BUYING

THE BUYING PROCESS

1.

DETERMINE A BUDGET

Getting a pre-approval for a mortgage from an experienced mortgage broker is vital. This will give you a much better understanding of what you can afford and will narrow down properties within your budget.

2.

SELECT AN AGENT

Commit to one agent and ask them for their undivided attention as well as their commitment to finding a property that best suits you. That agent, knowing you are committed, will go the extra mile to help you.

3.

CREATE A WISH LIST

Location? Size? Must haves?

4.

VIEW PROPERTIES

By working with a knowledgeable agent, you could save an incredible amount of time only looking at properties that meet your specific needs. Any questions regarding the building, location, and recent sales can be answered quickly and efficiently.

5.

SUBMIT AN OFFER

The offer, also known as the "Contract of Purchase and Sale" includes the price, "subject to" conditions, dates and more. Through careful negotiation, we have an accepted offer.

6.

SUBJECT REMOVAL

Once we have an accepted offer, we now have to remove all the "Subject to" conditions. For example, hire an inspector, obtain a mortgage, review all documents pertaining to the listing, as well as preparing your deposit. Once all of these have been fulfilled, you have legally agreed to purchase the home!

DEPOSIT:

7.

CLOSING TIME

A few days before closing you will meet with your desired notary or lawyer who will finalize the purchase and transfer the title of the property under your name. Once completed, you will receive the keys and take possession of your new home!

Typically 5% of the purchase price. (The deposit gets infused into the down payment.)

Down payments less than 20% require a mortgage insurance (Consult your lender for more details.)

$350 - $900 (Depends on size and complexity of the inspection.) 

5% of the purchase price on new homes. 

PROPERTY TAX:

Taxes vary based on the funds the city needs for services each year and your property assessment.

1% on the first $200,000 of the purchase price and 2% on the remainder up to $2,000,000. 3% on amounts greater than $2,000,000. A further 2% greater than $3,000,000.

FIRE/PROPERTY INSURANCE:

Pricing can vary depending on plans.

LEGAL FEES:

MOVING FEES:

$1000- $1300 (Prices can vary depending on your desired Notary or Lawyer.)

Pricing can vary depending on distance, company, etc.

UTILITY FEES:

STRATA FEES:

Fees for hydro, gas, water and sewer, cable and phone connections.

Fees can vary depending on unit size, age, complex, etc. (Only applicable for strata units.)

DO I HAVE TO PAY MY REALTOR COMMISSION?   

No, commission fees are paid by the seller.

*All information provided is deemed reliable, but is not guaranteed and should be independently verified.

APPRAISAL FEE:

$200 - $400 (Typically waived by your lender.)

HOME INSPECTION:

GST (IF APPLICABLE):

MORTGAGE INSURANCE:

PROPERTY TRANSFER TAX:

NEW HOME EXEMPTION:

Buyers of new homes may be exempt from paying the PTT if the purchase price is less than $750,000. There is also a proportional exemption for homes priced between $750,000 and $800,000.

FIRST-TIME HOME BUYER EXEMPTION:

Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price is less than $500,000. There is also a proportional exemption for homes priced between $500,000 - $525,000.

JOIN HUNDREDS OF READERS AND SIGN UP FOR

THE JOURNAL

A Short List of Real Estate Tips, Market Insights, Books I'm Reading, Quotes I'm Contemplating & Everything In Between, Once a Month.

OAKWYN REALTY 3195 OAK STREET, VANCOUVER, BC V6H 2L2

©2019 SPENCER DEBOICE REAL ESTATE