The Buying Process

You have found your new home! - and now you are ready to make your offer. Lulu will assist you in determining what price to offer, then complete a form called the Contract of Purchase and Sale. The offer will then be presented to the Seller, who will either accept, reject or counter the offer.
 
If your offer is "countered", this is when the negotiations begin and continue until both you as the buyer and the seller reach an agreement. The offer is then "accepted".
 
Once you have an accepted offer you will need to do a number of things and fulfill all the legal requirements before you can remove your conditions and "firm" up the contract.
 
Lulu will prepare your contract with clauses that protect you as the buyer. Some of the common clauses are:
  • Mortgage approval,
  • Having the home inspected by a qualified Home Inspector,
  • Receiving and approving the Title Search on the property,
  • Receiving and approving the Property Disclosure Statement,
  • Obtaining a quote for home insurance
Clauses can be added or waived depending on your circumstances and what you and Lulu feel would be in your best interest. You will need to satisfy the conditions set out in your contract by a certain date, this is known as the "Subject Removal Date". An example of this would be you have the clause, "Subject to Home Inspection". You have done your home inspection and the findings are not what you expected and don't feel the condition was met, you now have the right to terminate the contract or negotiate the cost of deficiencies. If all condtions are met, your Realtor will prepare a "Subject Removal", which means all subjects will be removed and the contract is now firm.
 
Your next step will be to hire a lawyer or notary and all contract documents will be sent from our office to them.
Your lawyer or notary will:
  • Search the Title of the property,
  • Make sure property taxes are up to date,
  • Prepare ownership transfer documents,
  • Ensure the seller's mortgage is discharged,
  • Prepare a Statement of Adjustments,
  • Ensure you are the registered owner in the Land Titles office.
Your Completion and Possession Day
 
The completion day is the day you legally take ownership of the house.
  • Your lender will send mortgage instructions to your lawyer or notary,
  • You must pay your lawyer or notary for costs incurred for the transaction,
  • Your lawyer will pay the seller and register you as the new owner. (This is generally referred to as the deal registering)
Once the deal has registered Lulu will arrange to get keys to you for your possession. Possession date is usually 1 to 3 days after Completion. On Possession date, Lulu will make the necessary arrangements to obtain keys then meet with you at the new home (Possession is usually 12 noon) and conduct a walk-thru inspection of the new home. Once the home is checked you can start moving into your new home.