Generally,

1) Planning, think about the following:

• • What are my needs? How big does the home need to be?
• • What type of home do I need? (Condo, Townhouse, Duplex, Detached, Land)
• • What are my preferred locations? Do I need to be close to public transport?
• • What is my timeline to buy? When would I ideally like to be in my new home?

2) Start Saving

• • How much downpayment do I need? 

Typically, to get financing approved for your mortgage, you should aim for 10-20% of the purchase price. However, if the value of your ideal home is above $1.5 Million, then you are obligated to have at least 20% downpayment.

For example, if the homes that you like cost up to $800,000, then a good downpayment amount would be $80,000 - $160,000 if you are aiming for 10-20% downpayment. 

However, I've helped clients purchase with as low as 5% so don't be afraid to try.

3) Get Pre-Approved

A pre-approval is not mandatory but it is strongly recommended. It's completely free - all you have to do is submit a few documents to a mortgage broker than they will give you a pre-approval. Typically, it takes about 1-2 weeks to get your documents ready, and 1 more week for the mortgage broker to complete the process.

This will save you time in the long run because you'll have a much better idea of what you can afford.

4) Contact Hamza (Call, text, or email!)

As your REALTOR®, I will discuss and understand your property goals and help you find the right property. In a competitive market, it is important to have a REALTOR® who keeps an eye out for you to make sure you don't miss good opportunities - the good ones sell out quickly!

5) View Properties

Even if the property isn't perfect, we typically recommend getting out with your REALTOR® and viewing a few properties. This will give you a much better idea of the market and help you zone-in on what you need and what your preferences are.

6) Write an Offer

Don't be afraid to try an offer, even if it sounds low - there's no harm in trying! Offers are free to write and really easy once you get comfortable with the process - as your REALTOR® I will guide you every step of the way. If you'd like to learn more about offers in detail, please continue reading the Buyer Offer FAQs.

7) Negotiations and Subject Removal 

Once the seller receives your offer, they have the choice to:

• • Accept
• • Reject
• • Counter (price, or terms, or both)

Once the offer is accepted, the buyer typically has 5 business days (or until the end of the agreed subject removal date) to:

• • Ensure financing is approved by a mortgage broker or bank (this is why pre-approvals are helpful!)
• • Buyer's REALTOR® will review and summarize the Strata Documents
• • A professional inspector will assess the property and the Buyer's REALTOR® will re-negotiate with the sellers if necessary

Once all subjects are met or waived within the subject removal period, the offer is firm and the deposit is due within 24 hours. If the subjects are not met or waived, then the offer is collapsed and both the buyer and seller are free from their contractual obligations. If you'd like to learn more about offers in detail, please continue reading the Buyer Offer FAQs.

8) Completion & Possession

Congratulations! You are officially a homeowner! On the possession date, you will receive the keys and do a final walkthrough with your REALTOR®.

Before the completion date, please stay in touch with your REALTOR®, as well as the Lawyer or Notary to plan for any upcoming closing steps or costs. This is also a good time to make sure everything is in order, a few things to consider are:

• • Giving your landlord vacancy notice
• • Making sure you have the correct insurance for your new home
• • Preparing for closing costs on the completion date (please continue reading Buyer Cost FAQs)
• • Preparing to move, packing, hiring movers, changing addresses for subscriptions, schools, and legal documents (like licenses and IDs)

There is no "correct" amount to offer. Usually, we recommend offering what you think the home would be worth to you.

However, to determine a more objective value, we typically recommend considering:

• The BC Assessment
• Recent sales in the building or neighbourhood (ask your REALTOR for a "CMA")
• How many competing offers the property has - is it a hot market or are properties selling slower? If there is a lot of buyer interest in the same property, consider offering higher.

Stay updated with the market by clicking here.

The Completion Date is when you officially become the owner of the home and title is legally transferred from the seller to the buyer.

Usually, this date is completely flexible based on the seller's and buyer's unique needs, but must be on a business day (Monday-Friday).

