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Deciding to Buy

1. Deciding to Buy
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully. Whether it’s escaping rent, expanding your portfolio, or finding a new space, clarity in your goals guides the property selection process

2. Preparing to Buy
Before diving into property hunting, prepare by building a comprehensive financial file, checking your credit rating, and maintaining financial stability. Lay the groundwork for a successful buying journey.

3. Choose a Real Estate Agent
Select a full-time, experienced agent with local knowledge, credentials, and a commitment to your needs. A personal connection with an attentive agent is crucial for a smooth and successful home-buying experience.

4. Time to Go Shopping
Explore neighborhoods, narrow your search, and work with your agent to visit selected properties. Once you’ve found your ideal property, your agent will guide you through making a compelling offer and navigating the purchase process.

5. Escrow Inspections and Appraisals
The Initial Agreement and Deposit: Form a legal agreement between buyer and seller. Keep written records, transcribe verbal agreements, and adhere to a timeline for a smooth closing process.

The Closing Agent: Select a title company or attorney to hold the deposit in escrow and ensure a clear title. Consult legal advice on how to hold title for optimal legal, estate, and tax implications.

Inspections: Once the offer is accepted, hire a licensed property inspector within the agreed timeframe in the contract. Address contingencies based on inspection outcomes, either closing milestones successfully or renegotiating terms.

Appraisal and Lending: Stay in close communication with your lender to secure loan approval. An appraisal, conducted by a licensed appraiser, determines the property’s value for the lending institution.

Association Approval: If conditional upon association approval, obtain necessary documents promptly. Submit application materials on time and ensure a certificate of approval before move-in.

Property Insurance: Obtain required insurance based on the lender’s specifications. Save on premiums by shopping around, considering a higher deductible, and exploring discounts. Consult us for recommendations on experienced insurance agents for various property types.

6. Moving In
As closing day approaches, conduct a final walk-through, activate home services, and be prepared for any last-minute glitches. The closing process involves signing necessary documentation and receiving keys, bringing you one step closer to the congratulations that await in your new home.

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