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SIMPLIFY
the buying
process
and make
BETTER
buying
decisions.
Home Buying
Guide
Copyright Thane Lanz – REALTOR Sutton Group – West Cost Realty
MAKE BETTER BUYING DECISIONS
As an experienced exclusive buyer’s agent with over 8 years of Full Time Real Estate
industry experience, I guarantee to find you the best available property matching
your criteria, budget & lifestyle.
THANE LANZ
REAL ESTATE CONSULTANT, AUTHOR & SPEAKER
C. 604.765.1490
SAVE TIME AND MONEY WITH YOUR BUYER’S AGENT – THANE LANZ:
EXPERIENCE - I draw on decades of combined experience with Sutton Group –
West Coast Realty (#1 For Sales in Vancouver and Across Canada) to make
sure that you have a real understanding of each property and the housing
market as a whole.
COMMITTED TO YOU – I work exclusively for YOU, representing your best
interest.
SEARCH – I will extensively search the market to identify the BEST property
offering the best VALUE and filter out the homes that do not work for you.
ACCESS – I have PRIVILEGED access to properties prior to them being made
public.
FEEDBACK – I will provide you with UNBIASED feedback of the FAIR market
value of your property of interest.
NEGOTIATIONS – I will negotiate on your behalf to SECURE your home for the
best price.
THE HOME BUYING PROCESS WITH THANE LANZ
Once you have provided me with your home buying criteria, i will do
an extensive search and preview the homes for you.
I will select the absolute best homes in that range for you to look at.
When we find the home that you like we will write up an offer to
purchase.
I will negotiate the contract for you and we will work together taking
the proper steps to ensure you get the home of your dreams!
TIMELINE
1. Arrange a pre-approval from a qualified mortgage professional to
determine your purchasing power. (From your bank or a mortgage
broker)
2. Determine your wants and needs in a potential property.
3. View selected properties.
5. Determine price, deposit amount, dates (adjustment, completion, &
possession), and subject clauses.
6. Prepare your offer to purchase (Contract of purchase and sale).
7. Presentation of your offer and negotiation of an accepted subject
contract.
8. Conduct due diligence:
a. inspection
b. survey
c. title search
d. property Disclosure statement
e. Home and fire insurance to ensure financing
f. review strata documents (for attached housing)
i. Form B
ii. Strata Minutes
iii. Financial Statements
iv. Engineers’ Reports
v. Registered Strata Plan
9. Remove subject clauses and submit deposit in trust to Sutton Group
– West Cost Realty.
10. Select a lawyer or notary to complete closing documents.
11. Arrange for insurance on your new home.
12. Completion date - money and title are exchanged.
13. Possession date - move in!
COSTS
TRADITIONAL TRANSACTION COSTS
Buyers’ Costs:
Inspection
Appraisal (if required for financing)
Deposit required by certified cheque or bank draft
(minimum of 5% & forms part of the purchase price)
Lawyer or Notary fees (average of $850-$1300)
Insurance
Property Transfer Tax (1% on the first $200,000; 2% of the
balance)
Goods and Services Sales Tax (5% on new product only)
This is by no means an exhaustive list, but it will give you an idea of some
of the additional costs associated with a Real Estate transaction.
HOME INSPECTION
Provided that an inspection was one of the subject conditions of
your offer, you will schedule a home inspection after the offer
has been accepted by the seller(s).
Depending on the size of the property, the home inspection will
usually take between two and four hours. As the buyer, you are
responsible for paying for the home inspection. Costs vary
depending on the inspector but generally range between $400
and $700. Home inspectors usually require payment upon
completion of the inspection so it is recommended that you
confirm the method of payment prior to meeting the inspector
on site.
Upon the completion of the home inspection, the inspector will
provide you with an oral report. The inspector will follow up with
a written report identifying potential areas of concern related to
plumbing, electrical, heating, roofing, foundation, or structure.
If significant issues are discovered through the home inspection you
have the option to withdraw your offer, request that the seller(s) make
the necessary repairs or have your agent negotiate a price
abatement to offset the cost of the expected repairs.
Home inspections are not intended to be used as a renegotiating tool
and cannot be used to get you out of a contract because you have
a change of heart.
COMMON SUBJECT CLAUSES
DETACHED HOMES
The purpose of ‘subject clauses’ is to allow a particular party (buyer or seller) a
specific period of time to confirm and clarify specific types of information integral
to the purchase and sale of a property.
While there are hundreds of potential subject clauses, typically, when buying a
detached single family home, there are at a minimum five subject clauses that
are placed within the contract.
They are:
1. Subject to being approved for mortgage financing
2. Subject to satisfactory inspection
3. Subject to receiving and approving the title search
4. Subject to approving the Property Disclosure Statement
5. Subject to arranging fire and property insurance
Subject conditions must benefit a particular party to the contract (either buyer or
seller) and must be removed by a specified date.
