The final step in a co-ownership real estate purchase is to find the perfect property for your group! This step is last because all of the preparation you and your group have done will make this step much easier. So once you are comfortable with your Group Agreement and have worked through your Legal Agreement and budget, you are finally ready to consider properties.
Being prepared is incredibly important because members of a purchasing group have to be prepared to work together and make decisions quickly. In today’s market for real estate, you’re likely to find out it’s a seller’s market. There are always more buyers than sellers meaning competition is fierce. In the GTA, it’s normal for homes to receive multiple offers and engage in intense bidding wars. Your group needs to be ready to make a decision very quickly to be at the top of the competition.
What’s Important In This Step
Setting yourself up for success
Creating your shared home brief
Looking for properties
Setting Yourself Up for Success
Before you begin looking at potential housing, your group should have secured:
A mortgage pre-approval
Make sure you have completed all your financial work as a purchasing group and that you have pre-approved a mortgage with a lender that knows you’re buying as a group. See Step 2 for a breakdown of types of lenders.
A real estate agent
Your best bet is to work with a real estate agent that understands co-ownership in real estate. These transactions are more complex at every level and everyone will benefit from experienced advice.
A selected home inspector readily available to do an inspection
Once you start viewing properties, your group may want to make an offer at any time. To do this adequately, you will need to have pre-selected a home inspector who can make themselves quickly available.
Your completed Home Brief
Your Home Brief is an extension of the Needs, Wants, and Dreams work that you did in Step 1 when reviewing your compatibility with your prospective purchasing group.
In the next section, we’ll look at your home brief and how to create it so that you can narrow down your property searches. It’s a great tool for your group in this step!
How Do You Find Your Property?
Click on the sections below to learn more.
Setting Yourself Up For Success
What are all the Steps to Becoming a Co-owner?
Click on the links below for all the blog articles related to each step.
“A pre-approval does not mean a mortgage is guaranteed. This is because there are some assumptions made in the numbers such as heating and property taxes that are unknown until an actual property is purchased. It is also because lenders do not review documents until there is a real purchase and because lenders need to approve of the property itself not only the applicants.”
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