The Revelstoke Mountaineer welcomes new columnist Emily Beaumont, who will be writing about the trends, directions and news on the Revelstoke real estate market. Emily has six years of experience as Realtor in the Revelstoke market, and is currently a Realtor with Royal LePage Revelstoke.
The life-changing decision to purchase a home will require a lot of your time and focus. Here’s a bit of helpful advice to get you started on the right foot:
See the bank before you start your home search to have a good idea of what you are pre-qualified for. Your mortgage lender determines the amount they will lend on based on your personal credit history and the property’s value. An appraisal can be required when the lender needs proof the property is worth what you’re paying (borrowing). The appraisal is usually included in the cost of the mortgage and they will coordinate it through us.
Save as much of a down payment as you can, but as a Canadian you can get a mortgage with just 5% down. International purchasers must have 35% down. Check your options with your lender.
You will be required to pay a deposit usually within three business days of getting your offer to purchase accepted. Personal cheques or bank drafts are the way to go. A deposit is a considerable sum of money paid by the buyers to show commitment to the sellers with the sale. The deposit is given to your Realtor who will have it deposited into the Brokerage’s Trust Account where the money is held as according to the stakeholder provisions of the Real Estate Services Act, unable to be released without written consent from both parties directing the funds when the deal either completes or collapses. If a buyer decides not to remove conditions, with a valid reason, the funds are released back to the buyer. If the buyer removes conditions but doesn’t complete the sale on closing day, the funds go to the seller and/or brokerage as dictated in the contract. Deposits are typically a minimum of $5,000 and often $10,000 is required. Don’t worry, on closing day your lawyer/notary will prepare a Statement of Adjustments which details out all the transactions allocating every penny associated with the purchase/sale of the property to the buyer’s and seller’s accounts. You can have your deposit transferred to your lender as part of your down payment on closing day.
Know all the closing costs associated with buying or selling a home. They are listed on the cover page of the contract.
Know all your tax breaks — first time buyers get the PTT (Property Transfer Tax) waived (1% on the first $200,000 and 2% on the balance.)
Learn about using your RRSP’s without penalty to purchase your first home.
Hiring a home inspector takes the fear of the unknown out of the equation. They investigate the property from the foundation to the roof so you know the condition of the home.
Talk with a home insurance provider to learn about what is required and make a check list ahead of time when you’re touring homes and find one you like.
Visit the City of Revelstoke’s friendly staff to learn about facts that may adversely affect your property with questions about water and sewer connection, taxes, permits, zoning and what that entails regarding how you want to use the property, what you can renovate/construct.
If the buyer is satisfied with their investigations and are ready to remove subjects by the specified date in the contract, your Realtor will prepare the form making the deal firm and unconditional. Our office prepares the closing package which is sent to the lawyer/notary. They will contact you and set up an appointment to go through the legal paperwork and connect with your lender.
With a firm offer in place the moving arrangements and packing begins. At this time there is nothing further required from your Realtor as the wheels are in motion and it’s a hurry up and wait kind of time.
The anticipation level is usually high at this point. Don’t hesitate to contact us during this time with any questions or to review the game plan. We’re here to help make your purchase or sale as pleasant an experience as possible. Talk to us when you’re unclear. We’re a phone call or text away and are open far past regular business hours.
We’ll be in touch with you for the play by play when the big day finally arrives. When we receive confirmation from the lawyer/notary that the deal has completed, meaning the funds have been transferred and the names on title changed, we can hand over the keys! When you’re planning your closing date and making the offer, pay careful attention to what else is going on in your life. Often times certain days of the week work better than others and days other than the 31st/1st of the month when inconvenient overlaps happen with many people moving at the same time.
The process of buying a home can become complicated but we are here to help you take the worry and uncertainty out of the process. Give us a call to set up an appointment and learn more!
Contact Emily Beaumont at 250-837-1162 or email her at [email protected].
This sponsored post is created in partnership with Royal LePage Revelstoke and the Revelstoke Mountaineer.
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