THE COMPLETE GUIDE TO
BUYING YOUR HOME PRESENTED BY
GOSIA KARWOWSKI YO U R R E A LTO R A N D FRASER VALLEY REAL ESTATE SPECIALIST
GOSIA KARWOWSKI
REALTOR® | Royal LePage Wolstencroft Realty
604.317.6977
gosia@royallepage.ca www.HomesByGK.com Follow me on:
Royal LePage Wolstencroft Realty 135 - 19664 64th Avenue Langley, BC V2Y 3J6 Each office is independently owned and operated.
ME E T GOS IA KARWOW S KI I have been drawn to the real estate industry by my passion for urban architecture and wish to continue to be involved with the ongoing growth and development of Metro Vancouver, a place that I have come to love. Living and working here, I have seen so many changes over the past three decades and I still find it fascinating how my city manages to evolve and grow while always maintaining its beauty and excitement. My initial training as an Architectural and Engineering Technologist at Warsaw Polytechnic Institution awarded me a very long and successful career with Consulting Engineers in Toronto and Vancouver. In preparation for a career in the real estate industry, I studied at UBC’s Sauder’s School of Business in Real Estate Sales, Rental and Strata Property Management licensing programs. I joined Royal LePage Wolstencroft Realty in order to utilize my full potential with the company that provides huge brand recognition and marketing, offers exceptional training and has a highly skilled and experienced team of professionals backing me at every step, so I can focus my efforts on being the best real estate agent I can be. My goal is to become your preferred REALTOR of choice. By working with the well-known real estate brokerage in the Vancouver area, Royal LePage Wolstencroft Realty, I can offer you a platform of services that will raise the marketing of your home to a new level and allow me to exceed your expectations. Whether buying or selling, your satisfaction is my top priority!
CON TENTS Introduction 5 10 Steps to Buying a Home
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Define Your Goals 9 Research Your Options 10 Make Your Plans 14 Select the Right Agent
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Get Pre-Approved 18 Look For a Property 21 Negotiate an Offer 24 Remove Contingencies 27 Prepare for Closing 28 Begin the Moving Process
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Common Home Buyer Mistakes
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Frequently Asked Questions 35 Home Buyer’s Glossary 38
INTROD U C TIO N WELCOME TO BUYING A HOME The buying process is a combination of excitement, stress, and new experiences, whether you are a seasoned home buyer, property investor, or this is your first time buying a home. The simple fact is that buying a home is rarely a purchase that people make on a regular basis, which is why it is crucial to have an expert consulting you at each step of the process. This Buyer’s Guide is intended to give you a resource that will help you define your goals, research your options, and direct you through the process so that you can make informed decisions. When you buy a home, it should be about YOU: • Your dreams • Your requirements • Your financial situation • Your time • Your lifestyle choices • Your concerns
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10 S T E P S T O B U Y I N G A H O M E Buyer Start Here
Define Your Goals
Research Your Options
Make Your Plans
Select the Right Agent
Get Pre-Approved
Begin the Moving Process
Prepare For Closing
Remove Contingencies
Negotiate an Offer
Look For a Property
Take Possession of the Home!
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1 D EFI NE YOUR GOALS DETERMINE WHY YOU ARE BUYING A HOME Is it a permanent place for you and your family, an investment, or a second home? Whatever the reason, it is important that you buy with an eye on the resale investment potential. Why has buying a home also become such an investment opportunity? • No one can predict the future. Over the last 25 years, the average home price has risen substantially.
• Money that pays a mortgage turns into equity that can be used to finance other opportunities.
• Land has become a decreasing resource, especially in and around major city and cultural hubs, which has created the demand.
• Demographics and immigration have always been major factors in influencing investment opportunities.
• Housing is typically considered to be a stable investment, offering good rates of return.
• It is not always necessary to sell your home just because you are moving — depending on the equity created, it may be possible to offset the remaining mortgage by renting out the property.
• Low interest rates over the last 10 years have made mortgages affordable.
Investing your time to understand your local market and the influences could pay large dividends.
