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Buyers
Resources & Guidance
The Buying Process:
The process of buying a home can be daunting. My job as an agent is to make it as comfortable as possible every step of the way.
What are the steps
1.Choose your Realtor
Ensuring you have a licensed Realtor working with you will ensure that your interests are protected and assist you with your search. My job is to help you find the home that is right for you and assist you through the process.
2. Market Research
Meet with your mortgage professional to see what you can spend on a home. See what that means in the current market. Explore areas and check commute times.
3. Showings
Looking at properties is a big part of the process. Note what you do and do not like, let your realtor know so they can help find your best options. Don’t get discouraged! Finding the right home can take time.
4. Offer
There are things to consider when making an offer. I will go over them with you to ensure you are fully informed and negotiate on your behalf. Valid government issued ID and your current employment will be needed at this time and must be valid through the completion date.
From start to finish, and for everything in between, dean Robertson is your home buying expert in victoria BC.
5. Conditions
At this stage, your Mortgage specialist will be working to get your financing finalized. This may require an appraisal. You will also be working through any other conditions in the contract. Property inspections, document reviews, insurance inquiries and any other conditions listed in the purchase contract. Once conditions are removed, you will need to submit a deposit to be held in trust until the transaction is completed. This is usually in the form of a Bank Draft or Wire Transfer. The 7 digit account number the funds came from and account type will be required for mandatory paperwork the brokerage needs.
6.Completion
You will need a Lawyer or Notary to process the completion of your purchase and transfer ownership of the property. There are costs associated with this process that are not included in the purchase price. Once the transfer has been completed and the closing costs paid, your Realtor will collect the keys and you will receive them when you take possession.
7. Follow Up
Every property has some quirks or things you want to change. Painting, renovations or even just planning your move can be quite stressful. As your Realtor, I am here for you even after you’ve purchased your home. I want you to be comfortable in your new home for as long as you want to be there.
Knowledge & Guidance, Focused On You you.
Everybody’s journey to buying a home or property looks different. Knowing that you have all of the details accounted for before making your purchase is essential. Whether you are buying a single-family detached home, a condo, or an investment property, work with a real estate agent that understands what you need, knows in the current market, and treats you with the respect and attention you deserve.
When you buy with Dean, by the time you have your keys in hand you will know not just about your new home, but you will know your neighbourhood, municipality, and probably the best place to go for a walk or grab a coffee.
Buying a home is more than buying a house, it’s finding a home where you will be living your life. Dean makes sure it’s the right fit for you.
Greater Victoria
Canada's Natural Beauty
Dean Robertson
Personal Real Estate Corporation
RE/MAX Camosun
4440 Chatterton Way, Victoria, BC V8X 5J2
Contact Dean
Ready to get working for you
FAQ
Why should I use a Realtor?
Buying or selling a property is one of the most important financial decisions most people make. Having a trained Realtor to guide you through the process can save you time, money and ensure your interests are protected. Licensed Realtors have access to the full MLS service, which allows them to help you find what you are looking for or ensure your property gets the best exposure for sale.
What Happens to a Buyer's deposit once paid?
The deposit is held in trust by the buyer’s agent’s brokerage or lawyer, as applicable. The brokerage holds it in trust until completion. Once the sale completes, the funds are transferred to the seller’s lawyer or notary.
What are the common Conditions when buying a home?
- Financing
- Property Inspection
- Appraisal
- Strata Document review, if applicable
- Insurance
- Title Review
Why do you need my ID and occupation?
The government requires that we complete a Financial tracking form for everyone buying or selling property to meet mandatory Anti-Money Laundering regulations .
What is Property Transfer Tax and why do I have to pay it?
Conveyancing taxes, also known as Property Transfer Tax, are the taxes charged on the transfer of title to a property in British Columbia and are levied by the Provincial Government. The amount of Property Transfer Tax paid is assessed based upon the fair market value of the property. Property Transfer Tax is levied on any taxable transaction triggered by the transfer of title to a property in British Columbia, from residential homes to commercial real estate. For more information on Property Transfer Tax or to see if you qualify for an exemption, please check out the BC Government website HERE.
How do you calculate Property Transfer Tax?
As of 2023, The amount of Property Transfer Tax (PTT) for residential properties is calculated as:
1% on the first $200,000.00 of the fair market value of the property, 2% on the fair market value of property between $200,000.00 to $2,000,000.00, 3% on the fair market value of the property between $2,000,000.00 to $3,000,000.00, and 5% for the remainder of the fair market value of the property.
For a home sold at $500,000, The PTT would be 1% of the first $200,000 and 2% of the remaining $300,000 for a total of $8000.
How much are Closing Costs for buying a home?
Closing costs are defined as all fees paid to purchase a property and move in. Many variables and considerations affect the final amount of closing costs in BC; however, you can generally expect to pay between 2% to 4% of your property value. This is in addition to any inspections and appraisals you might need to complete in the condition period.
What is the Rescission period and what does it cost me to exercise my right to use it?
On January 3, 2023, the B.C. government implemented the Home Buyer Rescission Period (“HBRP”) for residential real estate transactions. This measure gives homebuyers up to three business days to rescind an offer on a home after the offer has been accepted. If the buyer exercises their rescission rights, they must:
– notify the seller in writing before the period expires
-pay the seller a rescission fee of 0.25% of the accepted offer amount.
For more information on the Rescission Period and your rights, please check out the BCFSA resources page, which you can access HERE.