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Do you know how much money will be needed in order to close your deal? Besides the basic purchase price, buyers face legal fees (plus GST) and disbursements (plus GST), which are the out-of pocket expenses a lawyer/notary incurs. Then there are closing adjustments with the seller - taxes, rental income, condominium maintenance, and some utility charges. And don't forget about the costs of arranging a new mortgage which can include application and appraisal fees. For a resale home, these "extras" can easily add 1½% to 2% onto the basic purchase price.

Do you know what needs to be done after the deal is closed? Once your offer has been accepted the work has just begun. Future steps include arranging for monthly mortgage payments and property taxes, finding the right insurance coverage, transferring your utilities and arranging for your move, among others.

Avoid any surprises by having a CENTURY 21® real estate professional guide you through the necessary steps. Rely on their expert advice to keep you informed and prepared. It's just one more way that your CENTURY 21 real estate professional takes the anxiety out of buying a home.

Start by creating a prioritized list of features you want in your next home and the reasons why. Use it as your search guide, but remember that depending on your funding, you will probably need to make some compromises. In addition, talk to your real estate professional about where you want to live. Location is a huge part of any move. Century 21 professionals are trained to help their clients narrow down their choices by sharing market trends and local information like neighborhood statistics and community links.

Now that you know what you want, it's time to see what you can afford. You can start by crunching the numbers yourself using our selection of calculators.

When you're ready to move to the next step, you can get pre-approved for a mortgage. This process can often be performed in under an hour and it accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be. Second, it tells the seller that you can afford to buy their home.

By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Many times a buyer can use this pre-approved status as leverage during the negotiation process.

Once you know what community you'd like to live in and have an idea of how much house you can afford, its time to start checking out actual properties. Beginning this search online can help save you time since it can help you target homes that meet your search criteria. Our home notifier can even email you when properties come on the market that meet your search criteria.

Next, begin visiting homes in person. Ask your local real estate professional to arrange visits and attend open houses that are in your target area and price range. When comparing homes, make sure to look at all aspects of the property. Is the property tax approximately the same? Are both the houses renovated? Do they both have the same amount of bedrooms and bathrooms? Are both houses located on the same or similar streets? Does either house have any encumbrances?

Once you find the home you want, you need to make an offer for the house. Typically this is a very difficult and trying time since both parties have totally different goals. In most cases it is better to have a third party, such as a real estate professional, negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

After your offer is accepted you will need to set up, coordinate and interpret various inspections, including insect, radon, building quality, oil tank, title, etc. You will also need to arrange for homeowners insurance and finalize the mortgage.

This is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.

Your CENTURY 21® Real Estate Professional can help make these discussions go more smoothly. In most states you will also have the option of a "walk through" before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction.

Before you arrive at the closing, make sure all the necessary paper work and deposits have been completed. If the mortgage, title work, homeowners insurance and other items necessary under local and state laws are not completed and brought to the closing table, the closing may not happen on time. And, depending on what the contract says, this could result in further action including financial penalties and even the loss of your rights to the home.

Once you close, it's official - you own the house! But there might be a few things you want to do before you lay out the welcome mat. These include arranging for an alarm system, turning on the electricity, subscribing to the local paper, cleaning or replacing the carpet, arranging for lawn services, etc. This could also be a good time to make some needed renovations.

Be sure to turn to your CENTURY 21 real estate professional for guidance and information about many money-saving offers available to CENTURY 21 customers.

CENTURY 21 real estate professionals are dedicated to making the process of buying your home as easy as possible. Below you will find the 21 pledge points offered in support of helping you. *At participating offices only.

1. Dedicate myself to making the process of buying your next home as easy and as successful as possible.
2. Respect you, your needs and be honest and forthright.
3. Hold your best interests in the highest regard throughout the process.
4. Value and respect your time, being as efficient and effective as possible.
5. Understand your needs and respond quickly.
6. Consult with you to determine your particular real estate wants and needs.
7. Use my base of experience, knowledge, tools and the most up-to-date training to best serve you.
8. Explain each step of the process and act as a guide to help you make most informed decisions.
9. Disclose material facts known about the property and respond to questions concerning the property.
10. Help determine your purchasing power, while explaining alternative methods of purchasing and/or financing.
11. Provide an action plan for locating the right property, at the right price and terms, in an acceptable time frame.
12. To the best of my ability, continuously show you new properties that fit your needs.
13. Provide a Customized Home Search Plan for locating the right property for you, only showing you properties that will best meet your needs and in accordance with Fair Housing regulations and ethical real estate practices.
14. Use the most comprehensive database of listings in the area, to help you find the home that best meets your needs, whether that be the Multiple Listing Service and/or other methods.
15. Provide the resources of Century21.com that offers thousands of listings, allowing you to easily review homes that are right for you, access in-depth information on neighborhoods, and additional information.*
16. Use my knowledge and expertise to promote the most valuable purchase on your behalf. I will assist you in evaluating the market value of properties that are of interest to you and help you obtain the most advantageous price and terms.
17. Provide access to financing that meets your needs, at the lowest possible rates available to you.
18. Advise and assist you in completing your purchase agreement, and present your offer with integrity in a light most favorable to your needs.
19. Upon acceptance of an offer by you, pre-settlement (escrow) activities throughout the closing process will be monitored as permitted by law or local practice.
20. Offer to provide you with information regarding other professionals (e.g. attorneys, accountants, inspectors, contractors) that may assist you during and after your move.
21. Utilize the CENTURY 21 System of thousands of offices to provide you with the name of an office in the area of your new home, to assist you further.

are not a problem providing some guidelines are followed to meet government approvals. Cases vary based on size, location and intentions of future usage of the property. In general, any individual can own up to 5 Acres and 165 feet of ocean frontage without seeking governmental approval.

The best thing to get clarification is to speak with a sale associate. If we can't answer the question, we would be more than happy to assist in obtaining more information.

Call our office, toll free 1-888-701-0021

Disclaimer: all materials on this web site are considered accurate. Brenda Hackett, Century21 Northumberland and/or the PEI Real Estate Association claim no liability for any information contained within this site. For comments or corrections please email administrator@century21pei.com.