Buying a residential property

Understanding the process

A real estate purchase involves many decisions and many stakeholders. My role is to give you the big picture, tell you at each step what is expected of you, and refer you to the right professional when specialized advice is needed.

This guide presents the structure I propose: five steps, tasks shared between you, the two of us and me, and a list of documents to gather before making an offer.

The steps and who does what

• You
• Together
• Me, the broker

1. 1

   Step 1 : Preparation and financing

   indicative When : Before starting the showings

   We define your project and check your financing capacity, so we look in the right places with the right criteria.

   You

   • Define your budget, your search criteria and your priorities (must-have or nice-to-have)
   • Meet your lender to assess your borrowing capacity and obtain a mortgage pre-approval
   • Plan for the full cost of the purchase, beyond the price: down payment, land transfer duties, notary fees, inspection, insurance, moving
   • Gather the identity documents and the documents your lender asks for

   Together

   • Assessment of your needs and goals: situation, constraints, timeline
   • Definition of the search criteria and the areas
   • Signing of the buyer brokerage contract, identity verification and Law 25 consent

   Me, the broker

   • Walk you through the purchase process, the forms and the stakeholders
   • Explain the market in your areas: comparable sales, active listings
   • Set up the search (Centris and networks) to show you properties that match your criteria
2. 2

   Step 2 : Search and showings

   indicative When : Once your criteria are defined

   We visit the shortlisted properties and analyse each one: features, pros and cons, points to check.

   You

   • Visit, take notes and photos, ask your questions
   • Tell me what you like or dislike, to refine the search
   • Read the documents provided (seller’s declaration, certificate of location, taxes, condo fees)

   Together

   • Compare the properties visited against your criteria
   • Identify the points to have checked by a professional (inspection, certificate of location, zoning, co-ownership)

   Me, the broker

   • Search for available properties, including those in my network
   • Schedule and attend the selected showings
   • Analyse each property with you and point out the issues I notice
   • Check the publicly available information (zoning, constraint zones, assessment roll)
3. 3

   Step 3 : Offer and negotiation

   indicative When : When a property suits you

   The offer to purchase sets the price, the possession date, the inclusions and the conditions. It is binding: we prepare it with care.

   You

   • Decide the price you are prepared to offer and the conditions that protect you
   • Consult your notary, lender or accountant if needed
   • Sign the offer to purchase once you fully understand its terms

   Together

   • Market and comparables analysis to inform your decision (no guarantee on the outcome)
   • Drafting of the offer to purchase: price, possession, inclusions, conditions and time limits
   • Preparation of counter-offers

   Me, the broker

   • Present the offer to the seller’s broker and represent your interests in the negotiation
   • Explain each response received and its effects, without deciding for you
4. 4

   Step 4 : Conditions

   indicative When : Between acceptance of the offer and signing

   The conditions of the offer to purchase must be fulfilled within the agreed time limits: inspection, financing, document review.

   You

   • Have the pre-purchase inspection done by a building inspector
   • Send your lender the documents requested; it may require an appraisal
   • Arrange your home insurance
   • Read the documents obtained (seller’s declaration, certificate of location, co-ownership documents)

   Together

   • Review of the inspection report and decision on the follow-up
   • Waiver of conditions within the time limits, in writing, with the appropriate forms

   Me, the broker

   • Rigorous follow-up of the conditions and deadlines of the offer to purchase
   • Co-ordination with the seller’s broker, the inspector, the lender and the notary
5. 5

   Step 5 : Notary and possession

   indicative When : Up to the signing of the deed of sale

   The notary verifies title, drafts the deed of sale and receives the signatures. After signing, you take possession of the property.

   You

   • Choose your notary and send them the information requested
   • Plan the transfer of services (electricity, Internet) and the insurance in force on the possession date
   • Plan the funds required for signing

   Together

   • Final walk-through before signing, if one is planned
   • Check that the inclusions and the commitments of the offer to purchase are respected

   Me, the broker

   • Work with the notary through to signing
   • After-purchase follow-up: I remain available to answer your questions

Indicative timeline

The stakeholders

Role and responsibilities of the broker

• Keep you informed in plain terms: the process, the forms, the documents and the deadlines of each stage.
• Advise you with honesty, competence, loyalty and diligence, in line with Quebec’s Real Estate Brokerage Act and OACIQ rules.
• Tell you the important facts I am aware of that may influence your decision.
• Draft, or guide you through, the OACIQ forms, and explain what they mean.
• Verify the identity of the parties and protect your personal information (Law 25 consent).
• Co-ordinate communications, documents and the follow-up of conditions between the parties and the professionals involved.
• Refer you to the right professional — notary, lawyer, accountant, inspector, lender — for any legal or tax advice: a broker does not give it.
• Promise no result: price, timelines, number of showings or offers depend on the market and on the parties.

My brokerage activities are governed by Quebec’s Real Estate Brokerage Act. As a client, you benefit from the Fonds d’indemnisation du courtage immobilier (FICI) and from brokers’ professional liability insurance.

Services provided