FREQUENTLY ASKED QUESTIONS
Please find below the answers to a few common questions. Please keep in mind these answers are more general in nature and may differ depending on your unique circumstances.
BUYING REAL ESTATE IN BC
Yes, if you are the first offer your offer can be conditional (i.e. subject to inspection, strata minutes etc). However, if an offer has already been accepted (and a court date set), then your only option is an unconditional offer presented in court on the court date.
It is normally better to sell before you buy as this eliminates the financial risk of having to pay two mortgages plus taxes, insurance and utilities for several months. Unless you qualify for interim financing, your lender may require that you sell your home before granting financing on your new home. If the buyer makes an attractive offer and wants to close quickly, you can arrange for temporary housing. More importantly it is very difficult to negotiate a deal on a property when your offer is “subject to the sale of” another property.
The deposit is held in trust by the buyer’s agent’s brokerage. The brokerage then deducts what they are owed and transfers remaining funds to buyer’s lawyer/notary who hold it in trust until completion. Once the sale completes funds are transferred to the seller’s lawyer or notary.
Foreclosures are sold “AS IS, WHERE IS” so tough to minimize risk. If you are the first offer – you do have an opportunity to include conditions that will help to minimize risk such as a “Subject to Financing” clause or a “Subject to Inspection” clause. Once all your conditions have been removed from the agreement and the offer is firm, a court date is set for the courts final approval. If a court date has already been set and you are interested in making an offer (i.e. you are not the first offer), sometimes you are allowed to have the property inspected prior to the court date. The more you know about the property before the court date, the lower the risk and the greater your chances of success in court.
Boundary lines are in the middle of the road. If your house number is an even number, your school will be on the south or east side of the boundary. If your house number is an odd number, your school will be on the north or west side of the boundary.
SELLING REAL ESTATE IN BC
Anyone who is considering buying or selling a property should have a real estate expert in their corner: an expert who knows the local market, will take the time to understand your unique goals and have your best interests at heart. Your home is one of the most significant financial investments you can make, so buying and selling a home is naturally a huge financial and emotional undertaking. Having a good realtor on your side can mean better access to property listings and odds of finding your dream home; access to more potential buyers to increase your options and chances of selling; stronger negotiation and contracts putting you in a better position to get the home or price you want; and finally, peace of mind along every step of the way.
Typically the two busiest times of the year in the Fraser Valley real estate market are the Spring and Fall seasons. Winter tends to be slow as people prepare for the holidays and the Summer is also slower with school holidays being a distraction and locals taking advantage of the valuable sunny weather.
It is normally better to sell before you buy as this eliminates the financial risk of having to pay two mortgages plus taxes, insurance and utilities for several months. Unless you qualify for interim financing, your lender may require that you sell your home before granting financing on your new home. If the buyer makes an attractive offer and wants to close quickly, you can arrange for temporary housing. More importantly it is very difficult to negotiate a deal on a property when your offer is “subject to the sale of” another property.