Real Estate Buyer Information
Buying a home is likely to be the biggest single financial transaction of your life. The right real estate agent can help you with sound advice and will go a long way to making your real estate investment a smooth and problem free process.
Finding Your Las Vegas Nevada Dream Home
We can save you a great deal of time and money by providing professional help for FREE and without obligation. Simply let us know what you are looking for. We'll review our MLS listing information and send you a list of available Las Vegas Real Estate properties within your price range and criteria.
Typically, there are many steps involved in the process of buying a home, including:
- selecting a realtor
- determining your needs
- financing options
- looking at properties
- making an offer - the contract of purchase and sale
- completion and moving
- additional costs
While not every real estate transaction will involve all of these steps, we have provided information on each so you will know what to expect.
Let's take a look at a brief outline of each of these steps.
Selecting a realtor
As with all major financial decisions, a licensed real estate broker/salesperson can assist you with the purchase, sale, lease or exchange of real property. This assistance includes a number of services, such as examining property for basic valuations, negotiating purchase, sale or lease agreements, maintaining escrow accounts, and advertising. Our realtors are licensed real estate professionals adhering to a strict ethical code and committed to representing and promoting your best interests. For more information on working with a Integrity Real Estate and Property Mangement representative, please Contact Us Today! Get started by calling 702-395 9990.
Determining your needs.
What are you looking for? What do you need versus what you want? By determining your needs from the outset, this will provide a focus to make efficient use of both your time and your realtor’s time. Your Integrity Real Estate and Property Mangement representative will help you put together a prioritized list of your requirements such as price, location, accommodation and other needs or preferences you may have. Your realtor will then bring his or her experience into play and counsel you with regard to your various options.
Mortgage pre-qualification: what does this mean to you?
Your mortgage broker or financial institution will discuss financing options and provide you with a mortgage amount and rate guaranteed for a certain period of time. Being pre-approved is advantageous for the following reasons:
- it may help you refine your search parameters;
- the guaranteed interest rate lock in period protects you from interest rate fluctuations;
- it will allow you to act more quickly when you find a property you would like to make an offer on.
Looking at Properties
By now you should have your requirements and your financing in place. Now you're ready to start looking at properties! Of course, you may have already been looking at homes advertised in the newspaper or on the internet. However, your realtor has access to the database of all properties for sale on the Multiple Listing Service® and can provide you with specific information you may not have access to. Furthermore, they may also have access to listings on the MLS® that may not have been advertised yet.
In many cases, once you've looked at some properties, it may be necessary to redefine your search criteria. Depending on availability and market value, your realtor will help you juggle your "wants" and "needs" and find you that perfect home!
Making an offer: the Contract of Purchase and Sale
So you’ve found the perfect home! This is when your realtor’s knowledge and training becomes invaluable - they will construct a legally enforceable contract containing terms that suit your needs and protect your interests. Part of this stage involves determining market value, ascertaining the condition of the property, stating how much you’re willing to pay, paying a deposit, suggesting a closing date, expiration of the offer, and a proposed set of conditions. Your realtor will:
- help you refine your search parameters;
- advise you with the guaranteed interest rate lock in period to protect you from interest
rate fluctuations; and
- assist you to act more quickly when you find a property you would like to make an offer on.
Typical conditions may include a subject to financing, subject to inspection, subject to survey, subject to the sale of another property, and so on. Realtors are trained to use the appropriate legal terminology to suit the type of property you’re interested in purchasing. The issues can be complex.
The offering process often involves making or receiving counter-offers which your realtor negotiates on your behalf.
Completion and Moving
Now it's time to close the deal. When an Offer has been accepted and all subject clauses removed, a deposit of at least 5% is normally held in Trust. This amount forms part of the purchase price upon Completion. Completion may be any date in the future as stipulated in the contract, and is typically 60-90 days between Acceptance and Completion. As Completion approaches, you will need legal representation – your realtor can help you with this. Your legal representative will arrange to transfer title of the property from the seller to you, the mortgage financing will be transferred to your legal representative’s trust account, then to the seller, and the financial closing details will be recorded. You then take possession of the property, normally a day or two later, as set out in the Contract of Purchase and Sale.
In addition to the purchase price, you will need to take into account additional or extra closing costs that may be involved in the purchase.
- if you have high ratio financing, a mortgage insurance premium of up to 2.5% may apply
- moving expenses
- home insurance
- appraisal fees
- surveying costs
- your share of property taxes and utilities as outlined in the statement of adjustments; and
- legal costs and disbursements
It is obviously prudent to cover all of these issues with your realtor as early as possible.
The above steps will vary from transaction to transaction, but in all cases, early consultation with a realtor will streamline the process and ensure a more pleasant home buying experience.
These comments are for information purposes only and do not constitute legal advice.