Buying with Shiva
Whether you’re in the market for your first home, second home, or a long-term investment property, I strive to provide a seamless client experience.
I know that buying a home can feel stressful and overwhelming. That’s why I’ve designed my home buying process to be as streamlined and straightforward as possible.
The Home is Yours
Whether you are interested in a modest or extravagant home, a newly built or character condominium, I am ready to show you the finest, most exclusive listings both on and off the market. I can arm you with in-depth details on every property you see. When you find a home you fall in love with, I negotiate effectively so you get that property, at the best possible price. In fact, nothing pleases me more than saying, “The home is yours.”
Consultation & Undrestanding
Do you have your Pre-Approval?
What type of home Detached, Townhome or Condo?
What areas you like to live?
What is important to you in a home?
Buyers tour to view selected properties that
fit your criteria, until you find your dream
Found Your Dream Home
So you’ve found your Dream Home! What next?
I will assist you with deciding on key elements of your offer:
Price, Deposit Amount, Dates and Subject Clauses/ Conditions.
I will prepare your written Contract of Purchase and Sale & Negotiate on Your Behalf
Title Search • Property Disclosure • Financing • Home/Fire Insurance • Inspection
REVIEW STRATA DOCUMENTS
•Form B • Strata Minutes & By-laws • Financial Statements • Engineers & Depreciation Report • Registered Strata Plan
Submit deposit and select a Lawyer/ Notary to complete the closing documentation.
Arrange for movers, transfer utilities, insurance, forward mail, etc. Visit Lawyer/Notary to sign closing documentation.
Completion & PTT Cost
Money and Title are exchanged on your behalf & Property Tax Transfer
Receive the keys to your new home! Congratulations on Being a Home Owner!!!!!
Things To Consider
PROPERTY TRANSFER TAX
Unless you qualify for the First Time Home Buyers Program (see below), you will be required to pay Property Transfer Tax at the completion of your purchase. Property Transfer Tax is as follow:
|First $200,000 – $2,000,000||2.0%|
|$2,000,000 – $3,000,000||3.0%|
Frist Time Home Buyer Program – you will be exempt from paying transfer if:
- You’re a Canadian Citizen or Permanent Resident.
- You have never owned an interest in a principal residence anywhere in the world.
- Property is located in BC
- Purchased for less than $500,000 (non-new properties)
- Purchased for less than $750,000 (new properties)
Depending on the lender and the property type, down payments can vary. A general rule of thumb is that for a condo/townhouse or detached house, a minimum down payment of 5% is required, where bar land typically requires a down payment of at least 50%.
The Canadian Mortgage and Housing Corporation (CMHC) requires any buyer to purchase mortgage insurance when the down payment is less than 20%. Insurance rates range from 3.60% – 1.80% depending on your down payment. Full insurance rates can be found at: www.ratehub.ca/cmhc-mortgage-insurance
- House Inspection: $300-$600.
- Lawyers Fees: $1,000-$1,200.
- GST if new development
- Foreign ownership tax