Let us help you every step of the way. When purchasing a home, you are faced with a multitude of decisions! The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.
Your First Step
While working side by side each step of the way, we will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. We will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.
We are always familiar with the current homes on the market, and with over a decade of experience we know neighbourhood values extremely well, so we can help you determine which properties are fairly priced and in good condition before you start your search.
When starting the process of buying a home the first thing you have to ask yourself is why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To move up to a bigger house? To downsize after the kids are gone?
Next, decide on what type of home you’d like and what area of Vancouver you would like to be in. Be specific.
When creating some kind of needs analysis for yourself you have to separate what are the things you want to have and what are the things must you have? Think of yourself as zeroing in on a target, going from the general to the specific. Consider area, neighbourhood, a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores and entertainment.
Ask yourself how many minutes you are willing to commute to work, what amenities are close by? What type of outdoor space do you want? Does the property have parking? Are there grocery stores close by? Shops? Restaurants? What is the walk-ability of the area? What type of heating does it have? The more you can think of the clearer you search will be. Then you will be able to begin to prioritize these needs and wants until you are comfortable with the results. You also have to be realistic and remember that many of the things you might want would be considered luxury items and will add to the cost of the home.
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
Loan Pre-Approval
Once you have addressed the above needs, your next step in the purchasing process is to get pre-approved by a Vancouver mortgage professional (link to links page) of your choosing. This process may seem like an overwhelming task, however it is actually a fairly simple process that the mortgage broker will be able to help you with in a relatively short amount of time. Once the lender has reviewed your credit history, confirmed your assets and your employment history as well as your debt or lack thereof they will determine an amount of money that they fund you.
Once pre-approved this will give you a clear idea on what you can afford and how much you payments will be. The mortgage broker will be able to explain the difference between fixed and variable rate mortgages and the benefits of each one as well as the multitude of different mortgage products available. You will also be able to make offers as a very strong buyer as at times in a hot market you will be up against multiple offers and some offers might even be subject or condition free. Having your financing in place before hand allows you to make as clean of an offer as possible.
Call us and we will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.
The Right Home For You
Finding the right home for you can be an time consuming and arduous task that can take a lot of time. Greyden and Dane will be able to go over your criteria with you and put together a tailor made search that will automatically notify you of all new listings as they hit the market. We will also be able to preview many of the homes without you and sort out the properties that truly meet your need. We have our fingers on the pulse of the Vancouver real estate market and we can share our expertise with you so that you benefit from our experience.
We have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can start your search right here. Look at our active listings and search all MLS listings with our easy to use property search feature. You can also sign up and become a member and receive email notifications and be able to save multiple searches.
Help Every Step Of The Way
At Raincity Properties we realize that finding you your dream home is one of the smallest things we will help you with. From getting your financing in place and negotiating your offer to organizing your inspections and managing the closing on the transaction. Our top priority is to make sure that your home buying process is a pleasant, cost-efficient, and successful experience that you remember fondly and hopefully tell your friends about.
Conveyancing
Once the Contract of Purchase and Sale has been signed and accepted by both the Buyer and Seller and all subjects have been removed, the following steps occur in the conveyance process (conveyancing is the transfer of title of property from one person to another):
Both the Buyer and Seller provide their real estate agent with the name and telephone/fax number and address of their lawyer/notary who will be representing them
- If you do not have a lawyer or notary don’t worry. We can provide you with a few options of qualified and client recommended Lawyer or Notary.
- Our office conveyance department forwards a letter of instruction, copy of the Contract of Purchase and Sale, Sales Report and all relevant Addenda to the Buyer’s lawyer.
- The Buyer’s lawyer will contact the Buyer when all documents have been prepared to set up an appointment for you to sign documents. This appointment usually takes place in the lawyer’s office several business days prior to closing. The Buyer will receive a Statement of Adjustments and be advised of any additional funds that may be required.
- We will follow up with your lawyer in advance of closing dates to ensure your lawyer/notary has all relevant documentation and that nothing is missing. We want to ensure a smooth and timely closing for you.
- Statement of Adjustments: The purchaser’s statement of adjustments sets out the costs payable on completon. These include: the balance of the purchase price (after deducting the deposit), property transfer tax (unless exempt) [link this to page "general info or 1st time buyer" where details of PTT and other taxes etc will be outline], legal fees [link to resources page where list of notary/lawyers contact info is?], GST/HST [again link to general info or details on tax etc. page?], adjustments for property taxes, utilities and any other costs i.e. monthly maintenance fees for strata properties etc. The vendor’s statement [link to seller's page? where outline all above again but directed at sellers rather than buyer?] of adjustments usually includes the sale price, less any real estate commissions/fees, and adjustments for property taxes, utilities and other costs.
- On Closing Day (completion), the Buyer’s lawyer will register all documents, including the transfer of title and the mortgage if applicable, at the Land Titles Office. Once the Buyer’s lawyer has confirmation of the registration of all the documents at the Land Titles Office, they will forward the funds due from the Buyer and/or Buyer’s lender to the Seller’s lawyer.
- Once registration is complete, keys may be released to the Buyer on possession date as set out in the Contract of Purchase and Sale.
- As Buyer’s agents, we will ensure keys are delivered to the Buyer on possession date.
Ask Us How
If you’re buying a Home in Vancouver we can help. Give us a call or send us an email.
Dane Kingsbury | 604.721.0484 Greyden Douglas | 604.218.2289