Home Buying Steps in London, Ontario
Step-by-Step Guide
Step 1: Define Your Budget & Get Pre-Approved
Before looking at homes, you should first understand your financial range.
✔ Get a Mortgage Pre-Approval
✔ Prepare your Down Payment
✔ Estimate your monthly carrying cost
This includes:
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Mortgage payment
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Property tax
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Home insurance
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Utilities
👉 This step helps you avoid wasting time and strengthens your offer later.
Step 2: Work With a Local Realtor
A local London realtor will help you:
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Find suitable properties
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Analyze market value
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Book showings quickly
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Negotiate in multiple-offer situations
For many buyers — especially first-time or overseas buyers — this step is very important.
Step 3: Start Viewing Homes
At this stage you will:
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Visit properties in different neighbourhoods
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Compare price vs condition
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Evaluate commute, school zones, and rental potential
Key things to check:
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Roof and HVAC
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Basement condition
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Age of home
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Layout and future resale value
Step 4: Submit an Offer
Once you find the right property, your realtor will help you prepare an offer.
An offer includes:
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Purchase price
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Deposit amount
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Closing date
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Conditions (if any)
⚠️ In London ON, some properties receive multiple offers, so strategy is important.
Step 5: Conditional Period (If Applicable)
Common conditions include:
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Financing condition
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Home inspection condition
During this period you will:
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Finalize your mortgage approval
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Conduct home inspection
If everything is satisfactory → you will waive conditions and the deal becomes firm.
Step 6: Firm Deal
Once conditions are removed:
✔ The deal becomes legally binding
✔ You submit your deposit (if not already)
✔ Your lawyer starts preparing documents
Step 7: Hire a Real Estate Lawyer
Your lawyer will:
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Review the Agreement of Purchase and Sale
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Conduct title search
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Prepare closing documents
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Arrange title insurance
Step 8: Prepare Closing Costs
Typical closing costs in London Ontario include:
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Land Transfer Tax
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Legal fees ($1,500–$2,500)
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Title insurance
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Adjustments (tax, utilities, etc.)
👉 First-time home buyers may qualify for rebates.
Step 9: Closing Day
On closing day:
✔ Funds are transferred
✔ Ownership is registered
✔ You receive the keys
🎉 Congratulations — you officially own your home!
Step 10: Move In & Set Up Utilities
After closing:
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Set up hydro, gas, and internet (Normally, you can do this step one week earlier thanthe closing date)
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Change address
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Arrange moving services