Buying a condo or townhouse in Greater Vancouver can be both exhilarating and daunting. Without the proper guidance, it’s sometimes hard to know in what order things should be completed. Below are the 15 steps involved in the purchase in 2024. I’ll break it all down in this video and below are some quick tips to get you started on your journey.
Step 1: Find a Guide
Connect with a Realtor who aligns with your vibe. Think of them as your quarterback, ensuring everything gets done properly, on time. Make sure its someone you like as you’ll be spending a ton of time with them.
Step 2: The Search
Collaborate with your Realtor to define your needs, wants, and deal-breakers. Dive into MLS searches, exploring your dream home without wasting time.
Step 3: Mortgage Pre-approval
Secure financing pre-approval from a mortgage broker for a smoother journey. They have more options and protect your credit score. A traditional lender (bank) is also fine to get a mortgage from but there will most likely be less options/flexibility.
Step 4: Finding the Diamond in the Rough
Find 3-5 promising properties online, then have your Realtor ask the listing Realtor’s for the documents and book the viewings. Have a quick read through the documents and get ready for the in-person visits to these properties.
Step 5: Visit Properties and Document Deep Dive
Go look at some properties and one you’ve done so, re-review the property documents with your Realtor. Uncover potential issues with building structure, location, strata, and more. You want to find out about all the bad stuff before you buy!
Step 6: Shortlist and Choose
Narrow down your favorites from the properties you’ve seen. Weigh the pros and cons to pick your ultimate favorite.
Step 7: Make the Offer
Craft a conditional offer covering financing, inspection, clear title, and essential strata docs and insurance. Then, get ready for the nerve-wracking wait while the seller deliberates!
Step 8: Happy Dance Upon Offer Acceptance!
Upon acceptance, Celebrate, then refocus for the due diligence phase. Now the real work begins!
Step 9: Thorough Document Review
If there were any outstanding documents that they hadn’t given you, your Realtor will receive them now from the listing realtor. Review all the strata documents and identify potential issues and discuss them with your Realtor. Make notes of the questions to ask so you don’t forget.
3-day Rescission Period: You do have the added safety net of the Home Buyer Rescission Period which entitles buyers the option to rescind their offer within 3 business days of offer acceptance for any reason, so if need be, its there for you, but you’ll also have subjects to protect your interests.
Step 10: Mortgage Confirmation and Appraisal
Send documents to your mortgage broker so they can organize the appraisal with the bank. If the property’s market value doesn’t align with what you offered, you may have to come up with the extra money quickly. This is rare, but can happen if market value is dropping quickly.
Step 11: Property Inspection
Schedule a Property Inspector to look at the property. If you don’t know whom to hire, ask your Realtor. The Inspector will identify any red flags in both the unit or building.
Step 12: Subject Removal
Once satisfied, remove subjects by signing necessary documents. Submit your deposit cheque within 24 hours of subject removal to your Realtor to seal the deal (or whatever is written in your contract).
Step 13: It’s a Done Deal…Almost!
Binding contract achieved! Time to breathe a sigh of relief! Now, patiently wait until closing day to sign the docs at the lawyer’s office.
Step 14: Closing Day
Head to the lawyer’s office for the final signatures. The lawyers ensure all documents are in order before sending them to the land titles office in New Westminster, BC. They’ll also ensure all money is transferred via the lender and real estate brokerage.
Step 15: Possession Day!
Celebrate as you receive the keys and do a walkthrough with your agent. If everything checks out, you’ve just bought your property! Hooray! Its time to unpack and party!
Now equipped with these steps, feel more confident navigating a condo or townhouse purchase process in Greater Vancouver. Don’t forget to download a copy of these steps for reference! Any questions? Reach out—I’m here to help and always ready to share real estate tips to help you make the best decisions possible.
