Question 1

What are my closing costs?

Accepted Answer

Other considerations

Question 2

Legal costs:

Accepted Answer

For more complex files, you may want to consider hiring a real estate lawyer who can help navigate a sale with complexities - estate sales requiring probate, multiple owners, dealing with  For a more straight forward sale, you can work with a notary public who can offer their services at a more competitive price.

Question 3

Realtor Commissions:

Accepted Answer

• The listing agent (working of the seller) will then pay the cooperating realtor (working with the buyer) a portion of the commission. A “industry standard commission expected by a buyer’s agent is about 3.1% on the first 100k and 1.1% on the balance.
 • The listing agent is responsible for all costs associated with marketing the property and selling the property. The listing agents, brokerage and buyers agent do not participate in these costs.

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Question 4

How do I know if it's a good property or building?

Accepted Answer

Before the purchase of ANY property we always recommend putting at least Three (3) subject conditions with  every offer. This allows you to put in an offer, and you can still back out if you find something wrong with the  home.

The three standard subjects conditions are:
Inspection - hire a professional inspector to find any issues with the property.

Review of documents - for buildings, we will check how much money is in the contingency reserve fund (CRF), what the building bylaws are, make sure there will be no surprise expenses or maintenance items. For houses, we will check title charges, and other documents.

Financing- if you are getting a mortgage, we want to make sure the bank approves the property, and will provide you the mortgage required.

With these 3 subject conditions, along with a few others, you will have peace of mind when purchasing your home.

Question 5

Can I go to open houses on my own? What if there is another realtor there?

Accepted Answer

Of course! We actually recommend going to open houses on your own at the start of the process. Just tell the  listing agent there who you are working with (hopefully it’s us :). Keep in mind: The agent at the open house is working for the seller, so sometimes it’s best not to tell them too much about your motivation, and ESPECIALLY don’t tell them how much you are willing to pay. It may hurt your ability to negotiate later on.

Question 6

Do realtors provide rides?

Accepted Answer

We are happy to provide rides, its always fun to have company on the drive ☺. Nowadays, we find that most of  our clients do prefer to drive themselves to allow for maximum flexibility before and after showings. Let us know if you’d like to drive together and we would love to arrange.

Question 7

Deposit vs. Down payment - What's the difference?

Accepted Answer

NOTE: A deposit is different from a down payment. A deposit is to show the seller of the property that you are  a serious buyer, this is generally due within one business day of an accepted offer, or after removing subject  conditions. There is no set amount for the deposit; however, 5% of the purchase price is quite standard. This  money is held in trust, typically by the buyer’s agent’s brokerage. Your lender will account the money used for  the deposit towards the required down payment when due.

Down Payment is usually between 5-20% of the purchase price. This is due before the completion date, when  the title of the property transfers over and you receive the keys for your property. Any Deposit money that you have already provided will typically be included into your down payment.

Question 8

How do realtors get paid?

Accepted Answer

With residential homes sales in Lower Mainland, generally the sellers will pay the commission for both the  listing agent, and the buyer’s (or cooperating) agent. Therefore, all commissions are included in the purchase  price.

However, in some instances, some sellers will not be providing commission, or will provide a minimal  commission for the buyer’s agent. In this situation buyers may decide to avoid viewing properties without commission included, or buyers can create a separate agreement on how their realtor will be compensated in these special cases.

Frequently Asked Questions