If you want to make your offer stronger, try to match the seller's completion preference. Please keep in mind that the rules are different when a property has a tenant, please continue reading the FAQs to learn more.

Usually the completion date should be a few weeks away from the offer date, to give time for subject removal and title transfer, but can be as long as a few months away!

The Possession date is when you officially get the keys to your new home!

This is when the Realtor will do a final walkthrough of the property and the final step in the purchasing process.

Usually, this is one day after the completion date, but it can be further away if needed.

This is the most important part of the contract to protect the buyer, so please read carefully.

Subject are conditions that have to be met for the purchase to complete, these are written to protect the buyer in case something is wrong with the property. These vary for each situation, but we typically ensure to include:

• Subject to Financing 
• Subject to Inspection 
• Subject to Strata Document Review
• Subject to Title Review

For a detailed explanation of each one, please continue reading the Buyer FAQs.

The Subject Removal Date is typically five business days from the day that the offer is accepted. So, if an offer is written on Tuesday, the subject removal is usually on the following Tuesday. 

Once the buyer is satisfied will all of the subject (or "conditions"), then they can remove the subjects. If this is done, the deposit is typically due within 24 hours.

If the buyer is not satisfied with any or all of the subjects, they can back out from the offer and they will NOT be liable at all for any payments or obligations, as long as they do so before 11:59PM on the subject removal date.

This is an optional condition that the buyer can add to their offer. This condition must be met or waived prior to the subject removal date for the offer to be firm and the deposit to be due.

Subject to Financing means that the buyer has received an approval for a mortgage from their mortgage broker or bank and they are satisfied with the terms of the approval, such as the interest rate or the monthly payment amount. 

Usually, the buyer will receive a "commitment letter" from the mortgage broker that outlines the terms for financing which will guarantee that they will successfully receive their mortgage on the completion date.

For buyers who are paying with cash, this subject is not needed. 

If you would like recommendations for a mortgage broker, or would like to know about the pros vs. cons about working with a mortgage broker or directly with a bank, please contact me here.

To get a rough estimate of your mortgage payments, please click here.

This is an optional condition that the buyer can add to their offer. This condition must be met or waived prior to the subject removal date for the offer to be firm and the deposit to be due.

Subject to Inspection means that the buyer has had the opportunity for a professional inspector to assess the property for any potential damages or repairs.

Typically, the inspector will provide a report for the buyer that summarizes all of their findings. After that, the buyer's REALTOR® will typically renegotiate with the sellers if there is anything important that needs to be fixed. The result of this negotiation is typically one of the following:

• Seller will fix the damaged item prior to completion
• Seller will provide a "buyer credit", which is typically cash to allow the buyer to fix the damaged item on their own after completion
• Seller will not fix anything, and the buyer can chose whether or not they would like to proceed

When the inspection is done, if the buyer is not satisfied with the condition of the property, they have the option to withdraw their offer if the inspection meets one of the following conditions:

• Significant repairs required that would materially impact the use or enjoyment of the buyer
• Small repairs required that, in total, would cost over $1,000 to fix

While the inspection is not mandatory, we typically recommend it because it can save money in the long term and provide peace of mind.

If you would like recommendations for a professional inspector, please contact me.

Note; This only applies to purchasing STRATA properties such as condos and townhomes, but does NOT include detached homes.

This is an optional condition that the buyer can add to their offer. This condition must be met or waived prior to the subject removal date for the offer to be firm and the deposit to be due.

Subject to Strata Document Review means that the buyer's REALTOR® has had the opportunity to review the Strata Documents for the building and the buyer is satisfied with the condition, operations, and financing of the building.

When reviewing the Strata Documents, as the Buyer's REALTOR®, I will provide a report that summarizes:

• The General Meeting Minutes and Annual Meeting Minutes
• The Bylaws and Rules of the Strata
• Depreciation Reports for the Building
• The Title Document, Property Disclosure Statement, and Form B

Reviewing strata documents is important because it gives the buyer an idea of how the building was managed in the past and any expenses that the building is anticipating in the future.

Remember, you aren't just buying into your unit, you're buying into the building - so make sure the building is comfortable for you financially but is also a good lifestyle fit.

