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Buying a home is an exciting milestone, but can be daunting. It involves complex timelines, paperwork, and financial decisions. To avoid costly oversights or delays, it's important to understand each step. We're here to make your process efficient and enjoyable!
The home buying process
We'd love to get to know you better and discuss your needs over a cup of coffee (have you been to Colossis?). We'll take this opportunity to walk you through the upcoming journey and answer any questions you might have.
The home buying process
We'd love to get to know you better and discuss your needs over a cup of joe (have you been to Colossis?). We'll take this opportunity to walk you through the upcoming journey and answer any questions you might have.
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OKOTOKS
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Home buyer's glossary
AMORTIZATION SCHEDULE
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
Market valuation
The process of determining the market value of a property.
Fixed Mortgage
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
buyers market
When there are more properties for sale than there are buyers, resulting in longer listing times, lower property values, and more price reductions by sellers. Buyers have the upper hand in negotiations and more options to choose from. Sellers may need to be more flexible and willing to negotiate to sell their homes.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Mortgage
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
sellers market
When demand from buyers exceeds the supply of available homes, resulting in shorter listing times, higher property values, and fewer price reductions. Sellers have the upper hand in negotiations, may receive multiple offers, and may not be as flexible with negotiations. Buyers may need to act fast and compete with other buyers to secure a home.
Get in touch today
We've helped over 750 local clients buy or sell their home in High River, Okotoks, and the Foothills. Whether you're a first-time buyer or a seasoned seller, we're here to help. Contact us today to get started.
CONTACT US
JOHN & TRISH SEACRIST
618 Centre Street SE, High River, AB T1V1E9
(403) 603-8260
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