|MAKING AN OFFER|
Once you have found that West Island or Montreal home that is right for you, it is time to write a “Promise to Purchase”,as it is called in Quebec. Writing the offer is an exciting, emotional, and sometimes a complicated experience. You will be glad you have Ron's knowledge and experience at your side to help you through the process.
Ron will write up your offer to purchase and arrange to present it to the seller and his agent. He will discuss and negoiate the terms and conditions of your offer, and the seller will either accept it as written, make a counter offer, or reject it. The Promise to Purchase becomes a contract only when accepted copies have been signed and delivered to all parties.
MAKING A DEPOSIT
When you submit an offer, be prepared to make a deposit to indicate that you are serious about your offer. When the sale goes through, your deposit will be applied to the purchase price.
ORDERING A HOME INSPECTION
A professional home inspection is an essential step in the home buying process. Home inspectors see beyond the "cosmetics" and survey all parts of the house, including the structure, roof, exterior and major systems (electrical, plumbing, heating, cooling, and ventilation).Your Promise to Purchase should include a clause stating that the sale is contingent upon a home inspection. This contingency is meant to protect you against major structural flaws, but not the everyday "wear-and-tear" of a home.
APPLYING FOR A HOME LOAN
When you apply for your loan, your lender will give you a good faith estimate of your closing costs. This document estimates the amount of money you need for closing. The lender will also order an appraisal of the property to confirm it is adequate security for your mortgage. After the lender has verified the information, reviewed your credit history, and analyzed the appraisal, a commitment letter will be prepared. This document is a promise from the lender to give you a loan.