faqs

The first step is to assess your financial situation and get pre-approved for a mortgage. This helps you understand your budget and makes you a serious buyer in the eyes of sellers.

You’ll typically need funds for a down payment (5%-20% of the property price) and closing costs (2%-5% of the price). Some programs may require less.

Pre-approval is a lender's conditional offer to loan you a specific amount. It helps you set a budget and makes you more competitive when making offers.

Yes, a real estate agent provides expertise in the market, helps with negotiations, and guides you through the entire process.

Research neighbourhoods based on safety, schools, commute times, amenities, and long-term investment potential.

Options include fixed-rate, adjustable-rate, FHA loans, VA loans, and USDA loans. The right choice depends on your financial profile.

It’s a deposit you pay to show your commitment to purchasing the property. It’s held in escrow and goes toward your down payment or closing costs.

A property inspection is an evaluation of the home’s condition to identify potential issues such as structural problems or repairs needed.

Closing costs include fees for appraisals, inspections, title insurance, attorney services, and more. They typically range from 2%-5% of the purchase price.

An appraisal determines the property’s market value, ensuring the price aligns with its worth. Lenders require this to approve your loan.

A contingency is a condition that must be met for the sale to proceed, such as passing a home inspection or securing financing.

Work with your real estate agent to determine an offer price and submit a written offer. The offer may include contingencies and deadlines.

You’ll move into the escrow period, where the property is inspected, appraised, and all contingencies are addressed before closing.

Escrow is a neutral third-party service that holds funds and documents until all terms of the purchase agreement are met.

Homeowners insurance protects your property against risks like fire, theft, or damage. Lenders typically require it.

Title insurance protects you and your lender from legal claims or disputes over property ownership.

Yes, but only under specific conditions, such as unmet contingencies. Otherwise, you may forfeit your earnest money deposit.

Property taxes are annual fees based on the assessed value of your property. Rates vary by location.

Check that agreed-upon repairs are complete and the property is in the same condition as when the offer was made.

You’ll sign final paperwork, pay closing costs, and receive the keys to your new home

Assess your financial situation, define your investment goals, and secure financing pre-approval to understand your budget.

Commercial properties include office spaces, retail buildings, industrial facilities, multi-family residential units, and land for development.

Commercial property purchases involve higher costs, different financing options, longer due diligence periods, and leases that often generate income.

Options include conventional commercial loans, SBA loans, bridge loans, and hard money loans. Each has specific terms and requirements.

An appraisal evaluates the property's market value based on income potential, location, and condition. It’s required for financing.

Evaluate factors like foot traffic, zoning regulations, accessibility, proximity to target customers, and future development plans.

Zoning laws dictate how a property can be used (e.g., retail, industrial, residential). Ensure the property suits your intended use.

A feasibility study assesses the financial and operational viability of the property for your business or investment goals. It helps mitigate risks.

Due diligence involves verifying financial, legal, and physical aspects of the property, such as leases, income statements, and structural integrity.

NNN leases require tenants to cover property taxes, insurance, and maintenance, making it a popular option for commercial investors.

ROI is calculated by dividing the annual net income from the property by the total investment cost, expressed as a percentage.

Yes, a commercial agent has specialized knowledge of the market, zoning laws, and property valuations to guide you through the process.

CAM (Common Area Maintenance) fees are charges tenants pay for maintaining shared spaces, like parking lots and lobbies.

A 1031 exchange allows you to defer capital gains taxes by reinvesting the proceeds from the sale of one property into another.

Risks include vacancies, market downturns, unexpected maintenance costs, and difficulty securing financing.

Review rent rolls, lease agreements, operating expenses, and historical financial performance.

Key documents include the purchase agreement, title deed, zoning compliance certificates, and any existing lease contracts.

Yes, a real estate lawyer ensures all legal aspects are in order, including contracts, zoning issues, and title searches.

Inspect the building’s structure, HVAC systems, plumbing, electrical setup, and compliance with local building codes.

You finalize financing, sign legal documents, pay closing costs, and transfer ownership of the property.

Assess your finances and get pre-approved for a mortgage. This helps determine your budget and makes you a credible buyer.

Down payments typically range from 3%-20% of the purchase price, depending on the loan type. Some government programs allow for even lower down payments.

Yes, a real estate agent has market knowledge, can negotiate on your behalf, and will guide you through the buying process.

Common types include single-family homes, condos, townhouses, multi-family homes, and co-ops.

Consider your income, savings, credit score, and monthly expenses. A mortgage pre-approval will give you a clear idea of what you can afford.

Closing costs are fees paid at the final stage of the transaction, typically 2%-5% of the home’s purchase price. These include appraisal, title, and attorney fees.

Evaluate safety, schools, commute times, amenities, and property value trends in the area.

A home inspection assesses the property’s condition, identifying issues like structural damage or needed repairs. It’s highly recommended.

Pre-qualification is an estimate of what you can borrow, while pre-approval is a formal offer from a lender based on your financial documents.

Earnest money is a deposit showing your commitment to buying the home, typically 1%-3% of the purchase price.

Work with your agent to submit a written offer, including price, contingencies, and deadlines. The seller may accept, reject, or counter the offer.

Contingencies are conditions that must be met for the sale to proceed, such as obtaining financing or passing a home inspection.

A mortgage is a loan to finance a home purchase. Types include fixed-rate, adjustable-rate, FHA, VA, and USDA loans.

PMI protects the lender if you default on your loan. It’s typically required if your down payment is less than 20%.

An appraiser evaluates the property to determine its market value. This ensures the home is worth the amount you’re borrowing.

Property taxes vary by location and are based on the assessed value of the home. Factor this into your monthly housing costs.

Escrow is a neutral third-party service holding funds or documents until all conditions of the sale are met.

Yes, lenders require it to protect against damages or loss. Homeowners insurance also provides liability coverage.

A final walkthrough is your chance to inspect the property before closing, ensuring it’s in the agreed-upon condition.

You sign the final documents, pay closing costs, and receive the keys to your new home.