A deposit shows the commitment from the buyer to the seller. So, a higher deposit makes an offer look more attractive to the seller. 

Typically, we recommend a 5% deposit. So, if the total purchase price is $600,000, then the deposit amount would be $30,000.

The deposit is ONLY due if subject are removed. The deposit is given in the form of Bank Draft, typically within 24 hours, written to "Royal LePage Sussex In Trust". Once the deposit is given, it contributes towards your downpayment. 

For example, if you expect your total downpayment to be $150,000, and you have given a $30,000 deposit, then the remaining downpayment given on completion is the difference of the two amounts (150,000 - 30,000 = $120,000 on the completion date.

If subjects are not removed, then there is no deposit or payment due by the buyer. Therefore, there is no cost associated with writing an offer.

According the provincial law in BC, this is a mandatory term for the contract that the buyer and seller cannot waive.

This law states that if the buyer can, for any reason, back out of the purchase contract within 3 business days of getting their offer accepted (known as the "Rescission Period"). However, if they chose to exercise this right, they must pay the seller 0.25% of the purchase price.

For example, if the purchase price is $600,000, then the buyer would owe the seller $1,500. (the calculation is 600,000 x 0.0025 = 1,500)

Typically we recommend that if a buyer would like to back out of the purchase, they should do it AFTER the Rescission period, but BEFORE the end of the Subject Removal Date. In that case, the buyer is able to back out of the purchase completely free and with no contractual obligations.

We highly value our customers' experience and our services are designed to address first and foremost your needs. We understand that selling a home may be a difficult and stressful experience, so our goal is to turn this experience into a pleasant one. We are professional real-estate team that has a solid understanding of the market conditions and we have a wide marketing network for your listing.  

While the cost buying varies for each transaction, here is a sample list of what you can expect:

• • Deposit + Downpayment
• • Property Tax
• • Property Transfer Tax
• • Strata Fees
• • Utilities
• • Notary / Lawyer Fees
• • Moving Costs
• • CMHC Fees (Home Insurance)
• • GST

For a fuller explanation, please look through the Buyer FAQs

Ideally, a 20% downpayment opens up to most options for lenders, but there is no minimum amount. However, the larger the down payment, the less you will have to pay back in the long run, which results in lower interest payments. 

While financing is available, mortgage lenders are more likely to approve lending with a higher downpayment, so we typically recommend at least 10%, but we have helped clients purchase with 5-10%. 

For properties that are priced above $1.5M, the minimum downpayment required is 20%.

The provincial government imposes a one-time property purchase tax which must be paid before any property can be legally transferred to a new owner. The tax is 1% on the first $200,000 of the sale price and 2% on the balance of the sale price. 

To calculate how much Property Transfer Tax you can expect, please use this online calculator.

However, there are exemptions available. Please continue reading the Buyer FAQs.

The BC government waives the Property Transfer Tax payment for First Time Home Buyer. To determine if you qualify, please refer here.

Some exemptions are full, while others are partial. To determine the amount of your exemption, please refer to the chart here.

The Lawyer or Notary are required to complete the legal transfer of the title on the completion date. The cost for this varies in every transaction, typically we recommend budgeting $1000-2000 for this.

If you would like recommendations for Lawyers or Notaries to work with, please contact me.

As part of the home buying process, you typically do not have to pay your REALTOR or Mortgage Broker.

In most transactions, the REALTOR is paid by the seller, even though the REALTOR is working with the buyer. The mortgage broker is typically paid by the lender or bank who ultimately approves to fund the transaction.

It is not mandatory but highly recommended to have a property inspection performed by a professional inspector - this will reduce chances of unexpected problems in the future and provide ease of mind, even if the property is relatively new.

This typically costs $500-1000 depending on the size of the property.

If you would like recommendations for reliable inspectors, please contact me.

Typically, most financial institutions will cover the cost for appraisal - please double check with your mortgage broker and with the lender or bank.

However, if this cost falls onto the buyer, we typically recommend budgeting $200-500.