There are many activities involved in buying a property. These steps will help you along the right path, ensuring your happiness and satisfaction throughout the process. You will also find here a list of:

• A list of costs to expect when buying a property, and
• Information on finding a home to renovate.

STEP 1: Contact Geon to let him know that you are interested in buying a property.

STEP 2: Meet with Geon to discuss what you're looking for in a property. He will discuss with you what’s involved in the buying process and what your financing options are. You will be shown typical documentation needed when placing an offer so you fully understand and feel confident during offer time.

STEP 3: Provide a personalized checklist of your property needs, such as type of property, location, interior features, number of bathrooms, and anything else that will assist Geon in finding your perfect property. You can fill out this form to create a property search request online.

STEP 4: Once you feel comfortable with Geon representing you as your exclusive agent, you sign a buyer’s agreement for a specific time period. The agreement also clearly sets a pre-established marketing fee that will be paid to Geon upon the successful closing of the sale. Usually the fee paid as a buyer agent is paid through the listing brokerage and not by you.

STEP 5: S peak to your financial advisor/mortgage specialist (lender), to get a pre-approved mortgage, which tells you exactly how much you can afford and guarantees your rate for up to 120 days. Figure out what your down payment is going to be, which is your biggest one-time cost of buying a property (usually represents 5 - 25% of the total price of the property). Getting pre-approval on a mortgage lets you buy a home with the confidence of knowing you qualify. It also shows the seller you're serious about buying the property.

STEP 6: Hire a lawyer, so that he/she will be ready to check all legal documents to ensure your interests are protected.

STEP 7: Geon will carry out extensive market research process to find great properties that best suit your individual needs.

STEP 8: Geon will show you selected properties that best suit what you are looking for, and stay as close to your initial personalized checklist as possible.

STEP 9: Once you have seen the right property and are ready to proceed with an offer, you will discuss the terms of your offer with Geon. Geon helps you draft the Offer to Purchase, prior to the presentation.

STEP 10: Geon communicates the offer on your behalf, to the seller or the seller's representative. The Agreement for Purchase and Sale (APS) will be presented as soon as possible and will include the terms you want (e.g. price, closing date, deposit, any conditions). The seller may accept the offer, reject it or submit a counter-offer. The counter offer may be in reference to the price, the closing date or any number of variables. The offer can go back and forth until both parties have agreed to all terms in the offer. There are two types of offers:

Firm Offer To Purchase means that you will buy the property as outlined in the Offer of Purchase and that there are no conditions attached. Once the seller accepts the offer, you are both bound to the agreement. The deal is firm.

Conditional Offer To Purchase usually means that you have placed one or more conditions on the purchase, such as ‘subject to financing', ‘subject to a home inspection', ‘subject to review of the condominium documents'. Once the conditions are met, you will buy the property. The deal is firm.

In Toronto's hot real estate market, it is also often common to receive multiple offers on a property if the price is right, which means there is more than one party vying to purchase the same property. This process is complex and Geon will carefully guide you through it in great detail if the situation arises. In this current market, where there are more buyer than sellers, a multiple offer situation is not uncommon.

STEP 11: If you placed a condition on your offer ‘subject to a home inspection', you may be present at the property during this inspection. By commissioning a home inspection prior to purchase, you are protecting both yourself and your investment, making sure the property is structurally and mechanically sound. Shortly after the inspection has taken place, a report summarizing the finding is generally provided to you. Geon can recommend a home inspector.

STEP 12: The offer will only be firm once all conditions have been satisfied. A financial deposit is required as a symbol of commitment and good faith to the APS and is made payable to the listing estate agent's brokerage, in trust. You will give the deposit to Geon to deliver on your behalf, either with the offer, or after it has been accepted.

STEP 13: Once the seller accepts the offer, you will now need to finalize your financing with your financial advisor/mortgage specialist. The documents you will be asked for include:

• Copy of the property's real estate listing (MLS), or if the property is yet to be built, the lender will need to see the architect's or builder's plans and details on lot size and location.
• Copy of the APS, or the Building Contract.
• Documents to confirm your employment, income and source of pre-approval.

Geon will assist you in getting these documents to your team.

STEP 14: Once your mortgage gets approved and all conditions waived, Geon will deliver a copy of the complete APS and accompanying documents to your lawyer.

STEP 15: You should arrange for a follow up meeting with your lawyer, a few days before the closing date of your property, to go over all the details surrounding the property closing costs. Read more about home buying costs.

STEP 16: On closing day (your possession date), the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name and obtain the keys and the deed for you. Congratulations!

STEP 17: Move into your new property! Here are suggestions for making the move as smooth as possible Geon’s real estate involvement as your sales representative for this property does not end when your property is sold. Feel free to contact Geon at any time during, and after, the buying process if you need further real estate advice or guidance.

