The 10 steps to buying a property: the complete guide

The steps involved in buying a property include several legal and financial procedures that require the assistance of a real estate notary. Whether you are about to buy your first home or invest in a single-family or second home, understanding all the steps involved will help you secure your transaction and make informed decisions.

Buying real estate is a complex process. Before you get started, it is recommended that you consult an expert and learn about the key steps leading to the ownership of your new home. This guide details the main steps, from financial preparation to the signing of the deed of sale, and highlights the moments when the involvement of a notary is crucial to protecting your investment.

1. Check your financial capacity and plan your down payment

Before you begin, it is essential to assess your borrowing capacity and determine the amount of your down payment. It’s not enough to look at the price of your dream home; you also need to consider notary fees, welcome tax, adjustments on the day of sale, and additional costs related to the purchase, such as insurance, moving expenses, and any renovations. It’s advisable to draw up a detailed budget that includes these various items so that you know your actual capacity. This step also allows you to plan for unforeseen circumstances, which are common when buying real estate.

Assessing your financial situation before you start will help you narrow down your search, determine a realistic price, and avoid compromising your financial stability. This initial planning is the foundation of any home purchase and allows you to secure future payments in line with your income.

2. Obtain mortgage pre-approval

To obtain a loan, it is recommended that you apply for mortgage pre-approval before you even start visiting properties. This pre-approval tells you how much the bank is willing to lend you, the applicable interest rate, and the estimated monthly payments.

Pre-approval also allows you to evaluate the best available terms and compare different financial products to choose the one that best suits your situation. It saves you from wasting time on properties that are out of your price range and protects you from interest rate fluctuations during your search. This step is therefore essential to prepare your application and move forward with the steps to buy a home with confidence and security. The trusted person to turn to at this stage is a mortgage broker. They will help you with these steps.

Pre-approval also offers a strategic advantage: by presenting a purchase offer with pre-approved financing, you become a serious and credible buyer in the eyes of the seller, which can tip the scales in a competitive market.

3. Choose a real estate broker and define your criteria

Working with a real estate broker greatly simplifies the search and purchase process. The broker helps you identify properties that fit your budget, analyze the local market, and negotiate offers with the seller while complying with all the terms of the transaction.

Defining your criteria before you start is an important step in the real estate purchase process. This involves specifying the type of property, the number of bedrooms, the size, the location, the proximity to services and schools, as well as the inclusions you would like to have. The broker can also help you identify neighborhoods that are developing or have high potential and compare the prices of similar properties.

4. Find the house and make an offer to purchase

Once you have found the property that meets your needs, it is time to make an offer to purchase or a promise to purchase. This step legally binds the buyer and allows for negotiation with the seller. Your offer must specify the price offered, the deadlines for taking possession of your new home, and include all necessary clauses, such as conditions related to inspection, financing, or possible repairs. It is also recommended that you detail the inclusions, such as appliances, light fixtures, or other equipment that you wish to keep.

A well-prepared offer protects you, sets expectations for each party, and can influence the seller’s decision, especially in a competitive real estate market. This step is a strategic moment in the home buying process.

5. Inspection and verification of the condition of the property

The inspection is a step in the real estate purchase process that allows you to confirm the value of the property and identify any necessary repairs or renovations, or even deal-breakers that would allow you to back out of the sale. Even a new home can have hidden defects or flaws. The inspection report allows you to negotiate with the seller, adjust the price, or request certain repairs before finalizing the purchase of a home. It generally includes the condition of the mechanical systems, roofing, plumbing, electrical, and the overall structure of the building.

This step helps protect your investment by providing you with a complete picture of the actual condition of the house and allowing you to plan for future expenses, repairs, and maintenance. It significantly reduces the risk of costly surprises after you take possession of your new home.

6. Finalize financing and confirm the mortgage

After the inspection and acceptance of the conditions, you must finalize the mortgage with your financial institution. This step includes submitting additional documents, confirming your payments, and sometimes a new appraisal of the property’s value. The finalized loan guarantees you stable financing and secures the purchase of your home. It also allows you to accurately plan your monthly payments and anticipate expenses related to notary fees, taxes, and adjustments.

Confirming your financing is a decisive step in moving on to the next stage of your real estate purchase with peace of mind: signing the deed of sale.

7. Hire a real estate notary to secure the transaction

The purchase of a property cannot be finalized without the involvement of a real estate notary. This legal professional checks the title deeds over several years, prepares the deed of sale, checks mortgage registrations and previous easements, and ensures that all legal conditions of the transaction are met. They also explain the notary fees, your rights and obligations, and support you throughout the process. The notary can review the terms of your purchase offer, clarify the seller’s obligations, and secure possession of your new home. Their involvement is therefore essential and mandatory to ensure that the purchase of a property complies with the law and is free of future complications.

8. Signing the deed of sale with the notary and transferring funds

The transaction is formalized by signing the deed of sale. The notary ensures that the transfer of funds to the seller is carried out correctly, that taxes and adjustments are calculated on a pro rata basis for the year of ownership, and that the property is registered in your name in the Registre Foncier du Québec.

This step formalizes your status as the owner, marks the end of the home buying process, and allows you to plan your move with peace of mind. The notary ensures that each step of the purchase is followed and that all legal obligations are fulfilled.

9. Taking possession of your new home

Taking possession of your new home marks the final physical stage of the property purchase. You officially become the owner and can start organizing your move. It is advisable to check what is included, inspect the condition of the property, and report any anomalies immediately. This stage also allows you to plan any renovations, secure your investment, and start personalizing your ideal home to suit your needs and lifestyle.

10. Secure your investment

After purchasing, it is important to protect your investment. This includes taking out home insurance, regularly monitoring mortgage payments, planning renovations and maintenance, and setting aside a budget for unexpected expenses.

The notary can also advise you on your rights and obligations, and on the steps to take to avoid future problems or disputes related to your home for years to come. Rigorous follow-up helps preserve the value of the property and secure your real estate assets in the long term.

Consult a notary to secure your purchase

Buying a home involves several complex steps, from financial planning to signing the deed of sale. Using a real estate notary ensures that your investment is protected and that the purchase of your home goes smoothly. If you want to buy your first home or secure a property investment, consult a notary for personalized legal support.