purchase financing could be jeopardized.
The Home Inspection
When purchasing a home, you should arrange to have a thorough check to look for any potential problems. Issues with the foundation, roof, HVAC, plumbing, and electrical system are a few of the major factors you’ll want to check.
I always recommend and arrange a professional home inspection for a certified home inspector in Saskatoon. It’s important to make the appointment as soon as possible after the offer is accepted.
There are some problems that frequently come up during house inspections, and there are others that should never be ignored! The home inspector will write up a detailed and thorough report for you when the inspection is completed.
Release The Conditions
After you get the final approval of your mortgage, you will receive a letter from your financial institution that advises you that you can release the finance condition.
The home inspection will also be complete, and if there are no glaring items or issues that scare or concern you, you can also release this condition.
Another very common condition is the PCDS – Property Condition Disclosure Statment. This is a form that the seller completes which identifies items related to the property. In some cases, the home seller will elect “not” to complete this form. Usually, if the home has been rented for a period of time, and the homeowner has not lived in it, they will declare that they do not want to complete this disclosure statement.
Purchasing home insurance is necessary for your mortgage approval, and it’s also just good practice. Make sure your insurance plan includes everything you want and that you select an insurance plan you like.
You should check with several different insurance companies because although many policies are similar, some may contain various plans and coverage.
Many buyers pick the first option only to discover later that they spent more than necessary! Always get multiple quotes before making your final decision.
Arrange For Utilities
Now your possession date is getting close. I like to advise my clients to arrange for the utilities at least 2 weeks before possessions. You will need to arrange for Power, Energy, Water, and Internet/TV services.
Be prepared to wait on the phone – you will undoubtedly have to navigate an automated system. There are also services that will arrange these details for you.
Here is a list of Saskatoon and area numbers/links you may likely need.
Express Address: A service that will allow you to change all your utilities in one place – website
Saskatoon City Website: https://saskatoon.ca
Saskatoon Light & Power: Daytime: 306-975-2414 – Trouble: 306-975-2621
City of Saskatoon Inquiries: Utilities, Property Taxes, and Parking – 306-975-2400
Service Saskatoon Customer Care Centre Available 24/7: 306-975-2476
Animal Services (Mon – Fri): 306-975-8478
Power, Water, and Sewer Online: https://www.saskatoon.ca/services-residents/power-water-sewer
SASKTEL: 1-800-727-5835 – website
SASK POWER: 1-888-757-6937 – website
SASK ENERGY: Emergency: 1-888-700-0427 Customer Service: 1-800-567-8899 – website
SHAW CABLE: 1-888-472-2222 – website
Canada Post: 1-866-607-6301 – website
Finalize The Moving Details
I think it’s pretty much established that the “act” of moving sucks. But it’s the inevitable action that must be taken. Remember the old saying, “short-term pain for long-term gain”.
Depending on your budget and your tolerance for the process. You can rent or borrow a truck, and do it yourself, or hire a company to do the heavy lifting. Don’t leave it till the last minute – get ahead of the process and it will make it so much easier.
If you are moving within the city, you already know how great Saskatoon is, but if you are moving to Saskatoon from somewhere else, check out 14 Things to Know Before Moving to Saskatoon.
Sign The Final Documents and Take Possession
The last thing you will do is meet your lawyer and sign the final mortgage documents and transfers for the title. Once this is done, you are just in waiting mode till the big day.