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2R E S E A R C H
YOUR OPTIONS
DETERMINE WHAT YOU CAN AFFORD AND WHERE Buying and financing a home are closely related, so it is very important to review your current financial situation to understand how much you can afford. There are three key components that determine the start of all searches: LOCATION – where do you want to live? TYPE – what type of home do you want? PRICE – what can you afford? Only you can determine the importance of each. Once you start to research your options, you will soon know if your expectations are realistic. LOCATION, LOCATION, LOCATION Why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it is usually a solid long-term investment. Perhaps more than ever, location is the key factor to driving price increases. In a strong housing market, homes in particularly desirable areas are more likely to see above average price increases. In weak housing markets, these homes tend to retain their value better.
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5 CHARACTERISTICS OF A GOOD LOCATION 1. A SAFE NEIGHBOURHOOD A home located in a community with little to no crime, is safe to walk freely, and where neighbours interact is most desirable. 2. GOOD SCHOOLS Being in a good school district, even if you don’t have children, is where young families will always buy. The better the school district, the higher the values of the surrounding homes. 3. CONVENIENCE The easier it is to access main features of the community, the more valuable the home. For homeowners in cities and towns, it is access to shopping and public transit; for beach communities, iti s the beach; for many, it is access to major road systems. 4. WATER ACCESS AND VIEWS No matter which town or city, someone will always pay more for a great view or to be on or near the water. A home right on a waterway, on a hill with panoramic views, or on the upper floors in a high-rise are great selling points. 5. NO INTERMIT TENT NOISE Being located near noise — whether a busy street during rush hour, a fire station, hospital, airport, or local school — is generally considered a negative. These intermittent noise factors can be missed when looking at a home and not reviewing your location fully.
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U N D E R S TA N D I N G PROPERT Y T YPES Understanding the fundamentals is not only important but necessary in order to consider a variety of property types and sizes. Each type of property offers its own advantages and disadvantages. HOUSE The most popular style and the most solid investment. A free-standing, detached home resting on its own lot offers a greater degree of privacy. Typically, the home and the land are owned completely by the homeowner and therefore entirely their responsibility to manage and maintain. SEMI-DETACHED/DUPLEX A single-family home that is joined to another by a common wall. It can offer many of the advantages of a single-family detached home and is usually less expensive to buy and maintain. TOWNHOUSE/ROW HOME One of several types of single-family homes joined by common walls. It offers less privacy than a single-family detached home but still provides a separate outdoor space. These homes can cost less to buy and maintain but are typically subject to homeowner associations that are responsible for maintenance and management, which can cost an additional fee per month. CONDOMINIUM/APARTMENT Refers to a form of legal ownership as opposed to a style of construction. Condominiums can be high-rise residential buildings, townhouse complexes, individual houses, or low-rise residential buildings. Owners do not have complete control over their property, being subject to homeowner association rules. However, the maintenance and management of the building are taken care of and in many cases, there is an increased level of security.
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U N D E R S TA N D I N G P R O P E R T Y M A R K E T VA L U E S Whether you have chosen your location or property type based on your budget, it is still important to research the value of homes currently on the market. The current selling price of a home does not mean that property is worth that amount — market conditions and what a buyer is willing to pay for a property affect the true value of the home at any moment in time. When deciding the value of any property, the following criteria should be considered: • • • • • •
Location of the property Condition of the property Buyer demand Current prices of similar properties Recent sales of competitive properties Availability of financing
Ultimately, the value of any property is dependent on what is important to you and whether this is the home that you wish to buy.
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3M A K E
YOUR PL ANS
After answering the following questions, you will be in a great position to research your housing and mortgage options as well as create the appropriate action plan and timeline for moving forward. SET YOUR PRIORITIES • What do you want from a home? • What does your family need from a home? • Do you want a turnkey home or would you prefer to renovate? • Choose the top five ‘must-haves.’ • Choose the top five ‘would-likes.’ • Are you pre-approved for a mortgage? • What can you afford on a monthly basis? • When is the ideal time to move?
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4S E L E C T
THE RIGHT AGENT
WORKING WITH A REAL ESTATE PROFESSIONAL It is important to work with a real estate professional who is not only committed to working with you and guiding you through the property search but who is also dedicated to finding you the RIGHT home. Consider their knowledge, experience, and expertise; check their track record of working with buyers – from finding a home, to negotiating the offer, to helping with financial solutions. RESPONSIBILITIES Educating you about the buyer agency and professional responsibilities including complete disclosure, loyalty, confidentiality, compliance, and accountability.
