Understanding the Agency Relationship
Working solely for you ….
When you choose Downtown Suites as your agent, we will act solely on your behalf, and have a legal obligation to uphold the integrity of you, the client, while protecting and promoting your interests.
There is no charge for this service, as these fees come from the proceeds of the sales transaction.
In order to protect your interests and safeguard them by law, we will send you a Buyers Agency Agreement and the Working with a Realtor pamphlet (mandatory from the Real Estate Council of BC, which outlines our responsibilities to protect your interests.) We will need these both approved by you before we can proceed, so as you fully understand each of our responsibilities.
We Commit To:
- Protecting your negotiating position at all times.
- Providing undivided loyalty and keeping all your information confidential.
- Adhering to a strict code of ethics and a high standard of practice.
- Exercising reasonable care and skill in performing all assigned duties.
- Being accountable for all money and property placed in our trust account while acting for you.
- Preliminary consultation in person or by telephone/email
- Target type and amount of investment
- Show or email lisitngs that match your requirements
- Search the Real Estate Board database daily for your requirements, and email an update of listings as they becoe available
- Prepare a comparative market analysis and advise you on the true value of the proposed investment
- Negotiate the sales contract; explain the whole legal process and what you are committing to
- Hold deposit monies in trust with Downtown Suites Ltd.
- Help you to make arrangements with other professionals, i.e. Building Inspectors, Lawyers, Accountants, etc. to complete your due diligence
- Follow up with all parties to the transaction to ensure that they each fulfill their obligations
- Put a tenant in place if necessary
- Manage the property (see Property Management)
- HST (Harmonized Sales Tax): If you buy a newly constructed home, you must pay the HST. However, if your house is less than $450,000 you may be eligible for a rebate. There is no HST on resale housing unless there have been substantial renovations to the property.
- Property Transfer Tax: This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax.
- Prepaid property taxes, strata fees, or utility bills: You will have to reimburse the sellers for any thus prepaid.
- Mortgage loan insurance and application fee:If you get a high-ratio mortgage, (a mortgage where you pay less than a 25% down payment), you will have to buy mortgage loan insurance from CMHC (Canadian Mortgage & Housing Corporation) or a private company. Please view the CMHC website for valuable information. You will also have to pay an application fee. CMHC’s standard fee is $235. CMHC also offers a basic service for a $75, but it must be accompanied by an appraisal.
- Appraisal: Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost, otherwise, you are responsible for covering this cost. The fee ranges from $300.
- Survey fee: Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.
- Home Inspection fee: Most realtors recommend that you get a home inspection done by a certified home inspector. It will usually cost you around $300 or more for a smaller property. Larger properties generally cost more.
- Legal fees: Lawyer/notary fees for closing the sale may vary, according to the complexity of the contract. However, the cost will most likely be at least $800 + HST.
- Disbursements to Land Titles Office: These fees are approximately $300, including legal fees. Your lawyer/notary will arrange this payment.
Downtown Suites: Selling condos in downtown Vancouver, BC