THE AGENCY BUYER’S GUIDE
Let’s Go Shopping
THE HOMEBUYING JOURNEY AT A GLANCE
So You’re Ready to Make Your Move? We’ll Roll Out the Red Carpet.
The Canadian West from Calgary to Vancouver Island is home to some of the most scenic natural beauty in the world, from snowy mountain peaks to the tree-lined Pacific oceanfront and the bustling metropolises in between. Whether seeking mountain life, waterfront property or an urban loft, the real estate across the region is as rich and diverse as the vast landscape itself. While the homebuying process may seem daunting, here’s what you need to know: your agent and brokerage have your back. We will be with you every step of the way, providing invaluable support and guidance to make the transaction process as smooth and seamless as possible. And yes, that’s entirely possible.
Before the Search Begins 1
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Choose An Agent Well, hello. Selecting an agent is a highly personal decision. You trust them to advise you through one of the biggest decisions of your life. And it’s not a responsibility we take lightly. Through a personal and diligent discovery process with our clients, we work to understand what’s important to them and establish a relationship of confidence and comfort.
The First Consultation Shall we begin? Now is the time we get to know you, your needs, hopes and dreams for homeownership. From spearheading your search to providing crucial feedback along the way, your agent is your partner from start to finish, and then some.
Financing Pre-Approval When it comes to real estate, money talks. Before you begin the search, you’ll want financing preapproval. Pre-approval is different from pre-qualifying, as it means a full loan approval, not just an opinion letter. Determining the loan amount you qualify for will help you set your price range. Unless you’re paying in cash, of course. We’ll connect you with a mortgage broker, who’ll determine how much a bank will lend you. This process will help you understand the variety of financing options, what your down payment will be, and places you in a better negotiating position in the seller’s eyes.
Applying for a Home Loan 2
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What should I not do when applying for a home loan? A little self-control goes a long way. Applying for a home loan is a sensitive process. Here’s what to avoid when seeking financing.
Don’t buy or lease a car before you apply.
Don’t change jobs.
Lenders look at your debt-to-income ratio. A large payment or other significant purchase can impact that ratio and prevent you from qualifying for a loan.
Stay put for now. A new job may require a probation period before income can be considered for qualifying purposes.
Hold off on buying the furniture and appliances. You don’t want to add big, new purchases to your debt or take from your available funds for closing costs. We repeat: put the credit card away.
Don’t move assets from one bank account to another. Transfers appear as new deposits, which can complicate the application process. You’d have to disclose the source of funds for each new transaction. So, just skip the headache.
Don’t attempt to consolidate bills before speaking with your lender. It’s not the time to go rogue with your finances. Talk with the experts first.
Don’t run your own credit report. It will show up on your lender’s credit report and needs to be explained in writing.
Your Finances at a Glance
What do lenders review when considering you for a loan? Your Credit
Money, Money, Money
Establishing solid credit with a good payment history is imperative and helps boost your credit score.
This is when the lender verifies your funds for your down payment and closing costs.
Job Stability
The lender will require an appraisal by a certified fee appraiser to verify the property’s marketability, condition and value, ensuring sufficient collateral for the loan.
A consistent job history with the same company is ideal, but a career advancement may also be acceptable. Schooling completed in preparation for a specific vocation is considered to be a part of your job history.
Debt-to-Income Ratio The lender looks at your full income, debt, down payment, loan principal taxes, interest, and insurance to come up with an income ratio.
Property Security
We’re Here to Help Don’t worry if you don’t meet all of the guidelines. Lenders work through a variety of circumstances.
What are my financial parameters? A little bit more about that money. Once you have your price range, you need to take into account closing costs, moving costs, possible condo fees, and other numbers that can quickly add up. We’ll walk you through it.
Now About that Home TH
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The fun begins. What kind of property are you looking for? A house, a condo, a townhome, a buildable lot, a log cabin, a beach cottage—the possibilities are endless.
What are your needs, wants, and can’t live without’s? A yard, pool, rooftop terrace, car collector’s garage, vineyard, helipad. Don’t hold back. We’re dreamers ourselves.
What are your preferred neighbourhoods? We’ll check out a range of neighbourhoods and share all of our local knowledge and insight to help determine your ideal location.
When do you need to close? Move into your new beach house in time for summer. Your downtown loft in time to start the new job. Your house before the start of the school year. We got this.
The Search Is On 4
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Home tours. We’re in this together. Let’s go hunting. We are always happy to preview properties so you don’t have to waste a Sunday afternoon at the wrong house. As we shop around at showings and open houses, we’ll further refine the search and adapt to your needs.
We’ve found it. Just like we knew we would. Once we’ve found the one for you, we prepare an offer.
Making the Offer 5
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PREPPING THE OFFER
DEADLINES
Getting your Canadian Geese in a row.
Timing is everything.
Your real estate agent or lawyer will help you prepare an offer. Laws vary widely from region to region, so it’s essential that we protect your legal interests and account for any specific contractual contingencies. Some general considerations are outlined below.
Now is when we’ll be sure any timeframes indicated in your contract are realistic, particularly if your offer is subject to securing a mortgage loan. This is why we urge you to secure pre-approval in advance. Increases in market activity and vigilance by lenders may mean mortgage approvals require more time.
LEGAL AND CONTRACTUAL OBLIGATIONS
Down to the details. An offer commits you to legal and contractual obligations as soon as the other party has accepted it. We’ll ensure you’re clear on the legal obligations, should the offer be accepted.
VALUATION AND RESEARCH
The method behind the madness. Before writing your offer, we’ll provide you with recent area sales, local market information and possible competitive bids. This will help craft a highly competitive offer, determine your initial offer and target price.