VIEWING AND ASSESSING HOMES Viewing homes with you and providing a comparative analysis. Also referring you to expert home inspectors that will provide more of an in-depth analysis and advice.
UNDERSTANDING YOUR REQUIREMENTS Taking the time to understand the priority of your requirements – location, property type, size, the must-haves, local amenities – even if they change.
CONSULTATION AND NEGOTIATION Consultation in relation to your written offer to purchase a home, with all terms approved by you. Negotiating the best possible price and terms for you and taking care of all the documentation details.
RESEARCHING THE MARKET Providing a sophisticated market analysis that helps you with your home search by previewing homes, keeping you up-to-date with new homes as they come on the market, what is selling and for how much, and knowing what is for sale both inside and outside the real estate professional network. Buying is all about having the right knowledge and access at your fingertips.
SERVICE PROVIDERS Helping you explore your financing options – refer excellent mortgage professionals so you can make the best possible mortgage decision. Assisting you in finding any home-related services needed. CLOSING Keeping you fully informed about all activities that lead to the transaction closing. 17
5G E T
P R E-A P P R O V E D
No matter your prior experience, circumstance, or reason for buying, it is always in your best interest to be pre-qualified for a loan before starting to search for a home. The current rates, approval, and unexpected challenges should be addressed before you have a serious intention of buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history, which results in the amount and rate that you will be able to borrow. BENEFITS OF PRE-QUALIFICATION • Knowing what you can afford enables you to plan accordingly – it allows you to understand how much you will be lent and how much you can actually afford to pay each month. • As a qualified buyer, you will be taken more seriously when you make an offer on a home. • You are able to take the time to understand the short and long-term implications, allowing you to make informed decisions and research your options.
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5 STEPS TO THE LOAN PROCESS 1. APPLICATION AND INTERVIEW • Types of mortgages are reviewed in line with your requirements • Interest rates and terms are discussed • Credit report is requested • Personal information is verified 2. UNDERWRITING • Mortgage package is submitted to an underwriter for approval 3. • • •
TITLE COMPANY Title is examined Title insurance and survey are conducted Borrowers sign documentation
4. LOAN APPROVAL • Parties are notified of the approval • Loan documents are completed and sent to the Title company 5. FUNDING • Lender reviews the loan package • Funds are transferred
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6LO O K
FOR A PROPERT Y
THE INTERNET 95% of all buyers use the internet to start their home search, typically taking an average of 12 weeks to research the possibilities they believe their budget can match. However, in the luxury market, not all of those homes are online. YOUR REALTOR Your real estate professional will assist you with narrowing your search by reviewing your ‘must-haves’ and ‘would-likes’ – making recommendations based on their experience and local knowledge. A real estate professional also has access to: • Previewing new properties at open houses. • Technology that automatically sends you new home matches – so you never miss a new listing. • Working within their network to find new properties not even listed yet. • Every home in your preferred community including “for sale by owner,” discounted brokerages, expired listings, or homes not actually on the market, but that are known suit your requirements. • Emailing specific home requirements to agents in the area so they know you are a qualified purchaser. PRINT MEDIA High-end newspapers and real estate magazines still provide platforms that truly feature these magnificent homes. Not every home is listed on the internet, and sometimes your search can miss that hidden gem because it is not online. PRIVATE VIEWINGS Homes only open to qualified buyers are typically unique and exceptional homes.
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BUILDING A HOUSE HUNTING CHECKLIST When searching for a home, it is very easy to become distracted and forget the important priorities. This simple checklist will help you stay focused on the important criteria. Make a comparison chart for when you start viewing: Size Positioning of the living spaces General size of rooms Kitchen style and appliances Bedrooms Bathrooms En-suites Garage space(s) Backyard Landscaping Condition of roof/exterior Storage space Natural light Do you feel an emotional connection to the home?
Take a tour of the home and do a second walk-through without emotion. Become the inspector and look beyond the surface: Will your furniture fit? Floor plans are a great way to see the flow and how changes can be made. Not available? Measure and draw your own. Check out the true storage space – open doors, cupboards, attics, basements, and storage cabinets. Lift up rugs and investigate for damage on the floor, under furniture, in the back of cupboards, etc. Look at every detail from floor to ceiling, including window trims, under sinks, bathroom tiles, etc. Look outside. Understand the landscaping and layout of other properties around the home – traffic, parking, noise, etc. View the property at different times of the day Take a moment to envision how you would use the space – does it fit your every day needs? Who are your neighbours? How long has the house been on the market? Is it priced to sell? Compare its price to others on the market What is the resale potential?
