You have Questions, We have Answers
***New FAQ Videos***
FAQ's About Buying
Q: Should I use a Buyers agent when buying a home? Why?
A: It is definitely recommended that you use a Buyers agent when buying a home. It is a myth that you can get a better deal if you work directly with the Listing agent. The Listing agent's contract states that they will work for the Seller and dual agency never works in the Buyers favor. A Buyers agent will not only help you find your new home but will walk you through the process and negotiate the best price, terms and conditions on your behalf they will also provide you resources such as Home Inspectors, Mortgage Brokers and Lawyers.
Q: How much room is there to negotiate on the price?
A: Every situation is different. Mostly this will depend on the Sellers motivation. If they are desperate to sell they may be more willing to negotiate a lower price in exchange for a quicker closing date.
Q: Do I really need to have a home inspected?
A: It is recommended in every situation to hire a home inspector to have a look at a home you are interested in buying. Inspectors not only look for obvious defects but also take into account the construction style of the building, the quality of the construction, and any potential short and long term risks associated in buying a particular home.
More information on the Buying Process
FAQ's About Selling Marketing
Q: Why does "Marketing" make a difference?
A: In today's Real Estate market your home needs to be seen buy Buyers, not just your neighbours. A sign on the front lawn and an ad in the paper will no longer do the trick because the person that will eventually buy your home may live in Victoria or Toronto or even China. Local advertising is still very important but National and International advertising is more important then ever before as Vancouver becomes a world city.
Q: Don't all Realtors do the same thing?
A: Absolutely not. All Realtors post your home on MLS, put an ad in the newspaper and maybe host an Open House, but that is often the extent of their marketing. Doesn't your home deserve a Professional Photo Shoot, Video on YouTube, and to be featured on over 7400 websites? Before you hire a Realtor ask them how they are going to market your home. Don't get sold by a smooth salesman, this is 2009-selling is dead.
More on Marketing
FAQ's About the Vancouver Real Estate Market
Q: Is the Vancouver Real Estate Market crashing?
A: No the Real Estate market is not crashing. Is it adjusting? Yes. Are prices coming down? Yes. But crashing? No. If you are buying a home-as opposed to an investment you plan to flip in the next year-the Vancouver market is still very strong. Homes are still selling and people are still making money.
Glossary of Terms
Agreement of Sale
Also known as Purchase Agreement, Agreement of Purchase and Sale, Land Agreement etc. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
Assignee
The person to whom an interest or right in real property is transferred.
Assignment
The transfer of any right, claim or interest to another person or corporation.
Assignor
The person transferring an interest or right in real property.
Completion
The culmination of any transaction in which the interested parties (or their representatives) meet to exchange documents, funds, and property and, if necessary, to register the transfer of title.
Completion Date
The date set in the Agreement of Purchase and Sale upon which the transaction is to be completed, the purchase price paid and the transfer of title registered.
Condominium
A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
Deposit
The money paid up-front by a purchaser as security for completing the transaction.
Exclusive Listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
Listing
The agreement that allows a real estate professional to market a property or the actual notice of the property's availability and features.
Maintenance Fee
Charge to a unit holder in a condominium or co-operative complex for that person's share of costs for keeping the common areas of the complex in a good state of repair.
Non-Exclusive Listing
A real estate listing to which no one agent or broker has claim.
Original Purchaser
The person who buys the property.
Pre-Sale
Marketing of properties under construction.
Personal Property
Items owned by someone which are not land.
Real Estate
Term for land and all fixtures to land, including buildings and other improvements.
Real Estate Agent
A person licensed to negotiate and transact the sale of real estate.
Real Property
Also known as "real estate". Term for land and all fixtures to land, including buildings and other improvements.
Realtor
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors and the Canadian Real Estate Association.
Residential Property
Real estate that is occupied by the owner.
Studio Apartment
A small rental dwelling unit which combines living and bedroom spaces into one room (and, sometimes, kitchen space as well).
Title
A legal document evidencing a person's right to or ownership of a property.
Transfer of Ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser.
Unit
A single dwelling within a larger complex: especially in condominium projects where the unit is the portion of the complex, which is for the exclusive use of the owner of the unit.
Utilities
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately.
Vendor
The seller; the person selling.
Have a question? Email us for answers