Steps to Buying in BC

1. The Buyer's agent draws up a contract of purchase and sale, reflecting the terms most favourable to the Buyer.

   At this stage it is not necessary for the Buyer to have their funds in place or the mortgage approved, (although it is always helpful to be pre-approved for the loan). This is arranged after the offer is accepted.
   

2. The Buyer's agent presents an offer to the Seller and their agent and negotiates the deal. Any concerns at this stage are made as "subject clauses". The most usual subject clauses are:
   
   
   1. Arranging a mortgage
   2. Approving a building inspection
   3. Approving the Form B, (now required under the Strata Properties Act, it is a document provided by the management company and discusses the state of repair of the building and its finances including the monthly fee payable on the suite)
   4. Receipt and approval of the By-laws, Financial Statements and past one to two years of minutes of the Strata Council Meetings, Special General Meetings and Annual General Meetings.
   
   In the event that there are special concerns, a subject clause can be tailored to suit the need, e.g. location, power lines, right of access etc.
   
   
3. If the price or the terms are not acceptable to the Seller, they can either refuse the offer or submit a counter offer back to the Buyer, who has to initial any changes to the contract to make it binding.
   
   
4. This process can go back and forth as many times as necessary in order to reach an agreement between the two parties to the contract.
   
   
5. Upon acceptance of the offer a partial payment of the deposit is placed in the Buyer's agent's trust account. This initial deposit is fully refundable until subject clauses are removed.
   
   
6. The Buyer then does their due diligence to remove subject clauses, i.e. arrange financing, read all documentation to their satisfaction, discuss with authorities such as the strata President and management company any points of concern, etc.

   If the Buyer is not satisfied, they need not remove the subject clauses, then all deposit monies will be refunded.
   

7. If all subject clauses and conditions are met, the Buyer removes them and the Seller acknowledges that. At this point, the contract becomes firm and binding.
   
   
8. The next step is an increase in the deposit (usually to a minimum of 5% of the sales price) in the form of a certified cheque which is placed in trust with the Buyer's agent, who acts as a stakeholder.
   
   
9. Several days before the completion date the Buyer signs all papers in the presence of their lawyer, and the mortgage company advances funds. Any extra monies for down payment in excess of the initial deposit are paid into a trust account with the lawyer.
   
   
10. The Buyer's agent will provide keys to the purchased property on the possession date, usually the day following completion at 12 noon.
    

Nicholas Meyer President, Managing Broker	Victoria Farrell Sales Representative	The Downtown Suites team look forward to hearing from you to assist you with your real estate needs.

Buildings we work in:

Upcoming Openings: Spectrum One: 111 West Georgia | Spectrum Two: 668 Citadel Parade, Vanouver, BC
Spectrum Three: 131 Regiment Square | Spectrum Four: 602 Citadel Parade, Vancouver, BC

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