This document outlines the process for buying a home in British Columbia. It begins by discussing determining your budget and mortgage options. It also covers deciding your needs and preferences for a house or condo. The next steps involve learning about properties and neighborhoods on the market. The buying process includes making an offer, negotiating, removing subject conditions, finalizing financing, and signing documents. Taking possession of the new home concludes the process. Overall, preparation and selecting the right real estate team are emphasized to make purchasing a home an exciting experience.

1. BUYING A HOME IN BC
– THE PROCESS
Dana Collette, BA, JD
Management & Law

2. THE LEGAL STUFF
This slideshow is intended for
information purposes only.
It is not legal advice. Do not rely
on it.
Instead, see a lawyer who
practices in real estate law.

3. SUMMARY OF WHAT’S TO COME:
What can you afford?
What do you need and want?
Get to know the market & your area of
interest
The buying process
Who can help you with your purchase?

4. WHAT CAN YOU AFFORD?
Talk to the mortgage specialist at your
bank or credit union, or a mortgage
broker.
Also look at mortgage rates and quality
of service that their competitors may
offer so you choose the one that works
for you.
Learn the mortgage term options.
Ask your lender about the extra costs
involved in buying a home, such as
Property Transfer Tax.

5. WHAT DO YOU NEED AND WANT?
Basic question: House or condo? Which best fits
your lifestyle?
 House  Freedom to do what you want in your
space. Your own yard for playing or relaxing.
Storage for outdoor toys. Workshop for hobbies.
Work and expense to take care of inside, yard,
roof, gutters, etc.
 Condo  Freedom to close the door and go.
Minimal time and money on maintenance.
Monthly strata fees, but these usually include
costs of other taking care of outdoors, roof, etc.
How many bedrooms/bathrooms, location,
features (e.g. fireplace, large yard), condition
(move-in ready or needs work), etc. Think about
how you live.

6. GET TO KNOW THE MARKET &
YOUR AREA OF INTEREST
Get to know the market as much as possible
before buying.
Spend time doing searches on Realtor.ca
and FSBO (For Sale by Owner) sites to see
what is listed (what the property sells for
may be higher or lower).
Go to open houses.
Cont’d

7. GET TO KNOW THE MARKET &
YOUR AREA OF INTEREST (CONT’D)
Ask your real estate agent to sign you up to
receive updates when a property within your
criteria comes on Realtor.ca or is sold.
These show more information than what is
on Realtor.ca for the public. And you’ll see
how much properties sell for, not just their
listing price.
Drive and walk around areas you like –
explore ones you hadn’t considered. Talk to
people and ask what they think of living
there – and why.
Look up the Official Community Plan zoning
map for the area on the local government
website to see what is currently planned for
the area – e.g. will it likely remain a single

8. THE BUYING PROCESS
Here is a fairly typical process, but yours may be
different so be flexible and ask your agent to
explain everything. The following slides will
explain each.
1. Selecting the property
2. The negotiation process
3. Removing subjects
4. Arranging to take possession
5. Your lawyer’s office
6. Taking possession
Cont’d

9. THE PROCESS: SELECTING THE
PROPERTY
See the home for the first time, and often
a second time to look more closely. Check
over the PDS (property disclosure
statement) which is a legal document that
sellers fill out disclosing information about
the property.
Go to the local government planning office
and ask to see the history of the property
(e.g. any permits granted for renovations).
Ask if they know anything about that
property or area that they can share.

10. THE PROCESS: THE NEGOTIATION
PERIOD
Tell your agent you are interested in
putting in an offer.
The agent can help you determine
what to offer, considering what’s
going on in the market and how the
home is priced.
Cont’d

11. THE PROCESS: THE NEGOTIATION
PERIOD (CONT’D)
Also discuss ‘subjects’*, such as getting
the home inspected, checking with your
lender, checking that the home can be
insured, viewing condo bylaws &
minutes, and whatever else is applicable
to the property before you are locked
into the deal.
*A ‘subject to’ clause is a term in your offer that
essentially says that you will commit to buying
the property subject to (once you have) verified
several aspects related to the property, such as
getting it inspected, ensuring you can get
financing on that particular property, and
ensuring that you can get it insured.
Cont’d

12. THE PROCESS: THE NEGOTIATION
PERIOD (CONT’D)
Talk to your agent about the bidding
process, so you’re both clear about
what you want in terms of preferred
and highest price, information about
you that s/he can share with the
sellers, amount of deposit you are
willing to give, etc.
Be available over the phone and in
person through the bidding process,
so your agent can negotiate in an
informed and effective way.

13. THE PROCESS: REMOVING
SUBJECTS
Arrange to do everything necessary to
remove subjects, such as arranging for a
home inspector, give your lender the
property information so they can confirm
they will give you a mortgage on the
property, ensure you can insure the
property, look over condo documentation
(bylaws and minutes of meetings).
When you’re satisfied with everything, you
will sign a document to ‘remove subjects’
and then you are in a firm deal.

14. THE PROCESS: ARRANGING TO
TAKE POSSESSION
Finalize arrangements with your lender.
Arrange for property insurance.
Give your agent your lawyer’s contact
information so s/he can forward all the
documents needed.
Make an appointment with your
lawyer/notary to sign the documents
near the date you take possession.

15. THE PROCESS: YOUR LAWYER’S
OFFICE
You will meet with your lawyer or notary to sign
the final documents to enable him/her to
transfer the property into your name.
BC has a Land Title System, so the process is
fairly simple.
If you are buying the home with another person,
such as your spouse, your lawyer will ask
whether you want to own together as joint
tenants or tenants in common.
 Joint tenants – if one of you dies, the survivor
is left owning the whole property.
 Tenants in common – if one dies, his/her
portion of ownership goes to his/her heirs.

16. THE PROCESS: TAKING
POSSESSION
When you get the keys – take the time to
walk through and inspect the property
before actually moving in. Report any
issues to your real estate agent.
Enjoy your new home!

17. ENJOY THE PROCESS!
It can seem overwhelming, but with good
planning and preparation, buying a home
can also be exciting and enjoyable.
Also see the slideshow: Select the Right
Team to Help You Buy Your Home
All images: Pixaby.com (CCO Public Domain)