Buyer’s Guide

Similar to finding a Realtor®, finding the right mortgage broker will ensure you will be taken care of and will be provided with the best financial guidance and advice. One additional benefit of working with a mortgage broker versus a bank is the ability to be able to search across lenders for the best rate.

If you need mortgage broker recommendations, feel free to reach out to us and we can connect you with some local mortgage brokers we’ve worked with.

Pinpointing what you would ideally want in your future home can seem like a daunting task. We recommend starting by creating a list of all your wants, needs, and non-negotiable items. As an example, include things like ideal locations, pet friendly, whether having a patio is a must and if having a gas stove is a ‘nice to have’.

Starting this list at the beginning of your home buying process will be very helpful for you and your agent as you start touring properties, and throughout the search you will feel more confident with determining if you are willing to compromise on anything from your wish list, in favour of more valued ‘must-haves’.

This is the most exciting part of the entire process, so make sure to enjoy it and approach it with an open mind. Some will find their home after the first viewing and for others, it might take a bit longer. Our team of experienced agents will guide you through the homes, and also offer insight into the building condition and neighbourhood improvements.

With every home you view, you are getting closer to finding the right one! Lean into your Realtor®’s expertise, ask questions and stay positive. 

After you’ve found a property that you’d like to submit an offer on, your Realtor® will do a market analysis of sold comparables in the area and in the building. By considering factors like if there are any renovations, the amount of days listed and the current market conditions, your Realtor® and you will discuss your offer strategy.

Depending on your personal needs and the state of the market, this step can vary. Regardless, your Realtor® will include clauses that will protect you and keep your best interests.

When writing an offer, it can include subjects or “conditions” such as:

• Subject to inspection
• Subject to financing
• Subject to reviewing the strata documents
• Subject to sale of your current property

As of January 3rd, 2023, the new BC Home Buyer Rescission Period came in to effect. This new rule allows Buyer’s 3 full business days to rescind their offer for any reason. If the Buyer exercises their right of rescission within 3 business days, and does not have any other subjects or conditions, they must promptly pay the Seller a penalty fee equal to 0.25% of the purchase price.

With every offer you make, you will also have to set a ‘Completion Date’ and a ‘Possession Date’. The ‘Completion Date’ is when the funds and title transfer between the Buyer and Seller, and the ‘Possession Date’ is when the Buyer officially is handed the keys to the property.

Once your offer has been submitted, your Realtor® will negotiate at your direction terms like price, subjects, or dates. If your offer is accepted, you will enter into the Home Buyer Rescission Period, or subject removal phase. Based on your subjects and what was stipulated in your contract, this time is set to complete due diligence like:

• Booking a property inspection
• Finalizing your financing
• Reading through the strata documents

Once you have satisfied any and all of your subjects or ‘conditions’, you have up until the date outlined on your accepted offer to remove the subjects or ‘conditions’, and provide your deposit.

Once your subjects have been removed and your deposit has been paid by Bank Draft to your Realtor® brokerage in trust, it is the time to select a lawyer or a notary to handle the closing of your purchase.

This person will handle the transfer of funds, title, and any other legal matters that are required. Generally around 7 to 10 days before your Completion Date, your lawyer or notary will reach out to you to set a time to visit them and sign the documents to complete the purchase. They will also inform you of the amount of funds you need to bring to complete your down payment. The initial deposit that was paid after subject removal will be in their possession as well, and will form a part of your down payment.

If you need notary or lawyer recommendations, feel free to reach out to us and we can connect you with some local mortgage brokers we’ve worked with.

The big day has arrived! On Possession Day you will walk-through your new property with your Realtor® to ensure that the property is clean, that all of the appliances are in working condition, and that any other items specific to your contract are fixed. This is your chance to double-check. Once this is all completed, you will be handed the keys.

Congratulations, you are a new homeowner!