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7 N E G O T I AT E
AN OFFER
When you have found the right home, it is time to prepare and draft an offer of purchase. This offer protects and represents your interests while remaining legally binding on final acceptance. There are many components to an offer and your real estate professional will explain the entire process so that you are comfortable with the steps involved. An offer can be drafted with or without conditions. An offer without conditions is known as a firm or subjectfree offer. One with conditions is known as a conditional offer and in effect, protects one party with the placement of certain conditions on the purchase. POINTS TO CONSIDER IN YOUR NEGOTIATIONS: • The condition of the home • Length of time it’s been on the market • Buyer activity • Location • Urgency of the seller The seller may accept your initial offer, reject your offer, or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, closing date, or any other items. Offers can be countered back and forth until one of you accepts or rejects, ending the negotiations altogether.
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T YPICAL CONDITIONS TO INCLUDE FINANCIAL TERMS • Mortgage approval • Buyer pays a fixed percentage/dollar amount towards closing costs • Buyer pays towards specific closing fees – Title Search/Transfer Tax HOME INSPECTION • Full access and inspection by a certified inspector • Electrical, water, heating, roofing, infestations, etc. should be investigated thoroughly • Costs paid by seller for any repairs over a specific amount • Certain repairs to be completed/approved before purchase CLOSING DATE • Typically dated to give you and the seller the time required to complete the purchase transaction • Related to the sale of your present property or the remaining term of your rental lease • Subject to the seller's flexibility to move INSURANCE • Home insurance is typically required prior to approval TITLE SEARCH • Ensure the Property Title is in the name of the seller/seller's trust • Free from any claims against it either liens or ownership • If there is any ‘right of use’ on the property
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8R E M O V E
CONTINGENCIES
Once both parties accept the sales contract and its contingencies (that is, any conditions either party may be subjected to) they will start to work towards removing them. Your real estate professional will advise you on what contingencies you can remove based on the results, once the appropriate due diligence has been completed. Ideally, both parties should have been able to negotiate a reasonable time in which to remove these conditions. It is important to understand the options available to you should one of your conditions not be removable prior to the contract date. This does not automatically mean that the ‘deal is dead’ – having a real estate professional who is a good negotiator and will work with the seller’s agent to find a solution is key. Equally, conditions that the seller needs to address can also be provided with extensions – particularly important when a problem is found during the house inspection. An experienced real estate professional will advise you on the right course of action, based on their knowledge and experience. Once you are satisfied and wish to commit to purchasing the home, a contingency removal document will be prepared for both parties to sign.
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9 P R E PA R E
FOR CLOSING
After all the contingencies have been removed, it becomes the responsibility of the legal and financial institutions to prepare all the necessary paperwork. Should there be any issues, your real estate professional will contact you. Closing day marks the end of your home buying process. The following items should be brought to the closing: • • • •
A certified check for closing costs and down payment Proof of insurance Photo IDs Social Insurance numbers
At closing, you will sign all your legal documents, including paperwork relating to your mortgage and the transfer of ownership of the property. Your lawyer or notary public facilitates the exchange. When closing is finished, you should not only have the keys to the property but a copy of the documentation that relates to the property, including a statement of costs, a statement outlining your mortgage terms, and the proof of title transferred to your name. TIP: Make arrangements to see the new home the day before you close to ensure the home is in the condition per the contract agreement.
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COMPLETING A PURCHASE MORTGAGE INSURANCE AND FEES • Appraisal fee • Survey fee – covers the cost of verifying property lines PROPERT Y TRANSFER TA X • Property Transfer Tax – paid to the province • GST – paid only on new construction or substantially renovated existing properties LEGAL FEES • Attorney fees • Notary public fees TITLE FEES • Title search fees, which pay for a background check on the title to ensure there aren’t things such as unpaid mortgages or tax liens on the property INSPECTION FEES • Home inspection fee • Pest inspection fee
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10B E G I N T H E M O V I N G P R O C E S S Moving into a new home is an exciting time but it can also be stressful, even if you are hiring professionals. This guide will provide some important insight: • Hire a moving company. Book early, especially if you are moving at the end or beginning of the month. • Be sure to get a written confirmation of pricing and the date. • You should begin to de-clutter your present home – it is the perfect time to donate items that you no longer use. • Start packing! Begin with items in your home you do not use regularly. Pack room by room. • Make sure boxes are clearly labeled and easy to identify which room the box is going in for your new home. Label boxes as fragile, as needed. • Make sure to note and photograph items of significant value for insurance purposes. • Provide a detailed map and directions for your movers including a cell phone number where you can be reached on moving day.
