Congratulations! Your offer to purchase a property in Kitsilano has been accepted. This is a significant milestone in the home buying process, but it’s not the end of the journey. After your offer is accepted, there are several crucial steps that follow to ensure a smooth and successful real estate transaction. In this document, we will outline what happens after your real estate offer is accepted in British Columbia.
1. Confirm the Offer Details:
Once your offer is accepted, the first step is to confirm all the details of the offer. This includes reviewing the Contract of Purchase and Sale Agreement (CPS) with your real estate agent and ensuring that all terms and conditions are accurately reflected in the contract. Be attentive to any specific deadlines or conditions outlined in the agreement.
2. Deposit Submission:
After your offer is accepted, you will be required to submit a deposit as specified in the CPS. This deposit is typically held in trust by your real estate agent’s brokerage. The easiest way of doing this is a wire transfer from your bank to our brokerage’s financial institution. The deposit demonstrates your commitment to the purchase and is credited toward the final sale price.
3. Home Inspection:
One of the most crucial steps after your offer is accepted is the home inspection. It is strongly recommended that you hire a professional home inspector to assess the condition of the property. The inspector will provide a detailed report on the property’s structural integrity, systems, and overall condition. If any significant issues are uncovered, you may have the option to negotiate repairs or a price adjustment with the seller. In a Seller’s market, completing the inspection before offer submission is advisable.
4. Financing and Mortgage Approval:
You already have your mortgage pre-approved. Don’t leave this until after otherwise. you might be in for a rude surprise. I’ll provide your Lawyer or Conveyancer will all the appropriate documents, they will in turn provide all of that information to your Mortgage Lender. The lender will review your financial information and conduct an appraisal of the property to determine the final loan approval. It’s essential to keep your finances in good order during this process.
5. Property Title Search:
A property title search is conducted to verify the legal ownership of the property and check for any encumbrances or liens. Your real estate agent or lawyer will typically handle this on your behalf to ensure that the seller has the legal right to sell the property. Ths will be looked at by me prior to the offer being made.
6. Purchase Completion Statement:
Your lawyer will prepare a Purchase Completion document that outlines the closing costs and funds required to complete the purchase. These costs include property transfer tax, legal fees, insurance, and other applicable expenses. You will need to provide the necessary funds to your lawyer before the completion date.
7. Home Insurance:
You will need to secure home insurance for your new property. It’s essential to have insurance in place by the completion date to protect your investment. Your lender may have specific requirements regarding insurance, so be sure to communicate with your insurance provider accordingly.
8. Final Walkthrough:
Before the completion date, it’s a good idea to conduct a final walkthrough of the property. This allows you to ensure that the property is in the same condition as when you made the offer and that any agreed-upon repairs have been completed. I would usually recommend asking for 2 visits prior to closing.
9. Completion and Possession:
The completion date is when the legal ownership of the property is transferred from the seller to the buyer. This is typically when you take possession of the property. Your lawyer will handle the necessary paperwork and transfer of funds. Once the transaction is complete, you will receive the keys to your new home. I’ll pick up the keys from the other Realtor and meet you at your new home!
10. Property Transfer Tax and Legal Fees:
On the completion date, your lawyer will pay the property transfer tax to the British Columbia government. The amount is based on the property’s purchase price and may be eligible for exemptions or rebates, depending on your circumstances. Additionally, you will pay legal fees for the services provided by your lawyer throughout the process. If you are new to Vancouver and the Province, keep in mind that you can get a partial rebate on your taxes every year. You have to request it though, otherwise you pay the full amount.
11. Title Registration:
After the completion date, your lawyer will handle the registration of the property title in your name with the Land Title and Survey Authority of British Columbia. This step finalizes the legal ownership transfer. Most Lawyers will recommend Title Insurance. Not a bad idea given all the fraudulent activity happening these days.
12. Moving In:
Once you have the keys and legal ownership of the property, you can begin moving in. This may involve coordinating with movers, transferring utilities, and settling into your new home.
13. Changing Locks and Security Measures:
For added security, it’s advisable to change the locks on exterior doors and consider any other security measures to ensure that you are the only one with access to your new property.
14. Notify Service Providers:
Notify essential service providers of your change of address, including utility companies, internet and cable providers, the postal service, and any subscriptions or memberships.
15. Homeownership Responsibilities:
With the keys to your new home, you assume various homeownership responsibilities, including maintaining the property, paying property taxes, homeowners’ insurance, and any strata or condo fees if applicable.
After your real estate offer is accepted in Kitsilano, there are several critical steps that follow to complete the purchase. It’s essential to stay organized, communicate effectively with your real estate agent and lawyer, and be prepared for various financial and legal obligations. By following these steps and working with experienced professionals, you can navigate the process successfully and enjoy your new home in Kitsilano.
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About the Author:
What Happens After Your Real Estate Offer in Kitsilano is Accepted was provided by Regan Pyke, a Vancouver Realtor and a leader in the field of sales, marketing, and real estate investing. Regan can be reached via email at [email protected] or by phone at 778-228-2448.
Thinking of buying or selling your Vancouver West, Kitsilano Home, you know where to find me 😉.
