How to Buy Property in Vancouver: Guide for US Buyers

Every country has over the years developed its own process for buying or selling properties. These habits sometimes vary even from region to region within the same country. In case you are thinking of buying a property in Vancouver or Richmond BC, Canada, you might find the following guide useful. If you'd like to find out more, please don't hesitate to visit my Vancouver BC Real estate website.

Finding the suitable property

Before your agent starts their research for the right property for you, he or she will make you familiare with the way the agency operates and also will familiarize you with the 'Working with a Real Estate Agent' brochure, which you will have to sign.

Then your agent starts his or her search for suitable properties for you. If you are used to spontaneous showings, forget about them in Vancouver - here 3 people usually attend the showings (of course you as the buyer, the listing agent and your agent as well), which means organizing three schedules of usually very busy people. After your agent finally finds the property that suits your wishes, a document called The Contract of Purchase and Sale has to be provided by your agent, which is basically an offer to the seller. In order to be able to bring in the right price, your agent will also prepare some background information on the property you expressed your interests in. Since Vancouver has extremely competitive real estate market, be prepared for multiply offers: you will have to fight if you want to win.

Closing the contract

If your offer is accepted by the seller, you've got to wire funds for the deposit, which is usually 10% of the sale price. Don't forget that it can take up to 14 days before your payment reaches the Canadian bank. You might choose to use some trusty third party services (e.g. House Global Foreign Exchange) that would guarantee a timely delivery of the deposit, since that’s part of the contract. When you have approved financing in place, are satisfied with the Home Inspection Report on the property, have been familiarized with all the documentation on the property and have had all your questions answered then you remove subjects (Amendment to the Contract of Purchase and Sale prepared by the Agent). As per the closing date - it is mostly scheduled 2 days before the possession date. All adjustments has to happen before the possession date.

Legal arrangements

After that the contract is ready to be handed to lawyers so that the documents can get ready. The federal and provincial taxes must be addressed at this time. You either have to be personally presented to sign the documents in Vancouver, or you can choose to have them couriered to a law office near them where all the documents can be signed under seal. The funds then will have to be transferred to the Vancouver lawyer's trust account.

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(photo by ecstatist)