Home Buyers FAQs
Who is the right Vancouver realtor for me?
choose a realtor with lots of experience, so they can guide you throught the process with ease. Choose a realtor that knows your areas of interest
I wish to do short term corporate rentals, do condo buildings permit this?
you’d have to check their bylaws. Rentals less than one month are not permitted in Vancouver
The listing states rentals are allowed with restrictions, what does this mean?
the strata limits the number of rentals, to a specific amount or percentage
The listing states pets are allowed with restrictions, what does this mean?
the strata limits the number of pets you can have or the size and weight
What can I afford?
ask a mortgage broker to give you a pre-approved mortgage
How do i determine what price to offer and how do i make an offer?
as a buyer agent, Maggie will give you the recent sales in a condo building, or the recent sales in the neighbourhood that are properties similar in age and condition and lot size to the one you wish to purchase. Maggie will draw up a contract of purchase and sale for you
What is included in the offer?
buyers and sellers names and addresses, purchase price, legal description of the property, closing and possession dates, items included, open for acceptance time and subject to clauses
What happens when the seller accepts my offer?
you then have your 7 days to carry out your “due diligence”, finalize your mortgage, do a property inspection, review strata documents or any other conditions in the offer to purchase
What happens if they don’t accept my offer?
you make another offer
When is the deposit due?
usually the deposit is due on the subject removal date
What happens on Possession day?
your realtor gives you the keys and you move in. Check the time on your contract of purchase and sale
Do I need home insurance?
yes! if you buy a house you’ll need fire insurance. if you buy a condo you’ll need third party liability insurance. it is also a good idea to insure your personal possessions
When do i need a lawyer or notary?
it’s a good idea to ask them to review the contract of purchase and sale and the title, prior to subject removal. however, they don’t really get involved until after subject clauses are removed and the deal is firm
What if I need to sell my current home first?
there are a couple of ways to go. You can sell your current home (if it’s a buyer’s market and there’s a good selection of homes to choose from), or you can make an offer subject to the sale of your home but the seller will insert a time clause that states that if he gets another offer, you have 48 hours to remove all conditions or he sells it to the second buyer. If your homes hasn’t sold you could ask the bank for bridge fianncing, which means they’d lend you the $ to buy another property til yours sells
Should I invest in two cheap condos or buy one more expensive one?
lower priced condos are usually easier to rent but if you tally up the maintenance fees, property taxes, management fee and compare it to the rents for two lower priced condos versus one expensive one, you may find the expensive one has a lower carrying cost
Should I get a pre-approved mortgage?
Yes! you should do this before you start to look for properties, so you know what you can afford
Who pays the realtor?
the seller pays real estate fees to their agent , who splits the fee with the buyers agent
Where can i find the best mortgage interest rate?
check with a mortgage broker and your bank
What is a buyers market?
when there are more properties for sale than there are buyers, the market tips in favour of the buyers. With a surplus of house listings to choose from, home buyers become more selective and sellers more anxious to sell often at attractive prices.
What is a sellers market?
a seller’s market is the reverse. You have many ready buyers shopping for fewer available homes. In this situation, sellers generally have the upper hand and can command good offers, often above the listed price. Some sellers will refuse offers with any contract contingencies, including a pre-purchase home inspection.