Whether you are making your first home purchase, selling your house, or gathering information, there are a lot of real estate terms that you may not be familiar with, but that’s ok! We are here to help, and to assist you in getting started we have included some terms and definitions that you may encounter when dealing with real estate.
When the purchaser is not a Canadian citizen or permanent resident or is a foreign corporation, there is an additional Property Transfer Tax on residential property by as much as 20 per cent. If you are a foreign buyer, you need to discuss the tax that could be charged on your property purchase.
The date agreed on by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items.
Some lending institutions require an appraisal of the property before approving a mortgage. In some cases, it may be your responsibility to cover the cost.
This is the date when money changes hands and the title is transferred to the buyer’s name. Completion happens before the new owner takes possession of the property to provide sufficient time to process the transaction.
A standard Contract of Purchase and Sale includes all of the important details about the transaction, and once signed is the binding document between the seller and the buyer.
Sellers require a deposit, which is negotiable and is typically five to 10 per cent of the purchase price in the offer. Deposits are made as certified cheques or bank drafts payable to your Realtor’s brokerage and are held in the brokerage’s trust account. Deposit funds count towards the total purchase price.
A down payment is the money you have in your bank account to apply to the property purchase. Most lending institutions require that you put down between five to 10 per cent of the purchase price. If your property is under $1,000,000 and your down payment is less than 20 per cent of the purchase price, your mortgage needs to be insured by the Canadian Mortgage Housing Corporation (CMHC) and you will incur additional fees based on the purchase price.
When purchasing a newly constructed home, you may be subject to a Goods and Services Tax (GST).
The Home Buyer’s Plan allows each first-time home buyer to withdraw up to $25,000 from their RRSPs to purchase a residential property without having to pay taxes at the time of withdrawal. The amount must be repaid over a period of 15 consecutive years.
Interest is the cost of borrowing money. Interest rates are competitive between various lenders, so you should shop around to get the best rate available at that time.
After obtaining an accepted offer, you will need to engage a lawyer or notary public to execute the real estate contract and transfer ownership. Fees vary, so shop around and ask people for references.
Some lending institutions charge a mortgage application fee, which can vary between institutions.
The term of your mortgage is the length of time you are committed to a mortgage rate, the lender and the associated conditions. Terms range from six months up to 10 years, although the most common is five years
This is the most common type of contract between sellers and Realtors. It is highly recommended for maximum exposure because the property will be listed on the Multiple Listing Service (MLS®). In this arrangement, commissions are shared between the seller’s Realtor and the buyer’s Realtor and their respective brokerages.
If the previous owners have already paid the annual property taxes, you are required to reimburse them for your portion of the taxes, effective from the closing date. This is typically arranged by a third-party legal professional such as a lawyer or notary.
This is the date the new owner can take possession of the property. When negotiating this date, consider if there are any time frames affecting your choice, such as the possession date of your next property. Your Realtor will be able to help you align the dates for a smooth transition between relinquishing your old property and moving to a new one.
The three page PDS is a form filled out by the seller disclosing what they know about their property. The PDS itemizes potential problems such as asbestos insulation, unauthorized rental suites, renovations were done without a permit, and unregistered easements or encroachments. This document has a series of questions that allows the sellers to disclose any latent defects (a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale).
The BC government imposes a Property Transfer Tax of one to three per cent, depending on the value of the property, which must be paid when a home is transferred to a new owner. Some buyers may be exempt. We can advise you about this expense given your specific circumstances.
In Canadian Real Estate contract negotiation, “subject to” clauses are a home buyer’s safety-hatch. A way to escape the contract if something goes wrong. Three of the most common clauses are: subject to financing, subject to inspection, and subject to sale.
When lawyers and Real Estate professionals talk about “Title”, they are referring to who has legal ownership and the right to use a piece of property. An easy example is to relate this to the board game Monopoly. By purchasing Boardwalk, you are now the owner of the title. The title will also list any easements, rights of way, covenants, building schemes, etc. that may affect the property.
JUST SOLD!!!
