The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. Click here to find out more.
Here is a summary of the Buying process:
1. Agency Explained - A REALTOR® can act for a seller or a buyer, or to a limited degree, both. Whomever they represent, REALTORS® have a legal obligation to uphold the integrity of their clients, while protecting and promoting their interests. A Buyers Agent is normally paid by the Seller once their client has purchased a home. Knowing that their client has loyalty to work through them, a Buyer's Agent will preview new listings, advise of "hot new properties" and use all resources available to get you a property that matches your needs. We will review the laws of Agency and this brochure explains disclose the nature of the agency relationship Working with a Realtor.
2. A Buyers' first step should be to get Pre-Approved by the bank for financing. This will help hone your search in at the correct price rance and prevent you from purchasing a home and then finding out you don't qualify for financing.
3. Looking for a Home. Once you know what you cn afford and are pre-qualified, I will review "must haves" on your ideal home list.
4. Julia will set up appointments for you to view some potential properties. This will give you an opportunity to see if there is anything that will meet your needs or if you need to re-evaluate your likes/needs list.
5. Once you have found the right home, Julia will prepare a Market Evaluation with: comparable properties currently for sale, properties that have recently sold, and properties that haven’t sold (are expired). This will help determine if the asking price is fair given current market conditions, and where we should start with regards to an offer price.
6. Making an offer. You will need to consider price and also the dates you want to complete the sale and take possession, the subject conditions (financing, building inspection, etc.) and the items you want included in the price. Julia will negotiate hard on your behalf to try to get your terms.
7. Subject Removal - Once you have an accepted offer you will need to remove subject conditions. This is an opportunity to make sure you’re satisfied with all subject conditions. This is typically a short period where you may have a building inspection done, strata meeting minutes to review, or approval to be obtained for financing from your lender. Once all subject conditions have been reviewed and you are comfortable in proceeding, you must sign a subject removal form. This is the point when you have a firm commitment to the property.
8. A Lawyer or notary public is required to do your conveyance. This is when the title to the property is transferred into your name.
Set up an appointment a few days prior to completion with your lawyer.
9. Completion and Possession. Completion is a business day & the day you funds are transferred. Typically you will complete on one day and move into your property at noon the next (or as specified otherwise in the contract). To prepare for completion, ensure you have transferred all your services, utilities and insurance.
10. Moving Day. This is the Possession date as stated on your contract. You can not get keys prior to the time listed on your contract.
Savings Programs Rebates, grants. Be informed of your options: click here