Steps to Buying Real Estate in British Columbia

By: Daniel Hutchinson

Buying real estate in British Columbia is an exciting experience, although buyers can easily become overwhelmed by the process. Whether you are buying a home for the first time, or are an experienced real estate investor, there are several steps involved in the purchasing process. Below, we outline many of the steps involved in a purchase to make the process as stress free as possible.

1. Determine Your Budget

When you start looking at properties it is worthwhile to spend some time crunching numbers to determine your budget. This will help you narrow down your search to properties that are in your price range.

2. Get Pre-Approved for a Mortgage

Once you determine your budget, we recommended you speak with a mortgage broker or lender directly to get pre-approved for a mortgage. This will give you an idea on how much you can borrow and what your mortgage payments will be upon completing the purchase of your new home.

3. Find a Real Estate Agent

After determining your budget and getting pre-approved for a mortgage it is time to start searching for your future property. A real estate agent can work with you to help find properties that are within your price range and check all the boxes for what you are looking for in your new home. Your real estate agent can help guide you through the purchasing process and negotiate terms with sellers. When choosing a real estate agent, it is important to choose someone with experience and you feel comfortable working with over a few weeks or months.

4. Start Looking at Property

Once you have your budget and real estate agent, you can begin your property search! In today’s modern age there are a whole host of resources that allow you to search for property. Online search options like MLS or Realtor.ca make it easy to narrow down your search based on your specific searches. Your real estate agent will also help you find properties that you may be interested in and arrange showings.

5. Make an Offer

When you find a property that meets your criteria and you want to buy, you will need to make an offer on the property. Your real estate agent will help in preparing the offer and negotiate the terms of the purchase. The terms of the offer will include things like price, completion dates, and any conditions you wish to include. Once the offer is made, it will be up to the seller to accept, reject, or counter the offer. If the seller accepts your offer typically a deposit will be made for the purchase and the property will be taken off the market.

6. Due Diligence & Subject Removal

After you have an accepted offer, it is important that you ensure the due diligence is completed prior to closing the deal. Things like home inspections, title reviews, and strata document reviews are all things you may want to consider. Your real estate agent and your lawyer can assist you in completing this process.

7. Completing the Purchase

If everything looks good once you complete your due diligence, you can move forward with completing your purchase. Your lawyer will prepare all the necessary transfer documents and schedule an appointment to sign the documents prior to the completion date. If there is an outstanding balance for the purchase you will be required to pay, as well as paying any legal fees and disbursements related to your purchase. Your lawyers will then file the transfer and confirm with you on the completion date that the transaction is complete. Once complete, you will receive the keys to your new property and take possession!

Purchasing real estate in BC can be a daunting process. However, with the right guidance and assistance the entire process can be made much easier and less stressful. Our office is happy to assist our clients in becoming homeowners here in beautiful British Columbia. If you have any questions about the purchase process, feel free to contact Kidston Helm Ross Lawyers; LLP at 250-545-0711 or at Kidston.ca.