Thinking about purchasing a home in Kelowna? This helpful video explains the process and what you can expect when you’re ready to move forward with this exciting decision!
Summary of process for purchasing a home in Kelowna
- Find out what you can afford. Get pre-qualified with your bank/mortgage broker.
- Hire a realtor, look at homes and right a conditional contract for your favourite home.
- You will need about two weeks to complete your due diligence.
- Review title to the home with a real estate lawyer.
- Confirm your financing with your banker/mortgage broker.
- Review your strata documents.
- Does my lifestyle match these rules?
- Get a home inspection with a home inspector.
- Are these future repairs reasonable?
- Remove subject conditions with your realtor – the contract is now unconditional.
- Send final contract to real estate lawyer.
- Instruct mortgage broker to send mortgage instructions to real estate lawyer.
- Start transfer paperwork.
- Obtain home insurance form your insurance broker.
- Tell your law firm’s real estate conveyancer who your insurance broker is.
- Schedule movers, call utility companies and start packing.
- Talk to your law firm’s real estate conveyancer to finalize transfer paperwork.
- Meet with your real estate lawyer to sign documents approximately three days before closing date.
- On the closing date your real estate lawyer files your documents with the land title office.
- Your real estate lawyer contacts you and your realtor to let you know the deal is done.
- On the possession date your realtor hands you keys to your new home.
Are you a first time home buyer? Check out our 5 tips for first time home buyers in BC. Buying your first home can be daunting but these tips will help to get you started. You’ll know what to expect from the time you start the house hunt until you hold the keys.The information provided above is for educational purposes only. This information is not intended to replace the advice of a lawyer or address specific situations. Your personal situation should be discussed with a lawyer. If you have any questions or concerns, contact a legal professional.