Real Estate Talk:
The purchase process in 2025

Searching for a property with a broker and the step-by-step purchase process

By Joseph Marovitch

Updated June 4, 2025

If you are buying a property for the first time, it can be an overwhelming endeavour. There are questions such as, Where do I start? Where do I look? Should I use a broker or do this alone? How do I arrange financing? What if the house has problems? Am I paying a fair price? Will I get my money back when I sell? And the list goes on and on.

To provide a better understanding of the real estate process and all that is entailed, I will provide a series of articles including topics such as the purchase process, the selling process, the pre-approval process, inspection, financing, cash or mortgage, marketing process, income property, buying with or without warranty, purchasing a second home and other issues. You can also contact me anytime for questions about topics presented or any other real estate issues.

Buying a property for the first time can be an overwhelming endeavour. There are questions such as where do I start? Where do I look? Should I use a broker or do this alone? And the list goes on and on.

In this article, the first topic addressed is searching for a property with a broker. You can search online or through ads in the local newspapers, however, this is a time-consuming process and much effort can be wasted. An experienced broker does not cost you and can narrow your search to specific criteria such as location, number of bedrooms and bathrooms, style, and price range.

The first step is to meet several referred brokers and find chemistry, integrity, and trust. In a meeting, you will determine if the broker appears informed, professional, and trustworthy.

Questions to ask include:

• How long have you been a broker?
• Have you purchased many homes?
• How do we finance?
• Can you recommend a mortgage broker?
• Can you recommend an inspector?
• Can you recommend a notary?

These are not complicated questions, but you want to detect knowledge, patience, integrity, professionalism, the ability to negotiate, and commitment to you… and not just a sale. If your gut feeling is positive, then use the broker. If not, go to the next broker.

The wrong broker to buy or sell a property can lead to legal issues and plenty of frustration. The broker should ask you several questions as well to determine and create a foundation of trust. After all, you will be working together intensely for a time.

‘The wrong broker to buy or sell a property can lead to legal issues and plenty of frustration.’

The following is the purchase process step by step.

Meet the broker at your home or in their office to determine:

• Type of property – residential, detached, semi-detached, condo
• Number of bedrooms
• Number of bathrooms
• Parking or garage, or both
• Location
• Price range
• Style – old, new, concrete, wood, brick, stone
• Financing – mortgage or cash? You and/or your broker should arrange a pre-approval or prepare a proof of cash.

The broker will then provide a crystal clear explanation of the purchase process, the rules when working with a buying broker, and the new-to-Quebec buyer’s brokerage contract, which is now mandatory in residential purchases.

The process

1. The broker searches and reviews listings based on criteria provided by the buyer.
2. The broker emails listings to the buyer to preview.
3. If the buyer finds any listings to be of interest, the buyer informs the broker.
4. The broker arranges visits.
5. The broker checks for liens, mortgages, registered rights, etc.
6. The broker compares the property to other comparable sold property from the past six months.
7. Using all the previous information, the broker and the buyer determine the best price possible.
8. The broker prepares the promise to purchase with price and conditions.
9. The broker prepares a counteroffer if required.

Once an offer is accepted

1. The broker ensures all required documents are provided to the designated notary.
2. The broker ensures financing is arranged with bank evaluations.
3. The broker ensures inspection deadlines.
4. The broker handles miscellaneous problems: certificates, loans, servitudes, non-conformities, septic, well, weeping field, etc.
5. The broker arranges the signing

Then there are closing costs, which include:

1. Notary fees – for radiating a prior mortgage, title transfer, researching titles, researching the property for infringements, unpaid bills related to the property, including but not limited to unpaid taxes and mortgage payments, and title insurance if required.
2. Land transfer fee, also known as the Welcome tax
3. Inspector’s fee for the home inspection
4. Mortgage broker fees
5. Broker commission, which is plus tax
6. Lawyer fees, if required
7. Adjustments between buyer and seller for paid or unpaid bills, taxes, condo fees, etc.
8. Moving costs

The information in these articles is a summary. Should you have questions, comments or wish to discuss further, please refer to the comments section at the bottom of the page or contact me directly. As well, to view past articles, click here.

Next article: The selling process

State of the market

Today, the Bank of Canada decided to hold interest rates at 2.75% instead of providing a rate cut. The Fed decided on a rate hold due to continued high economic uncertainty. Until the full effect of the applied tariffs is determined, the Fed intends to remain on high alert. Should the economy weaken due to tariffs and a possible recession, we may see rates drop further. If the economy should strengthen, then we will see rates rise along with property values.

While most buyers and sellers are on the sidelines waiting for positive news, many potential sellers have mortgages up for renewal. Many of these mortgages were at very low interest rates, as the homes were purchased during the pandemic. Those who purchased during the pandemic or refinanced will be hit with significantly higher rates, causing more homes to enter the market. In this scenario, with higher inventory and lower demand, the market will be more favourable to buyers.

‘… many potential sellers have mortgages up for renewal. Many of these mortgages were at very low interest rates, as the homes were purchased during the pandemic. Those who purchased during the pandemic or refinanced will be hit with significantly higher rates, causing more homes to enter the market.’

Once again, it is paramount, if selling in the current market, to be strategically priced. Property that is tactically priced will provide incentive to buyers, and the more interest the property has, the more likely the property will receive multiple offers. Multiple offers drive the price up. A mistake many sellers make is to price their property at the top of the scale or higher. In an uncertain market, this causes the property to remain on the market longer until it flatlines, meaning no interest and no offers. Another tactic, which is of the utmost importance, is to target the property to the right audience, based on the property’s location, price and condition.

For further questions on how to tactically price and target a property, do not hesitate to reach out in the comment section or contact me directly.

Have a great week!

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Feature image: Andrew Burlone

Other articles by Joseph Marovitch