My mission is to ensure that the purchase of your Vancouver home is as stress-free and financially satisfying as possible. I am here to guide you through each step of the process, from commencing your initial search through to receiving the keys for your new home. It is important to note that our services are not paid for by you, the buyer – our remuneration is provided via a share of the listing commission on the property sold.
Below is a brief summary of the buying process, and the commonly used terms and expressions in Vancouver real estate transactions.
1. Commence your search
I have access to all the listings in Vancouver and will work with you to match properties to your criteria and create your short list.
2. View properties
I will organize a tour of the properties on your short list at a time that is convenient to you. This will take place over one or more days to enable you to narrow down your search to your preferred property.
3. Offer (Contract of Purchase and Sale)
Once you have identified your preferred property, I will prepare an offer to be presented to the Seller’s Agent. Some of the key components of the offer will be as follows:
- Price – the price you, the Buyer, are prepared to pay for the property
- Inclusions/exclusions – a specific list of fixtures and fittings that are included or excluded from the sale.
- Deposit – upon the deal going firm (the removal of subjects), a deposit is usually paid by the Buyer into the trust account of the Buyer’s real estate brokerage. The deposit is typically 5-10% of the offer price
- Subject conditions – these are further specific terms to which the offer is conditional on. Typical subject conditions include financing, building inspections, review of strata documentation, etc. Each of these ‘subjects’ will have a date by which the buyer has to complete them. This enables the buyer time to conduct further inspection of the property and arrange their financing, while having the security of an agreed contract before incurring the cost and time involved.
- Completion date – the date on which the outstanding balance is paid across to the Seller and title is transferred to the Buyer, and the contract thereby completes. Building insurance must be in place as of this date.
- Possession date – the date on which the Buyer takes formal possession of the property.
4. Counter offer
This is when the Sellers returns the contract amended with their terms and conditions, e.g. a different price or date for completion. At this point the buyer has the choice to either accept these terms or re-counter with their new terms, e.g. a different price. This negotiation process will continue back and forth until both parties can agree.
When both the Buyer and Seller agree to all the terms and conditions in the contract, it is said to be “accepted”. Upon acceptance, the buyer will commence their due diligence on the property in order to satisfy their subject conditions, e.g. completing a building inspection, reviewing strata documentation, arranging financing, etc. The Buyer typically has a period of c. 2 weeks from acceptance in which to remove subjects.
6. Firm (subject removal)
Once subjects have been removed, a firm and binding contract exists. The deposit is paid across into our trust account within 48 hours of the contract becoming firm. We will assist with arranging a lawyer to convey the purchase for you, and put you in contact with the appropriate contacts you need for your new home e.g. accountants, phone companies, hydro/electricity, etc.
Usually takes place 2-6 weeks after the contract going firm. The balance of the purchase price is paid across to the Seller and the title is transferred to the Buyer. You are now the proud owner of your new Vancouver home – congratulations!