The journey to finding and purchasing your home is a detailed and carefully-managed process. Our goal is to ensure that every step is transparent, straightforward, and tailored to your needs. Here is a comprehensive overview of how our team assists you through this exciting journey, from the initial search to closing the deal.
To proceed with placing conditional offers on home purchases on your behalf, we’ll need you to sign a Deposit Agreement and pay an initial deposit to Key. This step secures your commitment and allows our team to confidently move forward in finding and securing your future home.
The Deposit Agreement will outline your approximate down payment, monthly payments and predetermined year-5 purchase price. These values are based on your home budget and will be finalized during the closing formalities of your chosen home.
Once your home-buying criteria is finalized, our team will connect you with our realtor partners. You can also invite your trusted realtor to the buying process instead, subject to our due diligence. Our team will support and work collaboratively with the realtor who will receive the full buyer’s commission.
The realtor plays a crucial role in this process, handling property tours and providing detailed information about each potential home. They share their findings with our team, allowing us to ensure that every property considered meets the established criteria and is a good fit for the program.
When a suitable home is found, the realtor submits the home to our team for approval. Our team will also review the property and the proposed offer against our Offer Approval Criteria. This step is critical to ensure that the home not only meets your needs but also aligns with our required offer and property conditions.
Key will sign the conditional offer agreement to purchase the home as the titled owner. If the seller accepts the conditional offer, we move forward with the closing formalities.
Offers to purchase homes depend on a favourable home inspection that doesn’t reveal material issues such as structural damage, hazardous substances, prior infestations or floods, or other issues that neither of us want.
If the home passes this review, we’ll initiate the signing of the final Owner Resident Agreement that outlines all the program and payment terms of your home, including the final purchase price at the five year point. You will have a chance to review the agreement with your lawyer.
Once you and Key sign the agreement, you’ll pay your remaining share of the down payment to Key. You’ll secure tenant insurance for your 5-year term or we can connect you with our trusted insurance providers. This ensures that both parties are protected and can move forward with confidence.
Once this is completed, the rest of the closing formalities are carried out by our team including the purchase of the home and any legal formalities around it.
The day of the closing is the start date of your 5-year agreement with Key. You can move into your new home and start building your equity from this point. Congratulations!
