Steps to a Purchase

STEP 1: Information Gathering

What are you looking for? Purchasing a Residential, Commercial, or Rental Property? Perhaps you would like to sell a property that you already have, or invest in a recreational property on one of the islands. What information and assistance can we provide? Let us know what you are looking for and what information we can put together for you.

STEP 2: Questionnaire

The more information you provide us with, the better will be our information gathering. Please complete our submit our Questionnaire, or write us a note on our Pricing page. If we will be representing you for a purchase, sale or mortgage, then we will require this information for the preparation of the appropriate legal documents.

STEP 3: Choosing a Realtor and your new Property

Do you need the assistance of a Realtor (Residential or Commercial)? Realtors are licensed by the Province of British Columbia. The Realtors add a great deal too any real estate transaction. They are trained and knowledgeable and work for you to find the appropriate property and guide you throughout the process. They are aware of the present market conditions and property values; they are experienced negotiators and are there to assist you. Choose the realtor that fits your needs or ask us for assistance. Review online systems and explore the various properties and their neighbourhoods.

STEP 4: Financing

Will you need mortgage? Will you be using a chartered bank or private lender for your financing? You can use the services of a Mortgage Broker: Mortgage Brokers are licensed in the Province of British Colombia and they can assist you in obtaining financing if required. The Broker becomes part of the Purchase Process and will work to save you time and money. Banking: you may wish to arrange for a local bank in the area to help with the transfer of funds or to arrange financing or to set up accounts. We can refer you to a local bank for assistance or assist you in finding financing for your purchase or project through our list or private lenders.

NOTE: Only Notaries or Lawyers in British Columbia can do the legal documents for that Province. If a mortgage is required then we can prepare the required bank documents and other legal documents and send them to your out of province/county legal representative. Notaries & Lawyers outside the Province are unable to prepare provincial land registry documents.

STEP 5: Rental Properties & Property Managers

If you are purchasing the property for the intention of renting you may want to use a Property Manager. There are many very experienced property management companies in Victoria that can offer you numerous services, including renting your residential or commercial properties.

STEP 6: The Offer (Contract)

Once the property has been chosen, a legal offer must be made to the Seller (must be in writing). Our office can prepare a “Contract of Purchase and Sale” or can review ones prepares by your realtor if you wish.

The Contract of Purchase and Sale contains several main sections: “Price”, “Deposit Amount”, “Closing Dates”, “Adjustments Dates”, “Possession Date” and “Subjects to the offer”, as well as a myriad of other sections. It is always best for us to review the contact well in advance of the “Acceptance Date“.

STEP 7: Informing the Team

Once you have made your decisions on the property and have chosen the people who will assist you, it is always advantageous to let all parties know who is on your team. Let the participants know who the banker or mortgage broker is, who the realtor is, who will be your legal representative, and with whom you have arranged fire and earthquake insurance. Also, let your team know where you (and your spouse/partner) will be during the closing dates of the purchase. It is important to let everyone know so that instructions can be sent and the legal documents can be competed in time.

STEP 8: Time Lines

Over the years the time given to complete a real estate transaction has shortened. With improvements in technology as well as an overall increase in the speed and expectations of the public, real estate transactions can now be completed in a couple of days. Having said that, the more time the better (less chance for mistakes). Once you have chosen a property and all subjects have been removed from the contract. (a subject fee deal), it is important to remember that we cannot prepare the banks legal documents until they the bank or other finance company has sent us instructions. Therefore, arrange the financing well in advance of the closing date.

STEP 9: Signatures

You will need to sign the legal transfer documents in front of a Notary or Lawyer. Please note that if you require bank financing you will need to sign the bank application documents, (at the bank) and also the bank legal documents (in front of the notary). All signatures can be witnessed by our office, or we can prepare all the required documentation and send them to you for execution in your present jurisdiction with your own legal representative.

Note: (Two pieces of Identification are required when signing land transfer documents for the Province of BC)

Power of Attorney: If it is easier you can name a person to look after your legal affairs by having us prepare a Power of Attorney for real estate purchases only. This can be a friend or your legal representative.

Note: Some Banks will not Accepts Mortgages signed by Power of Attorney.

STEP 10: Funding Issues

With your own funds, be aware it can take the bank several days to process any withdraw request, especially if the funds are coming out of a mutual fund or RRSP Account. Your funds from the bank can be sent direct to our bank Trust Account. (Trust Accounts are governed by law and have strict controls over their use).

STEP 11: Closing Day Issues

Once we have all the funds from you and from the bank (if required) and all the appropriate legal and documents required to close, we then proceed to registration in most cases electronically filing the transfer documents. Once we have sent the funds to the seller’s lawyer we will contact you, and the realtor and give instructions regarding the key and occupancy.