Buying steps
The process of buying real estate in Whistler is pretty straight forward. Below is the step by step process we will take that will result in a successful home purchase:
Listening
Listening and discussing why a purchase in Whistler is right for you and finding out what benefits or features you want for your home are the first and probably most important steps for us to take. After living here for almost 20yrs, I have an intimate knowledge of the local market and can use this to better assist you in reaching your goals.
Mortgage Pre-Approval
The majority of Buyers will need help with the purchase of a property. This is where the help of a Mortgage Specialist comes in. They will walk you through the application process which includes a credit check, review of your employment history, and how much you are have for a down-payment. They can then discuss what you can qualify for, what your monthly mortgage payments will be and any rebates or tax credits that exist.
While it’s tempting to want to go out and see what homes are out there, but once you are pre-approved, you can focus on what homes are in your price range.
Showing you real estate
You are pre-approved and now the fun can begin! You may already have some properties that you are interested in and by using what you told me earlier; I will be able to give you some additional properties that I feel may be of interest. We will sit down a go through all current listing of all the Brokerages in Whistler that match. I usually throw in a couple of alternate options to give us a good selection and we narrow it down. Once we have a good short-list of properties we will head out to view. At this time I will ask you for feedback – likes, dislikes. As we narrow it down we will find a property that fits your needs. Sometimes there are compromises involved but my track record of finding people what they want is good.
Presenting the Offer
So, we found “The ONE”. Now lets make sure we get it! In order to submit an offer we will need to fill in some paperwork including a Contract of Purchase and Sale. An offer does not mean you are committed to purchase the property. It will need to past some tests before you buy it. To protect you, I will include some Subjects or requirements that the property will need to meet. We will discuss together your offer amount, Subject’s and when you want to move in.
Negotiation
We submit your offer to the Property owner through the Listing Agent. They will review the offer and then provide us with a response. They may accept it, reject it, inform us if there are any other offers or counter our offer with one of their own. The counter offer can reflect a new price, different move-in dates, or inclusions or exclusions (Art work or furniture). Our ultimate goal is to reach an accepted offer together.
Offer “Accepted”
Good news! We have an accepted offer. You and the seller have agreed to the same terms of the offer and have a conditional Contract of Purchase and Sale. Part of our Contract was to include some subjects to protect you. This is now the time that we do our due diligence and satisfy all the subjects we included in the offer. Subjects can include title search, building inspection, financing and reviewing strata documents and financials if applicable.
Subject Removal
Once you are satisfied with the outcome of our inquiries about the property, we can remove the subjects and the offer becomes a firm and binding contract.
Deposit Due
Once the offer goes firm your deposit is due. I like to make it due 3 business days after the removal of all Subjects. The deposit is approximately 5% of the purchase price and can be in the form of a Bank Draft or Wire transfer. The deposit is held “In Trust” in the Sutton Group WestCoast Realty Whistler account and will be applied to full sale price upon completion.
Signing Date
A couple of days before the completion date you will need to sign the documents that transfer the title and register the mortgage. You will want to arrange a time with you Lawyer or Notary and Mortgage Broker a week or so before, so that you are not rushing at the end.
Completion Date
This is the day the transaction completes. The property Title is registered in your name and the seller receives the funds. All your insurance and service/utilities need to be arrange to transfer on this day.
Possession Date
“Congratulations and welcome to your new home!” This is the day you get to move in! It is usually scheduled for Noon. I will meet with you to give you keys and review to make sure everything is correct.
Staying in touch
As you settle in, I want to know that you are enjoying your home. By touching base I can to check that everything is going well and your feedback lets me assist other clients in making a purchase that is right for them. I want you to know that I am always available to answer any questions you have; whether it is the next day or next year. Please call me for advice, if you have friends needing assistance with a property purchase, for a market update or just to say “Hello”!
Follow the links below to view information brochures on buying a property:
First-time Buyers pamphlet
Conveyancing steps - Strata property