Whether you're a first time home buyer or an experienced investor, I'm committed to guiding you through the buying process. There are many important questions to consider when purchasing a home. Avoid time-consuming and costly mistakes and put my experience to use.
Buying a home is a big step in your life, and it is my pleasure to make the search as efficient as possible. Making a list of your priorities is important. Figuring out what kind of a home you’re looking for helps me focus my search to find you your desired property. Often there are two of you making this decision so an building a mutual wish list of a desired property will help focus the direction of the search. Priorities that you may want to consider:
Type of Home – Are you looking for an apartment/condo, townhome, duplex, or your own single family detached lot.
Size & Features - How big of a home? How many levels? Approximately how many square feet do you want/need? Do you want/need a basement? Do you want a separate suite? How many bedrooms/bathrooms? Do you want a view? Do you want/need a yard? Do you want/need a garage?
Characteristics – Are you looking for a newly built home or older home that you can renovate? Generally newly built homes are more expensive, where older homes you can put some “sweat equity” into and renovate the home to your liking. If you do go down the renovation path, the next question would be are you prepared to take on the project and can you afford to renovate? This leads us to the next step, finances.
Once we have focused on your priorities, the next step is to get some financial advising. I would be pleased to help you through this step. Getting in touch with a mortgage specialist at your bank or a mortgage broker will help guide you. They will help you understand your borrowing criteria. Your borrowing criteria will be deciding on the amortization period (how long it will take to pay off the mortgage) the term (how long you’re under contract with the lender and at which rate). The term can be on a fixed rate for ‘x’ amount of years (usually 1 – 5 year terms) or a variable rate (which will have its terms on rate and term).
Commonly, 20% is the down payment required by lenders. Otherwise you’re looking at an insurance payment to protect the lenders interest. All financial advisors can explain the guidelines of the Canada Mortgage and Housing Corporation (CMHC) to you.
While discussing your borrowing needs, you’ll be able to decide on the payment scheme you want to proceed with. You will be able to manage your payments weekly, bi-weekly, monthly, or accelerated bi-weekly. Accelerated bi-weekly payments are getting to be more popular as you put a little more towards the principle amount you have borrowed rather then towards the interest of your borrowed total. You’re financial adviser will be able to discuss your options that accommodate your needs. After your financial adviser understands your needs, they will compile all the information and you’re on track to getting APPROVED! Once your finances are in order, the fun begins, the Search!
During this process I will help you find the perfect home as specified by your priorities, desired features, and characteristics. As your buyer’s agent I will provide you with current market information, present you with a Comparative Market Analysis (CMA), represent and negotiate your position in the biggest transaction of your life.
I can help you find the properties that match your wish list by applying you to a listing search. This listing search will be compiled by all the information that we have discussed. Once all of the information is added to the listing search, you will be kept informed of all market activity that matches your criteria.
Once we have found a property that you are interested in, I will set up a buyers tour of the property accompany you through a showing. Along with buyer’s tours, I will accompany you to open houses to get a first hand understanding and reaction to how you feel about the property you are viewing. Once you feel confident that we have found the right property that fits your wish list we move to the next step, making an offer.
Once you’ve found the property you like, the next step is to make the offer. Making an offer requires an enforceable contract, which I would gladly expedite. I will write up a contract of purchase and sale that will represents your position that I will present to the seller.
Before the contract of purchase and sale is official, subjects to clear will protect your interest. Subjects like appropriate financing, property inspection (so we don’t find any defects that could come up after you take possession), review of necessary documents, and any other subject crucial to your position.
Once we have that sorted out we will discuss your time frame, when you want to close and take possession. After we have stated all this information we will send the contract to the seller and await their response. If accepted, then your that much closer to your new home. However, they may reject our offer and counter the offer.
There is always a possibility of multiple offers. In this even the listing broker would inform agents that there are multiple offers, and then as the cooperating broker we would submit a best counter-offer.
Subject removal is commonly within a week, but that can be different in any situation. These subjects need to be removed so there is a firm and binding deal on both parties. I will assist you in having the subjects removed.
Once we have a firm and binding contract of purchase and sale, a deposit is required to be held in trust. Your mortgage will need to be finalized. Conveyance paperwork will need to be filed with a lawyer or notary which I will be able to point you in the direction of getting excellent legal advise. Your lawyer will:
- Receive your borrowed funds from the lender
- Create a statement of adjustments including:
o Property Tax Credits or Debits
o Deposit Paid & Down Payment Funds. (Bank Drafts &/or Cheques)
o Conveyance fees
o Title Transfer fee
o Borrowed Funds (Mortgage)
o Property Transfer Tax (PTT)
- Forward the funds to the seller, while completing all necessary documents.
- Transfer the title of the property from the seller to you in BC Land Titles Office.
Congratulations!! You’re now the owner of your NEW HOME!! I will meet you with keys so you can move into your new home!
Completion costs are your closing costs usually the day you take possession. They are based on the statement of adjustments that your lawyer has drawn up explaining your closing costs. You should consult the lawyer to explain all your closing costs so you are prepared on closing day.
This information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.