• Be present when the truck is being loaded and unloaded in case your movers have questions. • Change your address – post office, banks, cable, internet, phone, insurance companies, utility companies, credit card companies, doctors, dentists, and any subscriptions you may have. • For both the new and old home, make a note of all utility meter readings. • Pack a travel bag with items your family may need on moving day such as toothbrushes, a change of clothing, medications, hair brushes, soap, toilet paper, etc. • Arrange for cleaners for the new home and old home. Even if the previous owner hires a cleaner, that extra touch before you arrive makes your new home feel fresh and ready.
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COMMON HOME BUYER M I S TA K E S • Going over budget – even the wealthiest of us need to understand the associated living costs. • Not pre-qualifying for a mortgage. After all, why pay more for a last minute mortgage? • Not shopping for the most suitable mortgage to match your requirements. • Not understanding all the terms and conditions: interest rates, length of contracts, mortgage types and rates, etc. before selecting your mortgage. • Buying a new home before you sold your old home. • Not understanding the true costs associated with buying your home. • Not using professionals to assist in all aspects of your home purchase including a mortgage advisor, home inspector, lawyer, notary public, or a moving company.
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F R E Q U E N T LY A S K E D QUESTIONS WHEN IS THE BEST TIME TO BUY? When you have found the right home. Don’t wait for perfect conditions to buy – they don’t exist.
However, don’t write an unrealistic offer. Offer instead what the property is worth to you, otherwise you may be helping someone else’s offer look good!
WHEN IS THE BEST TIME TO GET A MORTGAGE? Get pre-qualified before you start searching. This will help immensely and prevent disappointment.
CAN I GET OUT OF A DEAL IF I DECIDE IT ISN’T RIGHT FOR ME? Don’t be afraid to back out of the deal – you have not gone too far until the contingencies have been removed.
HOW DO I CHOOSE A REAL ESTATE PROFESSIONAL? Think of the process as equivalent to giving a job interview – do they know your local market, price points, and types of homes? Ask for references! HOW DO I FIND THE PERFECT HOME? Prioritizing and compromising are necessary elements. Compile a list of ‘must-haves’ and a list of ‘would-likes’ – you will never find the right home otherwise.
WHOSE OPINION SHOULD I TRUST WHEN BUYING A HOME? Trust personal instinct and trusted advisors, and do what feels right. Too much stress indicates it is time to walk away. WHAT DO I DO IF I GET BUYER’S REMORSE? Most buyers do – it is normal and will pass if the situation is right.
HOW DO I KNOW WHEN IT’S RIGHT TO PRESENT AN OFFER? Don’t be afraid to write an offer – there is no commitment until you remove all the contingencies.
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NOTES
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NOTES
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HOME BUYER'S GLOSSARY When buying a home, it’s important to understand some of the key concepts and terms. Throughout the purchase process, your real estate professional will be available to explain any unfamiliar terms you encounter. That said, here is a short list of terms you’ll want to know: Adjustable Rate Mortgage (ARM) – Also known as a variable-rate loan, an ARM is one in which the interest rate changes over time. Amortization – The process of reducing the principal debt through a schedule of fixed payments at regular intervals of time, with an interest rate specified in a loan document.
Conditions or Subjects – Items that are usually put in place to protect a party’s interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes. Some of these conditions could be “subject to financing approval,” “subject to the buyer’s house selling,” “subject to seller finding suitable housing,” etc.
Appraisal – An appraiser’s estimate of the market value of a property based on local market data and the recent sale prices of similar properties.
Contingency – A clause in the purchase contract that describes certain conditions that must be met and agreed upon by both buyer and seller before the contract is binding.
Assessed Value – The value placed on a home by municipal assessors for the purposes of determining property taxes.
