Can I back out of a home purchase before closing if I change my mind?

That is a very timely question, especially given that the real estate market is beginning to show signs of cooling down in parts of Ontario.

Conditional offers

If the buyer offers to purchase the property at the listed price with no conditions, the seller will almost always accept the offer, forming a legally binding agreement. Offers are almost always irrevocable for a specified time-period.

Buying your first home and not quite sure where to start? You’re not alone.

To help you move forward, we’ve put together this handy checklist. We hope this information helps you buy your first house, condo or townhome.

Did you know that there are 3 stages to buying a home? First comes planning, followed by finding your dream home and finally, the closing.

An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a particular property. In the Agreement, the buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied. The process begins when the purchaser makes an offer, which is irrevocable for a certain time-period. If there are no counter-offers, the Agreement becomes a legally binding agreement if the offer is accepted by the seller, within the time-period set by the buyer.

What is a home inspection?

A professional home inspection is where a qualified home inspector looks for any defects and potential problems. Just as an appraisal is designed to protect mortgage lenders, an inspection is for the home buyer's benefit.

In recent years, many purchasers have decided to make their offers conditional on receiving a satisfactory home inspection by a professional home inspector. This can be especially important if you are buying an older home.

1. Being home for showings.

The National Association of REALTORS claims this is the number one reason homes stay on the market for a long time. If a showing is scheduled, leave the house.

A Home of Your Own If you are new to Canada, one of the first things you will probably need to do is find a place you and your family can call home. For most newcomers, your first home will likely be a rented house or apartment. Renting a home should provide you a safe place where you can begin to adjust to your new life in Canada. It can also give you the time to look for a home to buy without feeling pressured into making a quick decision.