Buying a home can be quite the adventure! These are the major steps to expect on most real estate transactions buying a house or condo in Montreal.

Finding a property to purchase:

1. Choose your realtor. Otherwise, you will be represented by the seller’s realtor, which is not your best option. Your realtor will help guide you through every step of the process, negotiate on your behalf and share with you their network of industry professionals.
2. Obtain a mortgage pre-approval. It is the best way to demonstrate your buying power to a seller and is invaluable when a property has received multiple offers.
3. Select the properties you are interested in and visit those which are the best fit. This is done by reviewing properties within budget that match your basic criteria, and eliminating those that have a deal-breaker or don’t adequately meet your needs. Your realtor can guide you through the process and will schedule visits on your behalf.
4. When you find the right place, make a conditional offer. The standard conditions are mortgage approval, home inspection and if needed, document review, but these can vary depending on the location and type of property.
5. Negotiate. Once your offer is accepted, we enter the due diligence stage whereby we work towards satisfying those three conditions. In Montreal, the usual delay to satisfy the conditions on an offer is around 10-14 days. This is the time to contact the bank for final mortgage approval, schedule the home inspector and promptly review any requested documents.

   Assuming there are no surprises and the purchase becomes “firm” (all conditions satisfied), the exact timing of the sale will depend on what was agreed upon in the accepted promise to purchase. In Montreal, we often see the sale occur in the 30-90 days following an accepted offer. 

   About two weeks before the sale, there are a few additional steps to follow:

6. Meet with the bank to sign financing documents.
7. Meet with the notary to sign financing instructions.
8. Closing day. This is the day both buyer and seller meet at the notary to sign the deed of sale.
9. Get the keys! Occupation of the newly purchased property is usually immediate or within a few days after the signing at the notary.
10. Move in and get settled. Welcome home.