Home buying should be an exciting and enjoyable experience. It is also a business transaction that involves a series of steps and a number of companies and service professionals. Keeping a record of the transaction from beginning to end will help to ensure that everything moves along smoothly.

GVHBA believes buying a home is based on promises and agreements, all needing to be documented. As a home buyer, you should have a copy of every document that is part of the transaction. These documents may include all or some of the following.

Application for Mortgage Pre-Approval, Pre-Arranged Mortgage Confirmation Certificate
These documents from your lender should include such details as the maximum amount you can borrow, the interest rate you will be charged, and the length of time the rate is guaranteed for. You also want to know how to proceed once you have signed the contract with the builder.

Contract With Your Home Builder
Always get a written contract setting out the agreement between you and your home builder. The contract should cover exactly what you are getting, in detail; where and when; and price and payment milestones. It is wise to have a lawyer review the contract before you sign it.

Fulfillment of Contract Conditions
The contract with your home builder may contain conditions that have to be met within a certain time limit before you have a firm deal. Mortgage financing or the sale of your existing home are the most common ones.  Both you and your lawyer should get copies of any documentation related to the fulfillment of the conditions, and a copy should be forwarded immediately to your builder.

Change Orders and Contract Amendments
It is not uncommon to fine-tune some of the details or finishing touches on a home in progress. Home builders use change orders to keep track of any deviations from the original contract and will give you a copy for your file.

Estimates from Your Insurance Company, Movers, Lawyer and Others
The more you know about the final costs of the entire transaction, the better you can budget, and the fewer surprises you will have on closing day (the day you take possession of your new home). Get written, detailed estimates whenever possible on items such as:

• How much will it cost to insure your new home?
• How many people, how many hours are included in the mover’s estimate? 
• What are the closing costs, including legal fees, disbursements, property transfer tax and registration costs? 
• What other items must be dealt with on closing day?

Deed and Mortgage Documents
The deed is your proof of ownership of your new home. The mortgage document spells out the details of your financing arrangements with your lender. You will usually get these and other documents from your lawyer after closing.

Discussion Notes
Finally, it makes good sense to keep track of conversations, meetings and correspondence between you, the home builder and everyone else involved in the transaction. Jot down discussions and decisions. And don’t ever hesitate to ask questions of your builder, or air any concerns you may have. Professional home builders have been through the process many times. They also know that you probably haven’t and are ready to offer their assistance and experience.