The process of buying real estate in the Nelson area is pretty straight forward. Below is the step by step process we will take that will result in a successful home purchase:
Listening and discussing why a purchase in the Community of your choice is right for you, finding out what benefits or features you want for your home are the first and probably most important steps for us to take. Having lived here for most of my life, I have an intimate knowledge of the local markets and can use this to better assist you in reaching your goals.
If you are looking for lending for the purchase of your property, the assistance of a Mortgage Specialist will be needed. They will walk you through the application process which includes a credit check, review of your employment history, and how much you have for a down-payment. They can then discuss what you can qualify for, what your monthly mortgage payments will be and any rebates or tax credits that exist. While it’s tempting to want to go out and see what homes are out there, once you are pre-approved, you can focus on what homes are in your range.
You are pre-approved and now the fun begins! You may already have some properties that you are interested in and by using your goals we discussed earlier; I will be able to give you some additional properties that I feel may be of interest. We will sit down and go through all current listings of all the Brokerages that have what you are looking for. I usually throw in a couple of alternate options to give us a good selection and from there we narrow it down. Once we have a good short-list of properties, we can head out to view. During viewings I will ask you for feedback – could you see yourself living in this home? What would you change if it was yours? As we narrow it down we will find a property that fits your needs. Sometimes there are compromises involved but I will find the most suitable property for you.
So, we found “The ONE”. Let's make sure we keep it from another interested Buyer. In order to purchase a property we will first submit an offer. With the offer comes some paperwork including the Contract of Purchase and Sale. An offer does not mean you are committed to purchase the property, it means you have expressed an interest in purchasing and now want to do your due diligence. In drafting the paperwork I make sure the purchase of the property passes some tests before it's ultimately yours. To protect you as Purchaser, we will include some Subjects and Conditions that the seller or their agent and the property will need to meet. These can include passing a Building inspection, clearing title, obtaining financing or review documents held by the strata or municipality. We will discuss together your offer amount, Subject’s and confirm when you want to move in.
We submit your offer to the Property Owner usually through their Agent. They will review the offer and then provide us with a response. They may accept it, reject it, inform us if there are any other offers or counter our offer with one of their own. The counter offer can reflect a new price, different move-in dates, or inclusions or exclusions (chattels and fixtures). Our ultimate goal is to reach an accepted offer together.
Good news! We have an accepted offer. You and the seller have agreed to the same terms of the offer and have a conditional Contract of Purchase and Sale in place. Part of our Contract was to include some subjects to protect you. This is now the time that we do our due diligence and satisfy all the subjects we included in the offer. Subject Removal Once you are satisfied with the outcome of your Conditions and Subject to’s about the property, we can remove the subjects and the offer becomes a firm and binding unconditional contract.
Once the offer goes firm your deposit is due. I like to make it due upon the removal of all Subjects. The deposit is approximately 1% to 10% of the purchase price and can be in the form of a Bank Draft, Wire transfer, Direct Deposit, E-Transfer or personal cheque. The deposit may be held by my office, Coldwell Banker Rosling Real Estate in trust, or by your Lawyer/Notary, registered to complete Conveyance in BC, as a “Stakeholder” and held in their trust account and will be applied to full sale price upon completion.
A couple of days before the completion date you will need to sign the documents that transfer the title and register the mortgage. You will want to arrange a time with you Lawyer or Notary and Mortgage Broker a week or so before, so that you are not rushing at the end. If you are out of province, we will need to allow time for your local notary or lawyer to witness you signing the conveyancing forms and time to return the completed documents for registration.
This is the day the transaction completes. The property Title is registered in your name and the Seller receives the proceeds of the sale. All your insurance and service/utilities need to be arranged to start on this day.
“Congratulations and welcome to your new home!” This is the day you get to move in! It is usually scheduled for Noon. I will meet with you to give you keys and review to make sure everything went smoothly or make arrangements to get you the keys after the property Title has transferred or hold the keys until your arrival in town.
As you settle in, I want to know that you are enjoying your home. By touching base I can to check that everything is going well and your feedback lets me assist other clients in making a purchase that is right for them. I want you to know that I am always available to answer any questions you have; whether it is the next day or next year. Please call me for advice, if you have friends needing assistance with a property purchase, for a market update or just to say “Hello”! Follow the links below to view information brochures on buying a property: First-time Buyers pamphlet