Contracts can only be cancelled with the mutual consent of the parties. In BC, REALTORS® use standard form real estate contracts. The wording and terms of these contracts have been prepared by BC lawyers and have been tested in Canadian courts. Multiple Listing, Buyer Agency and Exclusive Listing...
Buyers and sellers with signed contracts that are legally binding have many contractual obligations. Here are a few examples. Included items The standard form, Contract of Purchase and Sale, contains this clause:“The Purchase Price includes any buildings, improvements, fixtures, appurtenances and...
We don’t recommend specific professionals. We do offer the following sources to help you make an informed decision: REALTOR® – click here to view the listings in the neighbourhood where you plan to buy or sell your home to see which REALTORS® specialize in your area. Drive, cycle or walk...
There may be an instance when you feel that you have been misrepresented and want to make a complaint. If you are in such a situation, we advise you to take the following steps: Most problems occur because of miscommunication. Talk with your REALTOR® to clarify your concern. If that doesn’t...
To attract buyers and to ensure you receive a fair price, your REALTOR® will establish your home’s value. They will review the assessed value on your Property Assessment Notice, a value determine by BC Assessment, the BC government agency responsible for classifying and assessing all BC real...
After you accept a buyer’s offer and all the conditions are met, the offer is binding on both sides. An Agreement of Purchase and Sale between you and the buyer is a legal contract and you are obliged to sell your home. If you don’t sell you can be sued for damages. Always make certain you...
First, talk to your REALTOR®. Often it’s a simple miscommunication. REALTORS® are highly trained professionals and want to give you the best possible service. If you’re still unhappy, talk to your REALTOR’S® managing broker of office manager. If you’re still not happy, when the listing expires,...
At 3 a.m. you awaken, worrying about whether you’ve made the right decision to buy a home. You wonder if the home is too big or too small and whether you took enough time to explore the neighbourhood. You also wonder if you paid too much and what would happen if interest rates suddenly rise? This...
The Real Estate Services Act requires that a deposit cheque of $5,000 or more received by a REALTOR® must be submitted to the brokerage office and deposited to brokerage trust account. This means when you give ABC Realty a deposit cheque on a home, it is held in a brokerage trust account until the...
A contract is a legally binding agreement between two or more parties and describes the rights and obligations of the parties to the contract. Where a contract has been properly drafted and signed by the parties to the contract, and where the terms are clear and the contract is not for an...
When you decide to buy a property, your REALTOR® will prepare what is known as an Offer to Purchase. The standard form used for this is called the Contract of Purchase and Sale. Once accepted by the parties it becomes the contract between the buyer and seller. Verbal offers It’s important to note...
REALTORS® are subject to the REALTOR® Code of Ethics. Real Estate Board of Greater Vancouver members have been subject to the Code of Ethics since the Board was established in 1919. This Code, amended and updated a multitude of times since, reflects the values for which REALTORS® stand:  •...
The real estate market is cyclical – which is why you may have heard the term, “real estate cycle.” Several key factors influence this cycle, including interest rates, employment growth, investment growth, construction and even immigration. All influence whether there is a buyer’s market or a...
REALTORS® are often asked why the assessed value of their home that appears on their municipal property tax notice is frequently different from the property value determined by a REALTOR®. The assessed value on your property tax notice is determined by BC Assessment (BCA), the provincial government...
The real estate brokerage where your REALTOR®* is licensed is your agent. All real estate agents are licensed under the Real Estate Services Act. Your REALTOR® represents that brokerage and has legal obligations to you including, loyalty, confidentiality and disclosure. REALTORS® are legally...
Property taxes are assessed by the local municipal hall for the coming year to pay for a range of services including roads, sewers, libraries and community centres. Everyone in the community prepays their taxes for the coming year. If you buy a home in the middle of the year, unless the property...
When you move into your home you don’t want any unpleasant surprises, such as a long-forgotten underground fuel storage tank, or a structural flaw in your home’s foundation. The solution is a home inspection. Home inspections typically last three hours and cost up to $500, depending on the size of...
Capital gains taxes, first introduced in 1972, are charged on the difference between what you paid for an asset – for example, a stock, and what you sold it for. You are not required to pay capital gains when you sell your principal residence for more than you paid for it. However, you may be...