Contract of Purchase and Sale – A detailed written document that makes an offer to purchase a property, and may be amended several times in the process of negotiations. When signed by all parties involved in the sale, the CPS becomes a legally-binding sales agreement.
Closing – The final steps in the transfer of property ownership. On the closing date, as specified by the sales agreement, the buyer inspects and signs all the documents relating to the transaction and the final disbursements are paid. Also referred to as the Settlement. Closing Costs – The costs to complete a real estate transaction in addition to the price of the home; may include: taxes, title insurance, appraisal fees, and legal fees. Closing Date – This is usually the date that the legal ownership of the property transfers from the seller to the buyer.
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Conventional Mortgage – One that is not insured or guaranteed by the federal government. Counter Offer – An offer, made in response to a previous offer, that rejects all or part of it, while enabling negotiations to continue towards a mutually acceptable sales contract. Debt-to-Income Ratio – Measures total debt burden. Calculated by dividing gross monthly debt repayments, including mortgages, by gross monthly income.
Deposit – The amount of money provided from the buyer to the seller as a token of the buyer’s assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Your agent can assist you in proposing a certain and appropriate amount for the deposit. Disclosures – Disclosure statements, which can come in a variety of forms, are the buyer’s opportunity to learn as much as they can about the property. Seller disclosures are based on seller's knowledge of issues. They serve to inform buyers; they can protect the sellers from future legal action. It is the seller’s chance to lay out anything that can negatively affect the value, usefulness, or enjoyment of the property. Down Payment – The money paid by the buyer to the lender at the time of the closing. The amount is the difference between the sales price and the mortgage loan. Requirements vary by loan type. Down payments less than 20% usually require mortgage insurance. Equity – The value of the property, less the loan balance, and any outstanding liens or other debts against the property. Easements – Legal right of access to use a property by individuals or groups for specific purposes. Easements may affect property values and are sometimes part of the deed.
Fixed-Rate Mortgage – A type of mortgage loan in which the interest rate does not change during the entire term of the loan.
Mortgage Insurance – Purchased by the buyer to protect the lender in the event of default (typically for loans with less than 20% down).
Home Inspection – Professional inspection of a home, paid for by the buyer, to evaluate the quality and safety of its plumbing, heating, wiring, appliances, roof, foundation, etc.
Possession and Adjustment Dates – When the buyer takes possession as specified in contract of purchase and adjustments are made for prepaid taxes, maintenance fees, etc. They are usually the same date.
Home Warranty - Service contract that covers the repair or replacement of home system components and appliances that break down. Homeowner's Insurance – A policy that protects you and the lender from natural disasters and liabilities, such as a visitor injury, or damage to your personal property. Inclusions and Exclusions – Specifications within the offer that detail the items to be either included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures, and decorative pieces. Lien – A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the Title to your property if you don’t make the payments. Market Value – The amount a buyer would pay a seller for a home. An appraised value is an estimate of the current fair market value.
Possession Date – The date, as specified by the sales agreement, that the buyer can move into the property. Generally, it occurs within a couple days of the Closing Date. Pre-Approval Letter – A letter from a mortgage lender indicating that a buyer qualifies for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Principal – The amount of money borrowed from a lender to buy a home, or the amount of the loan that has not yet been repaid. Does not include the interest paid to borrow.
Terms – Specifying the total price offered and how the financing will be arranged, such as if you will arrange your own with a financial institution or mortgage broker, or if you wish to take over the seller’s mortgage (assumability). Title – The right to, and the ownership of, property. A Title or Deed is sometimes used as proof of ownership of land. Clear title refers to a title that has no legal defects. Title Insurance – Insurance policy that guarantees the accuracy of the title search and protects lenders and homeowners against legal problems with the title. Title Search – A historical review of all legal documents relating to ownership of a property to determine if there have been any flaws in prior transfers of ownership or if there are any claims or encumbrances on the title to the property.
Purchase Price – The amount that the buyer is offering to pay for the property, usually dependent on market conditions and may differ from the seller’s current asking price. There is no “normal” amount or percentage that a price will differ from its asking price, as the final price will be determined by many factors, including the seller’s motivation and how close the asking price is to actual “market value.”
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GOSIA KARWOWSKI | 604.317.6977 | GOSIA@ROYALLEPAGE.CA