Choosing a Neighbourhood

Spend time exploring different areas. Driving or walking the neighbourhoods at different times of the day is an excellent idea. Pay close attention to the feel of the community and if you can see yourself living there. Then dive deeper into the transit, walk score, school, parks and medical amenities that support the neighbourhood.

Shortlisting Properties

After narrowing your preferred areas, you and your agent should select some properties that align with your needs and arrange private viewings. You should also be paying close attention to long-term resale potential, which your agent should be able to help you with.

Offer

Writing a compelling offer that can be accepted by the seller while also protecting your interests is a craft and your agent must be able to help you with this. You have to be aware of all the pros and cons that you are entering into with this purchase and a well-constructed offer is about much more than just the price point — it is about strategy.

Binding Contract

Once the offer is accepted, a binding contract is entered between buyer and the seller. A few important things to keep in mind during this stage:

• Written records of everything. You and your agent should ensure all documentation is prepared and organized on your behalf.
• Sticking to timelines. The contract will have key dates for subjects, financing, and closing. Meeting each deadline keeps the deal on track and protects your legal position.
• Your agent should keep you informed at every stage so you always know what is coming next.

Your Right to Reconsider

In BC, residential buyers now have a right to cancel an accepted offer within 3 business days of the contract becoming binding. This rescission period applies to most residential real estate transactions. It was introduced to protect buyers from making rushed decisions in a competitive market.

A rescission fee of 0.25% of the purchase price is payable to the seller. So on a $1M purchase, the fee would be $2,500.