Buyer Preparation Part 5: Final Steps

Buyer Prep Series

Introduction

Insufficient buyer preparation when searching for a property is a recipe for disaster. If you fail to prepare, the process will be long, frustrating, and filled with disappointment. Much of the work I do is with first-time buyers because it gives me great satisfaction to help people achieve their goal of home ownership. Unfortunately, many buyers make the same mistakes which prevent them from achieving their goals. I’ve created this educational series to help my clients improve their chances for success, and to better prepare them to navigate the highly competitive Vancouver real estate market. The real estate industry is evolving, and I will continue adding to this series as necessary.

PART 5 – Final Steps

Over the last four weeks I’ve taken you through the process of buying a home in Vancouver’s competitive real estate market. This week I’ll review the process so far, as well as your final steps as you prepare to receive possession of your new home. The previous sections of the blog series are below.

PART 1 – The Importance of Working with a Realtor is available HERE

PART 2 – Financing Your Home is available HERE

PART 3 – Needs Analysis is available HERE

PART 4 – Preparing the Offer is available HERE

The move to your new home can be a challenge. In my opinion, professional movers are well worth the expense, but beware of hidden fees. If you choose to hire professional movers then do your homework – ask for referrals from friends, read online reviews, and be sure that you read the fine print in your agreement. Disreputable companies will hide extra fees that can end up costing you a lot of money. You also want to hire a company that you can trust with all your possessions.

If you want to keep your moving expenses down then it’s time to start bribing your friends with free beer and pizza! Call in all the favours you’ve saved up by helping others move over the years – the more people helping the better.

  • Consider purchasing moving & storage insurance
  • If you’re moving into a condo, contact the management company to arrange a move in date/time (your Realtor can help you with this if you are unsure of who to contact)
  • Get organized early – declutter, donate, and recycle anything you don’t need
  • Don’t wait until the last minute to rent a truck/van
  • Make sure everything is packed into boxes and ready to go BEFORE your moving day
  • Try not to plan your move during the first or last couple days of the month
  • Try to plan your move for a weekend so your friends will be available to help

The final step before you move into your new home is arranging for the transfer of funds to the seller and the transfer of title to the buyer. This process will be handled by a Lawyer or Notary, which you will need to hire. I encourage you to do some research because the cost can vary significantly depending on who you choose. A Notary will be the less expensive option, but a Lawyer should be hired for more complicated transactions. If you need a referral I would be happy to send you the names of a few qualified professionals.

Completion Date

  • You will set an appointment before this date with your Lawyer or Notary to sign the final pieces of paperwork
  • On the completion date your Lawyer or Notary, in conjunction with the lender that is financing your purchase, will transfer the funds to the seller and ensure that you are delivered a ‘free and clear’ title for the property
  • The completion date is usually scheduled between Monday & Thursday

Possession Date

  • On the possession date you will receive the keys and be able to access your new home
  • Possession will usually be scheduled 1-2 days after completion, but this can vary in some cases
  • You will need to have your home insurance in place by 12:01AM on this date

Adjustment Date

  • This will usually fall on the same day as possession
  • Annual property taxes, strata fees, and other financial charges will be adjusted for between the buyer and seller
  • The adjustments will be handled by your Lawyer or Notary

That’s it – you’ve completed the process of buying a home! Thank you to everyone that has followed along with this series over the last month. I’ve received some fantastic feedback and I really appreciate your support. I’m currently in the process of packaging this all together into one easy to read/share document. Please share this Buyer Preparation Series with anyone you know that is interested in buying a home. Alternatively, if you know of anyone that is considering buying a home then please do me the favour of passing along my contact info. Your referrals are appreciated and help form a large part of my business.

HAPPY HOUSE HUNTING!

Chris Lambert | 604.340.6457 | chris@chrislambert.ca | www.chrislambert.ca |

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PART 1 – The Importance of Working with a Realtor is available HERE

PART 2 – Financing Your Home is available HERE

PART 3 – Needs Analysis is available HERE

PART 4 – Preparing the Offer is available HERE