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2775 McGill Street, Vancouver
$1,479,000
1,382 sq ft
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Congrats to my buyers for the purchase of their new investment property! We took advantage of a slower market as buyers have been waiting on the sidelines to see what the next Bank of Canada announcement would bring. Because of this, we were able to aggressively negotiate and were rewarded with an amazing price for their brand new half duplex!! Thank you for trusting me throughout this process as buying a new home from a developer, can be very difficult if you don`t know what you`re doing. Luckily, I was able to get all the pertinent things needed for us to move forward in a short period of time. Congratulations to you both once again!
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Brand new half duplex located in a desirable neighborhood in East Vancouver! 10 minutes to downtown Vancouver, Burnaby, and North Vancouver, making this a fantastic area with access to all your major cities. Relax by watching the sunset from scenic views in New Brighton and Burrard View Park. 4 beds/4 baths along with a spacious 1 bed/1 bath legal suite with its own laundry. Luxuriously finished and equipped with high-end stainless steel appliances, very bright layout, air conditioning, security cameras, radiant floor heating, HRV, and barbecue/fireplace fitting.
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Need help buying or selling your home?? Don`t be shy, I`m here to guide you through the process!
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#EastVancouver #HastingsSunrise #Vancouver #VancouverRealEstate #Home #InteriorDesign #BrandNewHome #Kitchens #Bathrooms #Vancity4Sale
It`s been a hell of a last 3 months...
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As most of you already know, I`ve had health issues stemming from the blood disorder that I`ve carried all my life, along with an autoimmune disease which seems to be greatly impacting this disorder. Though age has also been a factor, injuries that have affected my life this immensely, never came to light as intensely as it has these last few years. From almost dying due to internal bleeding last year, to almost losing an arm this year... Life just seems to want to kick me in the ass, especially while I`m down.
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With all of that being said, I am a very, very lucky guy! I would just like to thank everyone out there who has shown me unbelievable support, helping out and pitching in to assist me and my family, wherever and whenever possible. Even with the paralyzation of one of my dogs... You guys were there, and I will never forget that. If it wasn`t for all of you, things would have been more difficult to carry through in a positive manner, enabling me to continue doing deals from a hospital bed, saving shelter dogs while in recovery, and filming content to keep my business running... None of this would`ve been possible without all of your help during this time. My wife, especially, has also been the most amazing human being... Taking on a lot more than she signed up for, and for that I love her dearly.
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With things now on the mend, I`m looking forward to getting back to normal life and moving forward with more caution and more calculated steps, as I navigate through these ailments. Thank you all once again. You don`t know how much you all mean to me! I`m truly blessed to be surrounded by people who really care, for which I am grateful.
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#hospital #injuries #arm #bruising #bleeding #amputation #ambulance #surgery #Vancouver #Vancity4Sale
Rarely do you get a chance to see some AMAZING properties that absolutely blow your socks off... This is one occasion where I was lucky enough to show this home, but for a rental only.
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I`m hoping one day the developer will release this to be sold to the public, and I`ll be lucky enough to be the one to snatch it up for my clients!
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#Yaletown #Downtown #BeachDistrict #Vancouver #DowntownVancouver #RooftopPatio #Home #InteriorDesign #Penthouse #Vancity4Sale
JUST SOLD!!!
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7 - 13210 Shoesmith Crescent, Maple Ridge
$1,699,000
4,038 sq ft
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Congrats to my clients and friends for the purchase of your very first home... And what a beauty of a first home this is! Thank you for trusting me throughout this process as this strategy had multiple layers, and thankfully, each aspect of it worked amongst the multiple offers. This was a huge decision and the biggest investment of your young lives, and I`m so happy we got it right the first time. With the big wedding and honeymoon in the coming months, this was the perfect gift to give yourselves for your next chapters and I`m excited to see you both write them in this beautiful home. I am truly honored to have been included in this process.
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Privacy at Rock Point - immaculate two-story + basement home, meticulously maintained by the original owners. Tranquil setting with a private yard that backs onto greenbelt with picturesque trails. Custom built with high-end finishes, exquisite millwork and soaring ceilings; this home is a perfect blend of traditional contemporary, with an above-ground basement that is ready for you both to add your own style and aesthetic. This sought-after neighborhood is one to admire, surrounded by natural beauty, outdoor bliss, and the perfect place to build your family!
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Need help buying or selling your home?? Don`t be shy, I`m here to guide you through the process!
