The Buying Process - What To Expect

Contact us to arrange a no-obligation consultation, we’ll walk you through the home buying process, discuss and explain this process, current market conditions and answer any questions you may have. We’ll also review your timeline, budget and learn more about the type of property and neighbourhoods you’re interested in. We’ll let you know if your hopes and expectations can be met in our market place. This step helps ensure we’re aligned from the start and allows us to create a personalized strategy to find and secure the right property for you.  

If you’ll be needing a mortgage, it’s important to speak with a trusted mortgage professional to review your financial situation. They will estimate the amount you’re able to borrow for a property purchase. During this process, the lender will assess your income, credit history, debts and down payment. Once approved, they’ll provide a maximum purchase price and may hold an interest rate for a specific period of time while you search for a home, typically 90-120 days. This important step will allow you to understand your budget and can protect you from rising interest rates while you're searching and if mortgage rates do go down within that time frame, you’ll get that lower rate. If you don’t already have a trusted mortgage professional, we’d be happy to refer one to you.  Use this basic mortgage calculator for an overview, or use this more detailed calculator for more precise mortgage calculations. Check the CMHC premium calculator if you have less than 20% downpayment.

The Reliable Home Team will create a customized property search within the MLS® system tailored to your specific criteria. Together we’ll explore homes that align with your wants and needs along with your lifestyle while offering guidance on market conditions, value, location and other aspects that may affect this very important decision. Sometimes the right property presents itself quickly, sometimes it takes longer.  We’re with you for the duration.  

Once a property is found that you wish to make an offer on, we’ll provide you with advice and use our offer writing skills and contracting expertise to craft a binding offer.  We’ll use our expert negotiating skills to achieve the best possible price and favourable dates, terms and conditions.  We’ll provide documentation and information to guide and support you through every step of this exciting process.

During a contractually agreed upon timeframe referred to as the Condition Period; with our assistance, you’ll complete all of the necessary due diligence such as home inspections, ability to secure home insurance, title review and possibly strata document review. We’ll recommend trusted professionals, coordinate timelines and help you review the results while your Lender finalizes a mortgage commitment (if one is required). Once you’re satisfied with the results, we’ll remove the conditions on the Contract to make it unconditional. Your deposit money, which is part of your downpayment, will be held in trust.  At that time the property will no longer be offered for sale to other buyers.

We’ll coordinate with your lawyer and lender directly and or through our skilled conveyancing team leading up to completion  when ownership of the home officially transfers to you.  That date and time will have been mutually agreed upon by yourself and the Seller on the contract of purchase and sale.  Occasionally that date and time may change if you and the Seller agree to do so, we’ll make sure all parties are kept informed to avoid any unexpected problems. You’ll be notified by your BC Lawyer as to when you need to visit their office to sign documents, typically a short time prior to completion.  

This date and time will have been mutually agreed upon by yourself and the Seller on the contract of purchase and sale.  Occasionally that date and time may be amended time allows and if mutually agreeable to you and the Seller. We’ll make sure all parties are kept informed to avoid any unexpected problems. We look forward to greeting you at your new property at the time of possession, where we’ll check to be sure all of the agreed upon terms and inclusions are as they should be.