Buying Your Home:
The Process

1.	FINANCIAL PRE-QUALIFICATION: Speak with your Mortgage Broker or Bank to answer any of your questions, to feel completely comfortable with the price to pay for your home. You’ll need a T4 & letter from your employer verifying your income. (I can suggest a number of Mortgage Brokers or Banks if you haven’t already built a relationship with one as yet.)
2.	REVIEW OF THE STANDARD COSTS:
	a)	Provincial Land Transfer Tax : First $55,000 X .005 = $275.00 $55,000 to 250,000 X .01 = $1,950.00 $250,000 to 400,000 X .015 = $2,250.00 $400,000+ X .02 = $_________
	b)	Municipal Land Transfer Tax: 0.5% of the amount of the Purchase Price up to and including $55,000.00 plus 1% of the amount of the Purchase Price between $55,000.00 and $400,000.00 plus 2% of the Purchase Price above $400,000.00
	c)	Lawyer: Allow +/- $1000.00 (maybe less)
	d)	Moving Costs
	e)	Home Inspections: General Home $350.00 and up (depending on the size of home and Sale Price). Termite inspection: allow $200. – $300.
	f)	Survey +/- $900.00 – Call me about Title Insurance $300.00 and up that will eliminate the need for a survey.
3.	THE AGREEMENT OF PURCHASE & SALE: Deposit: 5 – 10% of Purchase Price to accompany the Offer. Conditions: Finance, Home Inspection, Sale of the Purchaser’s Property. Irrevocable Date: the date and time before which the offer cannot be withdrawn Closing Date: the date that the property changes hands Requisition Date: the date allowed for title search, usually 2 weeks before closing

Buyers Net Sheet
PROPERTY ADDRESS:
PRICE:
CASH ON HAND
LEGAL FEES $1000 +/-
HOME INSPECTION $350 +/-
POSSIBLE SURVEY $900 +/-
MORTGAGE FEES
MISC. FEES
TOTAL BUYING COSTS:
PROVINCIAL LAND TRANSFER TAX (See 1 a above for calculation )
MUNICIPAL LAND TRANSFER TAX (See 2 b above for calculation.)
MISC. ADJUSTMENTS (Prepaid/Outstanding: Gas, Property tax, etc.)
LESS TOTAL BUYING COSTS:
AVAILABLE FOR DOWN PAYMENT

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Commonly Used Clauses

Purchase “Agreement of Purchase and Sale” forms

For example: Name, Property address, Legal description, Deposit,
Your choice of Clauses, Chattels, Exclusions, etc.

1. CASH OFFER
   PURCHASER AGREES TO pay the balance of the purchase price in cash or by certified cheque
   to the Vendor on closing, subject to the usual adjustments.

2. CONDITIONAL UPON ARRANGING SATISFACTORY FINANCING
   THIS OFFER IS CONDITIONAL upon the Purchaser arranging satisfactory financing on or before
   ______, otherwise this Offer becomes null and void and the deposit money shall be returned
   to the Purchaser in full without interest. The Purchaser reserves the right to waive this
   condition at his sole option within the specified time period. The said proceeds for
   financing shall be paid to the Vendor on closing as part of the purchase price.

3. CONDITIONAL UPON QUALIFIED INSPECTION
   THIS OFFER IS CONDITIONAL for a period of _____ days from the date of acceptance by the
   Vendor upon the Purchaser having the subject property inspected by a qualified home
   inspector and finding said inspection satisfactory to him, failing which, this Offer shall
   become null and void and the Purchaser’s deposit shall be returned in full without
   interest. The Purchaser reserves the right to waive this condition at his sole option
   within the specified time period.