New Purchase

Buying a property in Montreal is one of the most significant investments you’ll ever make. Whether you’re a first-time buyer or adding to your real estate portfolio, being informed is key to a smooth and successful purchase. Here’s a step-by-step guide to help you through the process:

1. PRE-APPROVAL: Your First Step

Before beginning your search, secure a mortgage pre-approval. This crucial step determines your borrowing capacity and sets your budget. It also demonstrates your seriousness to real estate brokers and sellers, giving you an edge in competitive situations.

2. Finding the Perfect Property
With a clear budget in mind, begin your property search. Collaborating with a trusted real estate broker ensures that you find homes that align with your needs and preferences.

3. Making an Offer
Once you’ve found the right property, the next step is to submit an offer to purchase. If accepted, you’ll typically have 10-14 days to secure final mortgage approval. Having a pre-approval simplifies this step, as most documentation will already be on file.

4. Mortgage Approval Process
During the approval period, I’ll work closely with your lender, a mortgage insurer (if required), and a chartered appraiser to finalize your financing.

5. Closing with the Notary
Before officially becoming a homeowner, you’ll sign the necessary legal documents at the notary’s office. Two appointments are usually scheduled: one to sign the loan deed and another to finalize the sale with the seller.

6. Your First Mortgage Payment
Unlike rent, mortgage payments are made at the end of the month. For instance, if you close on June 1 and choose monthly payments, your first payment will be due on July 1.