THE PROCESS
Purchasing Property
Purchasing Property
Purchasing Property
- Initial Consultation: The buyer meets with a real estate agent familiar with the market to discuss their preferences, budget, and desired neighborhoods.
- Pre-Approval: The buyer obtains a mortgage pre-approval from a lender, considering Vancouver's competitive market.
- Property Search: The real estate agent utilizes their local expertise to search for properties in Vancouver that meet the buyer's criteria, considering factors like proximity to amenities, schools, and transportation.
- Viewing Properties: The buyer visits various properties with their agent, taking note of features, potential issues, and neighborhood dynamics.
- Making an Offer: Upon finding a suitable property, the buyer submits an offer through their agent, considering recent comparable sales and market conditions.
- Negotiation: The seller may counter the offer, leading to negotiations between parties to reach an agreement on price and terms.
- Offer Acceptance: Once the offer is accepted, the property is considered under contract, and the buyer proceeds with due diligence.
- Due Diligence: The buyer conducts inspections, reviews strata documents (if applicable), and verifies property disclosures to ensure the property meets their expectations and complies with local regulations.
- Finalizing Financing: The buyer finalizes their mortgage financing with the lender, considering specific lending requirements.
- Closing: The buyer, seller, agents, and lawyers meet to sign the necessary paperwork, transfer funds, and officially close the sale, adhering to British Columbia's real estate regulations.
- Possession: The buyer receives the keys to the property on the agreed-upon possession date and officially takes ownership of the property.
Selling Property
Purchasing Property
Purchasing Property
- Initial Consultation: The seller meets with a local real estate agent to discuss their selling goals, property details, and market conditions.
- Property Preparation: The seller prepares the property for sale by decluttering, staging, and making necessary repairs or upgrades to maximize its appeal to potential buyers.
- Setting the Price: The agent conducts a comparative market analysis (CMA) to determine the optimal listing price based on recent sales data and current market trends.
- Listing the Property: The agent creates a compelling listing with high-quality photos and detailed descriptions, leveraging online platforms, social media, and local networks to attract potential buyers.
- Showing the Property: Interested buyers schedule viewings with the agent, who showcases the property's unique features and highlights its desirability within the Vancouver market.
- Receiving Offers: Buyers submit offers through the agent, including proposed purchase prices and any conditions or contingencies.
- Negotiation: The seller may counter offers and negotiate with buyers to achieve the best possible price and terms for the sale of their property.
- Accepting an Offer: Once an offer is accepted, the property is considered under contract, pending inspections and other conditions outlined in the contract.
- Due Diligence: The buyer conducts inspections and reviews relevant documents, while the seller provides necessary disclosures and ensures compliance with local regulations.
- Closing: The seller, buyer, agents, and lawyers convene to sign the necessary paperwork, transfer funds, and complete the sale, following British Columbia's real estate procedures.
- Handover: The seller hands over the keys and any relevant documents to the buyer, and the transaction is finalized, marking the transfer of ownership of the property.
