Whether you’re buying or selling, you’re involved in an intricate process requiring many specialists.

One of these specialists can be a REALTOR®

 

In short, you do not, It’s optional.

 

If you are a buyer, you don’t pay your realtor. 

The seller typically pays a commission to both their own realtor and the buyer’s realtor from the sale proceeds.

 

BC Financial Services Authority has created the following guide Navigating a Competitive Market

 

Working with a reliable real estate agent can help make the process of buying or selling a home less stressful, as they can provide professional guidance and support. They can assist with finding properties that meet your specific needs and wants, and help navigate the legal and financial aspects of the transaction. It’s important to find an agent who understands your goals and can provide a balance of emotional support and professionalism

There are many factors that will affect the maximum mortgage you can afford to borrow, including the household income of the potential buyers, the personal monthly expenses (car payments, credit expenses, etc.), the expenses associated with owning a home (property taxes, condo fees, and heating costs, etc.) and what kind of credit score you have.  

 

A starting point to see the affordability of your mortgage is where your monthly housing costs are no more than 39% of your gross household income (Gross Debt Service (GDS)), and where your total debt load (including housing costs) is no more than 44% of your gross household income (Total Debt Service (TDS)) This rule is based on your debt service ratios.

 

This can also be done with a mortgage specialist, or mortgage broker and is often referred to as a Pre-Approval or using the following Home buying Calculator from CMHC as a starting point.

When you’re looking to buy a home, being able to calculate an estimate of how much you’re able to borrow is an important part of setting your budget. 

 

You will also need to confirm if you have enough cash to purchase a home at closing time. 

The cash required is derived from the down payment put towards the purchase price, as well as the closing costs that must be incurred to complete the purchase.

 

Some typical closing costs include property transfer taxes, legal fees, and home inspection. The BC Financial Services Authority (previously the Real Estate Council of British Columbia) has more information about closing costs.

When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay a property transfer tax unless you qualify for an exemption.

 

The general property transfer tax rate is: 

1% of the fair market value up to and including $200,000 

2% of the fair market value greater than $200,000 and up to and including $2,000,000 

3% of the fair market value greater than $2,000,000

The contract of purchase and sale outlines the terms and conditions on which a transaction takes place

In BC, the buyer’s realtor typically fills out a standard purchase contract with the terms on which the buyer is prepared to buy a home. 

The seller has 4 options. They can accept, reject, counter-offer or ignore the buyer’s offer. If a seller proposes a change to the terms of the offer it is called a counteroffer.

 

When a seller accepts an offer, they agree to sell the home to the buyer on the terms of that offer. The purchase contract is legally binding as soon as an offer or counteroffer is accepted in writing.

 

 

Including subject clauses (also known as a condition precedent) can be for sellers and buyers.

What this means is that both parties are saying “I promise to buy the property on this contract, if I can satisfy certain questions, by a certain date.”

 

We often feel the most stressed during this time, because we have a short amount of time to get a lot done.

 

This is a normal feeling.

Subject clauses have been removed, and the deposit amount written on the contract of purchase of sales has been received by the buyers’ brokerage trust account.

 

The terms on the binding contract are complete and our next milestone is completion and possession date

If you are moving, pack up items and start to de-clutter.

 

What season are we heading into, set the stage in your home (we use professional stagers for our listings)

 

Take high-quality videos, photos, and virtual walk through. Buyers consume data on different platforms, make sure you are able to effectively market on all of them to reach the widest audience.

 

Clean up the outside of the home and create curb appeal.

 

What makes your home different from others, what made you buy the property, can you highlight this any further?