Upon successful removal of all subject clauses, the contract becomes firm and
binding.
If subject conditions cannot be removed on or before the date specified in the
contract, the parties may mutually agree to either extend the subject removal
date or collapse the offer.
Your agent will be able to explain the process and potential implications.
APARTMENTS AND TOWNHOMES
Offers on “Strata Title Properties” can be more complex by nature
than those on detached properties. Although a buyer and their
agent may be looking to purchase one strata lot within a building of
strata apartments, they rely on receiving specific types of information
relating to the strata lot, the building and the strata corporation.
Often, this information comes from the listing agent, the property
management company (if applicable), and/or the strata
corporation itself.
When buying an apartment or townhome, typically the same five
common subject clauses are used as with detached homes plus
subjects related to the review and approval of documents
containing information about the strata corporation and the strata
log.
These include:
Form B
Minutes
Financial Statements
Strata Plan
Consultants Reports
Contingency Reserve
Fund Study (if available)
As with detached homes, subject conditions on attached homes must
benefit a particular party to the contract (either buyer or seller) and
must be removed by a specified date.
Upon successful removal of all subject clauses, the contract becomes
firm and binding. If subject conditions cannot be removed on or before
the date specified in the contract, the parties may mutually agree to
either extend the subject removal date or collapse the offer. Your
agent will be able to explain the process and potential implications.
FIRST TIME BUYER REBATES & SAVINGS
R.R.S.P tax free withdraw - Up to $25,000 per person, 13 years to repay.
Property Transfer Tax Rebate - exemption of P.T.T if the home is under
$425,000 for first time principal residence
Basic Home Owners Grant - Can reduce your property tax by as much
as $570 (not applicable to homes assessed at $1,399,000 or more)
GST/HST rebate - Originally, the BC new housing rebate was eligible for
new homes (or substantially renovated homes) up to the first $525,000
of value, for a maximum rebate of $26,250. For the transition back to
GST/PST (April 1, 2013), the threshold for the rebate will be raised to
$850,000, for a maximum rebate of $42,500.
IMPORTANT CONTACTS
FINANCIAL ADVICE ROBERT KLEIN MORTGAGE GROUP Robert Klein
Mortgage Manager
#1508 - 688 Abbott St
Vancouver, BC V6B 0B9
Email: [email protected]
Direct: 778-896-6732
Fax: 604-648-9701
HOME INSPECTORS
SUPERIOR HOME INSPECTIONS
604-328-9640
QUALITY HOME INSPECTIONS 604-271-7177
DOUVILLE & COMPANY 604-626-4887
EXPERT HOME INSPECTION SERVICES 604-230-5885
PILLAR TO POST 604-250-9263
IMPORTANT CONTACTS
OIL TANK COMPANIES ACTION OIL TANKS Tel: 604-307-7275 $125. INCLUDES TAX & DOCUMENTS – GOES TOWARDS REMOVAL $2000 – 3000 AVERAGE REMOVAL COST
www.actionoiltanks.com
A SPEEDY SOLUTIONS OIL TANK REMOVAL Tel: 604-526-1809 FREE - $150. FOR DOCUMENTS. COST FOR REMOVAL – COMPETTIVE
www.aspeedysolution.com
ECONO TANK SERVICES
Tel: 778-862-1493 $60. + HST FOR THE INSPECTION AND DOCUMNENTS $300 FOR PERMITS / $1300 FOR REMOVAL / $350 – 700 TO PUMP TANK OUT
LAWYER OR NOTARY TO PREPARE PAPERWORK TO
COMPLETE THE SALE
NAOMI ARBABI NAOMI ARBABI LAW
Vancouver, BC
T. 778-251-9877
F. 604-357-1243
- $920 for Purchase
PATRICIA WRIGHT & ASSOCIATES
NOTARY PUBLIC
610 - 1112 W Pender St
Vancouver BC V6E 2S1
T: 604.682.8988
- Usually less expensive than lawyers
UTILITIES Call the following to have services shut off and/or changed to your new address:
BC Hydro 604 224 9376 (Water/Gas/electricity)
Terasen Gas 1-888-224-2710
Terasen Gas 1-866-436-7847 (electricity)
Shaw 604-629-8888 (Cable/internet)
Rogers 604-764-3711 (Cable/internet)
CHANGE OF ADDRESS
Post Office
BC Government (MSP and ICBC)
Credit cards
Charge accounts
Loan companies
Subscriptions
Friends, relatives
THANE LANZ
REAL ESTATE CONSULTANT
C. 604-765-1490
This communication is not intended to cause or induce breach of an existing agency agreement.