According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2 - 2.5%, just to be on the safe side) The costs vary across provinces, and for that matter, cities.

Below you will find a brief explanation of these costs. This is just a guideline, but your lawyer can provide you a fairly close estimate. Your lawyer is your best resource with regards to closing costs.

Closing Adjustment Bills
Estimate should be made for closing adjustments for bills that the seller has prepaid such as pre-payment of taxes, hydro, gas, etc. Any bills after the closing date are the buyer's responsibility. Your lawyer/notary will let you know what they are exactly once the various searches have been completed.

Disbursement Costs
Are out-of–pocket expenses incurred such as: City Tax Certificate; City Zoning Report; City Engineering Report; Sheriff's Certificate; Registry Office Searches; Deed Registration; Mortgage Registration; copies; postage; longs distance calls.

Fire Insurance
All mortgage lenders will require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally at least the amount o the mortgage or the replacement cost of the home. This cost can vary on the property size and extras being insured, as well as the insurance company and the municipality. Cost can vary from $250 - $750 for most properties.

GST
On the purchase of a newly constructed home, GST is payable, but make sure you know who pays this, you or the builder. On the offer, the purchase price will way ‘plus GST' or ‘GST included'. Also who gets the GST new home rebate. (As well, this tax is also charged on all professional fees). GST on a resale home is generally included in the purchase price, unless substantial renovations have taken place.

Home Inspection
Is a professional inspection of the home by a qualified Home Inspector, top to bottom, for the benefit of the buyer, therefore, that's who absorbs the cost. A typical home inspection can cost approximately $250 to $500. It is a definite must for buyers purchasing properties older than 5 years. When hiring a home inspector, make sure the inspector has liability insurance, just in case a mistake is made.

Job Loss Mortgage Insurance
Recently, insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers the mortgage payments in the event that you involuntarily lose your job.

Land Survey Fee or Title Insurance Fee
A recent Survey of the property is usually required by the lender, and if one is not available, it normally coast anywhere from $600 - $900 for a new survey. In lieu of the Survey, most lenders today will accept title Insurance, at a lower price around $175.

Land Transfer Tax *
Most provinces charge a land transfer tax, payable by the purchaser and the amount varies from province to province. This tax is based on the purchase price.

If under $55,000 - .005 x purchase price
$55,001 to $250,000 - (.01 x purchase price)
$250,001 to $400,000 - (.015 x purchase price)
Over $400,001 - (.02 x purchase price)
*special taxes apply to non-residents

Legal Fees
Are charged by your Lawyer for their professional services involved in drafting the title deed, preparing the mortgage and conducting the various searches.

New Home Warranty
In many provinces, new homes are covered by a new home warranty program. The cost to the purchaser for this warrant is approximately $600 and should the builder default or fail to build to an agreed-upon standard, the fund will finish or repair the deficiencies. Read more about preconstruction sales.

Mortgage Application and Processing Fee
On high-ratio insured mortgage (mortgages more than 75% of the purchase price), the mortgage insurer (CMHC or GE Capital) charges a fee of $165-$185 for applying and processing the file, as well as appraising the property. On new homes, this fee drops to $75.

Mortgage Life Insurance
Mortgage Life Insurance (MLI) is inexpensive coverage on your life which protects your family from beneficiaries by paying out your outstanding mortgage in the event of your death. For just pennies a day, you will have peace of mind knowing your beneficiaries will be mortgage free. MLI premiums are based on two factors; your age and mortgage amount. Your premium is added to your mortgage amount so there is no extra paperwork, and it remains the same until your mortgage is paid off. Optional joint coverage for spouses is also available.

PST of 8% of the premium of insurance of the mortgage, if it's a high ratio mortgage.

Property Survey
If no recent survey is available, a new one will cost approximately $700 to $1,000. Fees for larger and recreational properties vary, individual quotes are required.

A great real estate agent is the ticket to finding that perfect home to renovate. Good agents spend time researching the market to find just the right property type, looking at structural and visual potential and communicating to their clients about key market incites, property values and projections. Here are some tips to help you get started in a successful renovation:

• Have clear renovation goals.
• Choose an agent who is informative and listens to your needs.
• Communicate with your family/neighbours about your plans.
• Stick to a specific budget and formula, according to market value of the area and more specifically the street. Don't over capitalize.
• Have a timeline in place.
• Renovate yourself only what you have time to do. Outsourcing some of the work will be necessary.
• Align yourself with reliable, quality contractors. Referrals are a great source for these.
• Interview three or four contractors for a project before you decide on one.
• If you're planning on reselling the home, stick to renovations that are simple and neutral.
• Renovate room-by-room, project-by-project.
• Attend home shows, as they frequently give out discounts for their products and services.
• Try to have fun!