General Steps in the Buying Process

• Firstly decide what type of property you are seeking eg. family home, waterfront property, cottage and vacation retreat, etc.
• Determine where in PEI you want to live. You may choose to live in a city such as Charlottetown or you may wish the rural seclusion that PEI offers.
• Consider your budget and then apply for a pre-approved mortgage. A pre-approved mortgage means that vendors will take your offer more seriously and that you will know what you can afford and shop within your means
• At this point I will prepare a list of properties that meet your needs and your budget and are in the area of PEI that you have choosen. Now the fun part begins - viewing homes!
• Once you have choosen your ideal home you will make an offer. Your offer may contain subjects which are conditions that must be met eg. that you sell your existing home. Other common conditions are that the home passes a home inspection performed by a qualified inspector.
• Vendors may accept your offer as is, counteroffer, or reject the offer totally. Once it is accepted it is a legally binding contract
• Once your offer is accepted you need a lawyer to begin the process of conveyancing. The cost of your new home will include purchase price, legal fees, disbursements (out-of pocket expenses a lawyer incurs), closing adjustments (your portion of any pre-paid expenses such as property taxes), mortgage application fees, and appraisal fees.