Determine your budget
Decide what you want
Register with SRL
Check out the Property
Participate in the Auction
Pay the Deposit
Pay the Balance
Close the property
Tell a friend
The first step in buying a property is deciding how much you can afford to spend based on your savings or mortgage.
If taking a mortgage, visit your financial institution to get a pre-qualification letter
Decide how much you can deposit. This may range from 10% – 20% of the sale price of the property
Do you want to live in a single family home or a complex? You will need to decide what types of properties you are open to purchasing.
How many bedrooms and bathrooms do you need? How much space do you really need?
Where do you want to live? Decide on the Parish, and possible communities.
Be honest with yourself. Balance what you want, with what you need and can afford.
Complete the SRL Client Registration Form
Upload the required documents
Subscribe to receive notifications of upcoming auctions
When an auction goes live, review the available properties. Could any meet your needs?
Visit the location to view the exterior of the property. Unlike open market purchases, you typically do not have access to see the inside of auctioned properties, as they may be occupied.
Familiarize yourself with the community. Understand what ammenities are available, and the culture of the neighbourhood.
Do your research to determine the value of similar properties. Your SRL Agent will guide you.
Read the conditions of sale. It outlines the rules of the auctions, terms, your eligibility to bid, and the time to complete the purchase.
Bid on the property that meets your needs and budget.
Check your email and other alerts to know if the auction is closing, or if you have been outbid.
The deposit is typically due within 24 hours of winning the auction. Make sure the funds are available.
Pay the balance within the agreed timeframe. This may be financed through your savings or a mortgage.
Complete the legal requirements to transfer the title. Your SRL Agent and partners will guide you.