The Purchase Process

The Exclusive Vancouver Real Estate Group is guided by one simple yet powerful principle: helping you find the right space. Whether it means hunting for months for the perfect property, being available any time, client advocacy, or Exclusive access to pre-sales and listings, the Exclusive Vancouver Real Estate Group is dedicated to making our clients' real estate experience an exceptional one.

 


Step 1: Decide What You Can Afford - Get Preapproved

First thing's first- speak to a mortgage broker to help determine what you can afford. They will ask you for information about your income, savings, assets, recent tax returns and what amount of down payment you plan to have to help you determine what amount of mortgage you can afford. They will also explain the different types of mortgages that are available to you, such as a conventional mortgage, high ratio mortgage, etc. Contact Exclusive Vancouver to connect you with a top mortgage broker in their network to go over your financing options. By being pre-approved, you can manage your home search and expectations so that you are looking at properties that you can afford.

Below is a brief summary of one-time costs and monthly costs associated with buying and owning a property.

One-time costs: Down Payment, Inspection Fees, Legal Fees, Taxes (PTT & possibly GST if it is new construction), Moving Expenses

Monthly costs: Mortgage payments, Utilities, Maintenance, Insurance, Property Tax

 

Step 2: Contact The Exclusive Vancouver Team

The role of an Exclusive Vancouver agent is to be your advisor, consultant and negotiator. They are experts about all Vancouver neighbourhoods, current market conditions, what properties are currently listed at, and what they have sold for.  You will be shown homes that match your search criteria, and guided  through the home buying process. The best possible price and terms will be negotiated on your behalf, and a smooth completion process executed. 

Step 3: Decide What You Want To Buy

The Exclusive Vancouver “Dream Home Checklist” will help you determine what you want to buy. Keep in mind immediate needs, future plans, and lifestyle, and decide which neighbourhoods are best suited. You must also consider what type of home you want (detached, attached, apartment, presale, resale). The Exclusive Vancouver Team will be there to guide you every step of the way.

 

Do You Have To Sell Your Home First?

Your Exclusive Vancouver agent can help you decide whether selling first or buying first is the right decision for you.  Your buying strategy may depend on you selling your current home to pay for your new home.  Your agent can help with developing a plan and providing you with professional advice for your specific situation to best manage the transition from your current home to your next home. 

Step 4: Finding The Right Space

The buying process will be optimized by utilizing MLS, a comprehensive home search system that will allow you to receive information on homes that most interest you. Homes that will satisfy your immediate needs, future plans, lifestyle, and neighbourhood of choice will be shown to you.  Your time will not be wasted being shown homes that you are not interested in.  Your agent will be there to guide you every step of the way, and help you find the right space.

Step 5: Offer, Negotiation, and Acceptance Process

Making an offer involves understanding what recent comparable sales there have been to help you determine an offer price. Together, you and your Exclusive Vancouver agent will review the offer document to ensure you fully understand, and are comfortable with, all the terms and conditions. From there the best price and terms will be nogotiated for the home. Once there is an accepted offer,  you will be guided though the due diligence and subject removal period.  Upon subject removal and before closing, your agent will manage any administration and help you get ready for your moving day. 

Step 6: Moving Preparations

Once you have a firm contract, it’s time to prepare for the move. You will want to set up utilities and other services, like phone, cable and internet in advance. Also, make arrangements to have your mail forwarded to your new address, and hire a moving company if you aren’t planning on moving yourself. If you are a renter, remember to give your landlord notice. Taking time to prepare these things well in advance will help you make a smooth transition to your new home.

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Step 7: Closing and Possession Day

The closing day is the day that funds transfer from the buyer to the seller, and title to the property transfers from the seller to the buyer. Typically, possession (the day you get keys) occurs on the day following closing. Your lawyer completes the paperwork necessary to ensure the title is clean, clear, and transferred, and payments are finalized. Congratulations on your new home!

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