Buyers

How to Buy a Kelowna House or Condo

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Investing in Kelowna real estate is a smart move for your long-term financial success. For the past two decades, young professionals and retirees alike have been flocking tothis beautiful B.C town because of its booming tourism industry and strong economy – making it one of the most desirable places to live in Canada! If you’re looking to relocate or upgrade into a larger home, Kierra Smith’s expertise combined with successful track record will get you on top of this market quickly – allowing you reach an level wealth that suits even the highest aspirations!

How to Buy a Kelowna House
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Rebates and Incentives in British Columbia

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In light of the skyrocketing property prices in the past decade, the provincial and federal governments have created several incentives to support home buyers.

Three options that we’d like to highlight here are:

Rebates and incentives often change, so be sure to keep up to date with what is currently available. Although Google can be helpful, it can be useful to access the expertise of someone who works in the space, A skilled Realtor will often be able to provide insight into what you can take advantage of. Our Client Care Coordinators can answer any general questions and will have some insight into what you may be able to take advantage of.

Finding a Home

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When searching for a home, you must consider both the type of ownership and the specifics of the house itself. Kierra Smith is dedicated to revolutionizing the search experience for property in BC. Check out our advanced search tool, which gives you access to all listings across British Columbia! Our team of Client Care Coordinators is here to support your search by answering questions and connecting you with a local, vetted realtor who can provide more personalized information to support your search.
Finding a Home

Types of Ownership

There are broadly 4 types of real estate ownership in BC.
Making an Offer

Making an Offer

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You’ve found a home you are genuinely excited about, and you’re ready to consider a purchase. With your pre-approval in place and careful negotiation, this home could be within your budget. Before you get too caught up in the excitement, let’s discuss the practicalities of purchasing the home. Frankly, this is where it can be helpful to have a Realtor to support the drafting of the Offer of Purchase and Sale, as the Standard Forms are all behind a paywall that requires you to have a Realtor login.

Of course, we’ve already created an in-depth resource on the Offer process, available here, but we will provide a high-level overview here.

An offer generally includes the following negotiable terms. These core components of the deal are what will likely cause a seller to accept, reject, or request a change.

The purchase price: How much you’re willing to pay (don’t forget the GST). This is where the pre-approval discussed above can be helpful.

Deposit: The deposit amount (typically 5-10% of the purchase price) is held in a trust as security to show your sincerity regarding the deal. Keep this as low as possible.

Time limit: Set a time for the seller to review and accept or reject your offer. This ensures the offer expires if the seller doesn’t get back to you in time, so you can offer on other properties and not be surprised by an acceptance three months later.

Subjects: You may put various additional subjects or conditions that must be fulfilled for the deal to close. Think about it as “This offer will be accepted subject to XYZ being completed.” Subjects require a specific amount of time that will be clearly written into the offer, with details on the required investigation to satisfy the subject. Subjects can include loan approval (don’t forget your pre-approval!), home inspection, or whatever you require to be satisfied and close the deal. Technically you can put anything you like into a contract, although that doesn’t mean it will be accepted! If you don’t remove your subjects with the proper notice outlined in the contract, the contract is forfeited. A competent Realtor should have a network of professionals to connect you with, such as inspectors, surveyors, municipal offices, notaries, etc. Ensure you have enough time in your subject removal period to schedule the necessary appointments and provide time for the work and reports to be generated, as well as time for you to review the information provided and make an informed decision.

Closing the Deal

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Depending on the competition for the property, you may not have much time to complete the subjects required. Typically for a residential property, subjects will be given ~1 week, although, in commercial real estate, it can be months! Even if a home seems perfect, it’s prudent to make it subject to a home inspection. We’ve created a resource here to navigate that process, understand the costs involved, and explain what to do with your home inspection report.

Two last notes – if you’re buying a tenanted property in British Columbia, you must honour the existing terms of the tenancy agreement and can only end it by following the existing eviction rules. If you wish to cancel an offer, you should know that revoking an offer might lead to problematic legal consequences. At best, you’ll probably lose a deposit, and depending on the situation, the seller may seek financial recourse or legal remedies from you. Get legal advice ASAP if you wish to rescind an accepted offer.

When subjects have been removed and you have transferred the full purchase money to the trust account, the next step is for the BCLTSA. to confirm the registration of the transfer documents. Worried about this part? A Realtor will ensure this process goes smoothly. Once registration is confirmed, the money will be released to the seller, and you will receive the keys to your new home on the possession date. Congratulations on your new home!

Hopefully, this article has been an informative dive into the process of purchasing a property in BC. We are always here to answer any additional questions you may have about the process, and we are hard at work generating additional content to support you and all of your real estate needs.

Closing the Deal
Happy millennial couple receiving keys from realtor, purchasing real estate - Family meeting with real