Here is a step-by-step buyer’s guide to help you to make an informed decision and to
navigate the buying process successfully.

Consumer Notice:
This is a non-contractual document required by the Real Estate Commission that
describes all of the various relationships that can exist between you and your Realtor.
This must be signed prior to discussing any matters concerning real estate.

Pre-Approval:
Prior to starting the process, you should get a pre-approval through a mortgage lender.
Consulting with a mortgage professional allows you to determine the price range that
best fits your needs and is required when submitting the Agreement of Sale.

AFTER FINDING A PROPERTY

Agreement Of Sale:
This is an official offer to purchase the property.  It is a legal contract that describes the
rights and obligations agreed to between the buyer and the seller. Terms are binding so
take care when choosing dates, deposit amounts and lender information.

Your First Deposit:
Your first deposit is typically $1000.00 and is returned if the offer is not accepted. If the
offer is accepted then the money is put towards the Earnest Money Deposit, otherwise
known as your down payment.  It is customary to put down 10-20% upon acceptance
of the Agreement Of Sale and it lets the seller know that you are a serious buyer. This
check should be made out to the Listing Agency.

Deposit Notice:
This lets you know that the listing agency is holding your money in escrow.  A W-9 form
will be required if the money is being held in an interest bearing account.

Seller’s Disclosure:
This document is completed by the seller and details any past or current defects with the
property or issues of which the current owners are aware (i.e. roof leaks, basement
flooding, etc). You will sign the disclosure when you present an offer informing the seller
that you have reviewed the disclosure and are aware of the disclosed issues.

Buyer’s Closing Costs:
You will be presented this at the time of the offer. This lets you know that you are
responsible for some closing costs and how much money beyond the purchase price you
will need to complete the transaction.  Your mortgage lender will give you a good faith
estimate detailing how much money will be needed to purchase the property.