Shannon Bashir

First off, Congratulations!

But wait.... it isn't over yet. If your contract is contingent on fulfilling certain "subjects" (contract conditions), then it isn't a done deal until after "subject removal".

Take the time to re-read your contract, put your Subject Removal Dates into your calendar, and post them on your fridge! These dates are Critical Dates, if you don't remove your subjects by the date listed, your deal may collapse.

Call your Mortgage Broker or Financial Institution and share the good news. Inform them of your Subject Removal Date and send them the required documentation; approved contract and property disclosure. They may also want to appraise the property to ensure you aren't paying more than it is worth.

Book your home inspector sooner than later, your inspection may take 2-4 hours (or longer) depending on size and/or complexity. The inspector will provide you with a written report on what was found, it may also contain suggestions for regular maintenance or areas of improvement. Pay attention to the large ticket items that you didn't know about, does the roof require replacement, is the hot water tank at the end of its life span, are the window seals cracked? Are you satisfied with the findings? If the inspection uncovered expensive fixes, you have the choice to walk away from the deal or renegotiate a reduction in the contract price.

Once all Subjects have been satisfied, both parties will sign off acknowledging the subjects have been removed, and you will be required to pay your deposit (confirm details of your contract).

Now it's time to celebrate.....

Let the fun begin!

Have you thought of purchasing a property without a Realtor® in order to save fees?

Many people are unaware that the Seller pays all Realtor® fees, the Buyer, does not pay any.

When a Seller agrees to list their property with a Real Estate Agent, they agree to pay a % (of the selling price) to the Listing Brokerage if/when the home sells. A portion of that percentage goes to the Brokerage that brings the Buyer.

Some Buyers may think they can negotiate a better deal directly with the Sellers Realtor®, but this is far from the truth.

The Sellers Agent has a fiduciary duty to their client (the Seller) and not to you, the Buyer. No matter how friendly they seem, the Sellers Realtor® must have the Seller's interest in mind at all times, their goal is to get the best price for the home. Think about it, how can a Sellers Realtor® get the Seller the best price for their home, while giving you the best deal at the same time?

An excellent Realtor® will work hard for you, they will listen to your needs/wants, find properties that match your criteria, view properties with you, and educate you. Not only will they obtain the listing/selling data, run reports, research the property, and read minutes (if a strata), they will be your advocate every step of the way.

Be sure to find a Realtor® you can trust and feel comfortable with, after all, this may be one of your largest investments.

That beautifully renovated condo checks all the boxes and you want to make an offer, how exciting! 

But wait.... when you buy a condo, not only are you buying a strata lot, you are also buying into a building as a whole, and you need to make sure this building is the right one for you.

After you view the unit, take notice of the condition of the hallways and use the stairs, are they well kept? If the stairwells are dirty and used as a storage area, perhaps they aren't maintaining other areas that you can't see, do they have funds for regular maintenance? If however the hallways and stairwells are clean and maintained, it shows good building management and pride of ownership.

Ask to see the parking space and take note of the parkade, is it bright and clean? A well-lit parkade shows safety is taken seriously and is also a deterrent for break-ins. Even taking a peek into the garbage and recycle room is a good idea.

Take a few extra minutes to walk the grounds and speak with people, do they seem friendly and open? Have they lived in the building for a long time? What do they like, what needs improvement? You'd be amazed at how much you can learn, after all, these people will be your new neighbours.

Having the right realtor can help make buying your new home an enjoyable, low stress experience. This is one of your largest investments, make sure it is the right fit for you.

Most of us have heard of the banks offering mortgage deferrals. These deferrals were put in place to help people struggling to make their mortgage payments due to job loss or reduction of work. If you qualify, you could receive up to 6 months of mortgage deferral payments.

Keep in mind a mortgage deferral is not a forgiveness of your loan, but rather an agreement with your bank where they give you a "break" from making your payments. Once the agreement ends your mortgage payments return to normal and the missed payments, including principal and accumulated interest - repaid. Depending on your current situation, this deferral could lessen the stress you may be experiencing due to COVID-19.

Mortgage deferral does not include property taxes and life/disability insurance.

Click here to read the published article by Canada Mortgage and Housing Corporation (CMHC)

One advantage of purchasing a New Home is the comfort of having a New Home Warranty. However, many people are unaware the New Home Warranty does not cover appliances.

Your appliances are covered under the manufacturer's warranty, which started the day your appliances were delivered to your new home.

The time elapsed between appliance installation and your possession date may be considerable and your warranty may be greatly reduced.

It's a good idea to check with your developer/builder to confirm you have a full warranty on possession.

If the property you wish to purchase is tenanted, there may be a few things to consider

Under normal circumstances, you could request the property be vacant if either you or your family member plan to move in (provided proper notice was served)

Now things are different, the Government of BC has declared a state of emergency and evictions (notice to end tenancy) are not allowed for any reason during this time, therefore you may not get to move into your future home on possession day as planned :(

On the other hand, if you are an investor, this may actually provide you with an excellent opportunity to increase your portfolio, many purchasers are steering away from this complicated scenario freeing up inventory for the savvy purchaser

Click here to access the Government of BC site discussing evictions during COVID-19

If you're a condo owner, take a few minutes to review your strata building insurance. Has the deductible for water damage and sewer backup increased? If so, you need to confirm your personal policy will cover the strata deductible in case of a claim 

Article by the Real Estate Board of Greater Vancouver