THE PERFECT OFFER
Not too high. Not too low. Just right. An offer is a legally binding document that includes the price you’re offering to pay and any inclusions: the items you think should be included in the sale, such as appliances and light fixtures. The offer will also include your deposit amount, legal and physical possession dates, any legal subjects or conditions upon which the contract becomes final, and the date the offer expires.
NEGOTIATIONS
This is our time to shine. We’ll represent you at the negotiating table to reach an agreement on the final price and contract terms. We’ll adhere to your budget and requirements so you don’t commit to additional costs. In multiple-offer situations, our experience and due diligence are huge assets in ensuring your offer is strategic, competitive and reflective of your budget.
POTENTIAL OFFER REPONSES
Here we go. 1. Your offer is accepted—the deal is complete, the offer is signed by the seller, and the offer becomes a binding legal contract. 2. A counteroffer—the seller makes changes to your offer, such as adjusting the price, closing date or conditions. You can accept the counteroffer and close the deal by signing, or make another counteroffer. 3. Offer rejection—the seller may choose to reject the offer, and the sale will not go through.
OFFER ACCEPTANCE PROFESSIONAL INSPECTION
To be or not to be. Either before or after submitting your offer, we’ll advise you on whether a professional inspection should be conducted depending on the property age and type, and whether competitive bids are anticipated.
Let’s bask in the glory. Both parties agree, negotiations conclude, and you move on to the next steps in the buying process. You will have a set period of time to satisfy the legal conditions agreed to in your contract. Only after your conditions are removed do you have a legally binding document.
Closing the Deal 6
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Before closing day. Excitement is building. As the big day nears, we’ll monitor the progress of your transaction to ensure there are no last-minute issues. We’ll remind you to arrange home insurance as the lawyer will need a copy before proceeding with the closing.
The closing. Cue music: looks like we made it. On closing day, legal property ownership is transferred to your name. The mortgage amount is provided to your lawyer or notary by your lender. You’ll receive a Statement of Adjustments with costs payable, including balance of owing fees, property transfer taxes and other completion costs. Your lawyer or notary will pay the seller, complete the necessary documents, register your home at the Land Titles Office in your name and provide you with the deed.
Delivery of keys and move-in. We did it! Drinks are on us.
We’ve only just begun. This is only the beginning. We’re here for anything you need. Contractors, designers, painters, plumbers, house-sitting. Maybe we’ll pass on babysitting.
BUYING WITH THE AGENCY
So, What Is It We Do Differently?
We collaborate.
We do it all.
The way we see it is this: no agent is an island, and no one should go it alone. The Agency’s culture of collaboration means you benefit from our strength as a whole. You have an entire team of experts in everything from the legal process to negotiation at your disposal. And we share information like new listings before they hit the market, giving our clients a tangible edge in the marketplace.
It’s all in our wheelhouse. The Agency offers the engine in-house to cater to all of your real estate needs, whether searching for a home, commercial space for your business, an investment property, a vacation home in Mexico, or a ski chalet for the holidays.
We connect. At the forefront of our passion for collaboration is our ability to connect, in every sense of the word. We use our proprietary technology to seamlessly communicate. We hear about new listings before anyone else. If we have a buyer looking for a house in a particular neighbourhood, we’ll spread the word and hear back immediately.
We do this full-time. Weekend warriors need not apply. Unlike what you’ll find at traditional brokerages, at The Agency it’s quality over quantity. We are made up of a team of full-time, committed real estate professionals. We are highly selective about who we bring to the team because every single person is a vital part of the overall vision.
We know our markets inside and out. We don’t just enter a market. We conquer it. In each location, we seek out the very best real estate professionals—the agents who understand the nuances of each neighbourhood. Then we back them up with our vast global reach and resources.
When one of us wins, we all win. And so do our clients.
Enough About Us, Let’s Talk About You.
To help you identify your own vision of home, we’ve created this interactive worksheet. It’s a place to get your thoughts and ideas down as you start thinking about exactly what you want from your new home.
What’s your ideal location? What would you like within moments from home, driving distance, flying distance? Would you like to be near the beach, airport, shopping? Let ‘er rip.
What kind of home are you looking for? Single-family residence, condominium, townhome, land, buildable lot, new construction? You name it, we’ll find it.
What’s your style? Traditional, contemporary, midcentury modern, farmhouse, loft—there’s no wrong answer.
What are your must-haves? What do you need in your home? How many bedrooms? An office? Garage?
What would you love to have? A pool, theater, yard, wine room, garden? Dream big.
What are your deal breakers? If we see these, we won’t bother scheduling that showing.
Ready to Find Your Dream Home? We Can Take You There. THEAGENCYRE.COM
With respect to any real estate brokerage services we provide you as the buyer, you acknowledge that The Agency makes no guarantees, representations or warranties regarding the subject property or your ability to purchase the same. Information you receive from the seller or their agent related to the property may be subject to errors or omissions. The Agency has not and will not verified the accuracy or completeness of any relevant information we or you received or will receive from any source. All information must be independently reviewed and verified by you for accuracy, and you should rely on you own investigation of the property and on such other material facts you deem necessary and prudent to complete the subject transaction. The Agency is not a law or CPA firm and cannot advise you as to any legal rights or obligations, business, or tax consequences of any provision or instrument set forth or prepared in connection with your purchase of a property. If legal or accounting advice is desired, you should consult a qualified California real estate attorney or CPA. The Agency may act as a dual agent if your agent or another agent of The Agency represents the seller. AN INDEPENDENTLY OWNED AND OPERATED LICENSEE OF UMRO REALTY CORP.