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#SilverValley #MapleRidge #Vancouver #VancouverRealEstate #Home #InteriorDesign #Backyard #Patio #Nature #Vancity4Sale
JUST SOLD!!!
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3901 - 188 Keefer Place, Vancouver
$1,999,800
1,624 sq ft
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Congrats to my client and great friend for the purchase of this amazing penthouse that we have been watching for the last few years... We were so close to acquiring it not too long ago and we are ECSTATIC that we were able to get a deal, done! Looking forward to spending many countless nights and days with you on your amazing rooftop patio, complete with hot tub for AMAZING future parties! The views are absolutely gorgeous and I am so happy we FINALLY got it done!
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Experience luxury living at its finest with this stunning two level 1,624 sq ft penthouse boasting breathtaking views of the North Shore Mountains, False Creek, and Burrard Inlet! Beautifully designed, the main floor features a wraparound deck. Perfect for entertaining guests while the private 616 sq ft rooftop deck with hot tub, offers an idyllic space for relaxation with unbeatable views! Three spa-like bathrooms with an open concept floor plan that exudes elegance and comfort. Short-term Rental/AirBnB friendly!
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Need help buying or selling your home?? Don`t be shy, I`m here to guide you through the process!
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#Crosstown #Downtown #Vancouver #VancouverRealEstate #DowntownVancouver #RooftopPatio #Home #InteriorDesign #AMAZINGViews #Vancity4Sale
IT`S ALMOST HERE!!!! Another sneak-peek at our new podcast, coming soon, named The SUBJECT FREE Podcast!! This snippet is the hard truth for anyone thinking about getting their license to sell homes... It`s not always what you think it is!
The SUBJECT FREE Podcast
A light-hearted podcast with four experienced agents who share real life stories and occurrences throughout their years in the business, with a side of bitchiness!!
🎉🤣🎙️
Every month; Adam Graham, Vivian Yu, Matt Cain and I will come together to dish about life in the industry (amongst a slew of other topics) completely uncensored for your ears & eyes only!! You`ll laugh (maybe), you`ll cry (probably not), you`ll learn (that`s the hope) and you`ll be left wondering "WTF!?! Did they just say that!?"
😁😁😁😁
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#Podcast #RealEstate #VancouverRealEstate #Hours #Clients #Truth #TheSubjectFreePodcast #Vancity4Sale
Since my injuries and being trapped in a hospital bed for almost 2 weeks, to the extent of almost losing my arm, the effects of daily life without physical activity have never been more evident!
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Every day, I find myself constantly lethargic and having to replenish energy with caffeinated products, especially coffee. I haven`t drank coffee regularly, if at all, in a very long time and only used it for emergency energy boosts. Since my injuries, this has changed as I am now just trying to hang onto any energy source I can find. I have been on bed rest for over a month, but have only allowed myself to attend the most important work appointments. With that being said, quality and efficiency in life has dropped. Although I do believe my clarity and focus hasn`t fully subsided due to these injuries, nor has it affected the mental aspect of my job, preparing for engagements is taxing on the mind as you now have to arrange for the limitations and add extra preparation time for every event.
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As I recover, knowing myself and what my body`s capabilities are, I welcome the time when I can begin my fitness routine again. It has, and always will be, vital to my success!!
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#Fitness #Energy #Focus #Clarity #Maximization #Injuries #Body #Mind #Work #Vancity4Sale
Another sneak-peek at our new podcast, coming soon, named "SUBJECT FREE"!! This snippet is a shout out to my former mentor... You know who you are and I am grateful for everything you`ve taught me!!
The SUBJECT FREE Podcast
A light-hearted podcast with four experienced agents who share real life stories and occurrences throughout their years in the business, with a side of bitchiness!!
🎉🤣🎙️
Every month; Adam Graham, Vivian Yu, Matt Cain and I will come together to dish about life in the industry (amongst a slew of other topics) completely uncensored for your ears & eyes only!! You`ll laugh (maybe), you`ll cry (probably not), you`ll learn (that`s the hope) and you`ll be left wondering "WTF!?! Did they just say that!?"
😁😁😁😁
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#Podcast #RealEstate #VancouverRealEstate #TheRealMe #BeYourself #Vancouver #Fake #Mentor #Realtors #TheSubjectFreePodcast #Vancity4Sale
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