published 27 June 2025
Whether you are buying your first home or have purchased multiple properties, the real estate process can be both incredibly exciting and very stressful. Here are five tips to avoid some of the common mistakes that may arise when you are purchasing a home:
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​1. Not getting pre-approved for a mortgage. In the current housing market, many new listings move quickly. You may be expected to view a property on short notice and be in a position to present an Offer by a specified deadline. To ensure that you will be able to navigate these timelines, you should be proactive and speak to your mortgage broker, bank or lender in advance. The pre-approval process will determine your maximum purchase price so that you can narrow down the properties in your search. You will also be well on your way towards completing the steps to a final approval that will be required once you have an accepted Offer to Purchase.
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2. Skipping out on due diligence. A home will likely be your biggest purchase, so it does not make sense to skip out on a home inspection or fail to undertake appropriate due diligence steps to ensure that you are getting what you are bargaining for. If you are unsure what due diligence should be completed, you should consult with your realtor or lawyer as the requirements may be different for each property.
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3. Planning for your closing costs. In addition to the purchase price for your new house, there are required closing costs for every property purchase. In Manitoba, this includes land transfer tax and registration fees, other disbursements such as property title searches, title insurance and tax certificates, and legal fees. The land transfer tax is determined by the purchase price of the property so if you have a price range in which you are looking, then this can be estimated to give you an idea of what your closing costs may be. You will need to ensure that you have these funds in place because they will need to be paid prior to closing along with the purchase price.
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4. Forgetting to arrange property insurance. A lot of work goes into shopping for a home and arranging financing. Once those steps are completed, there is often a waiting period before you will ultimately meet with your lawyer to sign documents and ensure everything is in place for the closing date. However, you will need to have arranged for proper fire/home insurance for the property effective the date of possession. This can be done at any time after you have an accepted Offer and have secured your financing. You do not need to wait to see your lawyer before you can arrange this. Insurance brokers are busy and depending on the property may require additional information to secure insurance for you. Ultimately, if this is not in place prior to possession, it may delay your closing.
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5. Planning time to meet with your lawyer. Many people think that they can simply complete documents electronically via DocuSign or with electronic signatures. This is often an option with your bank or broker; however, when it comes to the final documents to be signed with your lawyer those will generally need to be signed in person. Land title forms still require original ink signatures and so you will need to ensure that you can be available to meet with your lawyer to sign documents prior to possession.
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If you are unsure of what you can or should be doing for your property purchase, your team of trusted professionals can assist. Your real estate agent, mortgage broker, and lawyer will all play key roles in the purchase process. You should never hesitate to reach out to any of them with questions so that they can help you navigate through the process. With proper guidance, you can avoid many of the issues that may arise along the way.
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DISCLAIMER: This article is written for informational purposes only and does not constitute legal advice. The views expressed are solely the author’s and should not be attributed to any other party, including Meighen Haddad LLP. If you need legal advice, please call our office at (204) 727-8461.
The Author
KARLA DANE
Partner
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