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 were prepared by lawyers and tested in court. Multiple Listing, Buyer Agency, and Exclusive Listing contracts are made between...
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...
To attract buyers and ensure you receive a price that works best for you, your Realtor will help establish your home’s current market value. ‘Market Value’, given sufficient market exposure, is the price a reasonable buyer would pay for a property of that kind. Realtors have access to...
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...
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...
We hope you are happy with the services of your REALTOR®. If you aren’t, we urge you to file a complaint. Here’s what we suggest you do. For serious misconduct If you think your Realtor hasn’t conducted themselves properly, please contact the Real Estate Council of BC. Council is 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 is properly drafted and signed by the parties to the contract, 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:  •...
     // Several factors influence the housing market, including mortgage interest rates, inflation, employment, investment, construction, immigration, government assistance programs, and the health of local and world economies. All of these influence the supply and demand of...
REALTORS® are often asked why the assessed value of a home on a municipal property tax notice is different from the property value determined by a REALTOR®. What accounts for the difference? 1. The assessed value on a municipal property tax notice is determined by BC Assessment (BCA), the...
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 in BC are due the first business day after July 1. If you buy a home at another time, for example in September, unless the property seller has stated they are responsible for pay property taxes in the Contract of Purchase and Sale, then you must pay your share of the year to avoid a...
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...