Robin Primeau

I thought you’d like to see the process, step-by-step:

1. Find the property you want to buy.   Your REALTOR® will help you find a suitable property and set up all viewings, etc.
2. Write an Offer to Purchase.  This is done with your real estate agent, who will explain each term and condition to you.  Once the negotiating is complete, the Offer to Purchase becomes a firm and binding legal Agreement of Purchase and Sale.
3. Pay a deposit.  The deposit is usually $1,000 CDN and is a sign of good faith and intent to complete the transaction.  This can be in the form of cash, cheque drawn on a Canadian bank or cashier’s cheque.  The deposit is held IN TRUST by the listing brokerage until the transaction closes or something occurs which prevents completion. 
4. Prove conditions.  The conditions typically are:
1. Financing.                     You will require a letter from your bank or mortgage broker confirming that you have the funds and/or mortgage to purchase the home.  If you will live in Nova Scotia, you may require information proving that you have had a bank account in your former location for at least three months.  Your downpayment may be 25% - 30% of purchase price.  This is determined by the bank with which you make mortgage application.  It is always a good idea to talk to banks about their policies on the required downpayment.
2. Insurance.                     You will require a letter from your insurance company confirming that they are willing to underwrite the property you will be buying.
3. Property Inspection.       You will need to retain a qualified Home Inspector who will do a visual inspection of the property and confirm that it is in good condition or point out issues that will need to be addressed either with the seller or as maintenance in the near future.  The cost of this is $350 CDN plus HST and will be paid immediately.
4. Water Test:                   If you’re buying a property which gets its water supply from a well rather than municipal services, you will need to take water tests and have them assessed by the Department of the Environment.  Your realtor will have the proper equipment to take the tests.  This is a cost that must be paid immediately.  Prices vary depending on the type of tests you require.  A bank or financial institution requires successful water tests in order to approve a mortgage.
5. Vendor’s responsibilities:            The vendor will supply heating costs, power costs, tax amounts, any Restrictive Covenants that go with the land, a copy of the Survey Certificate and a Property Condition Disclosure Statement (P.C.D.S) all for your review and approval.  The P.C.D.S. is a form that gives the owner’s opinion of various aspects of the home’s condition while he or she lived there.  It covers such items as electrical, plumbing, structure (roof, foundation), heating, etc. 
6. Find a lawyer and meet with her to determine the legalities.  There are several things the lawyer will require from you.  You will also discuss the implications of being a “foreign” property owner.  You should make sure you have adequate identification with you.  Also, she will need you to sign documents and pay the Closing Costs.  Please be sure to find out, beforehand, what these will be.  Your lawyer will prepare all deed transfers and will deal with the sellers’ lawyer to ensure that everything is completed as required and your interests are protected.  You cannot use the same lawyer as the seller is using.  This creates a conflict of interest should an issue arise.
7. On Closing Day (or the day before), you will do a preclose inspection of the property to ensure that it is in the same condition as when you viewed it prior to writing the offer.  Once you notify your lawyer that everything is fine, he transfers the funds to the sellers’ lawyer and receives keys to the property. Then you move in!!