Steps to Buying a Home in British Columbia  在卑詩省買屋的步驟

Step 1. Understand your Credit Rating  保持優良的信貸評級
Your credit history generated by TransUnion, Equilfax Canada determines whether or not your financial health qualifies to borrow money from the potential lenders. So always ensure you maintain a good credit rating.

Step 2. Obtain Pre-approved for a Mortgage  取得銀行的按揭預先批核
Getting a pre-approved for a mortgage is important before you start shopping for a home. A competent mortgage broker can, based on each individual's financial needs, give advice to you and look at options for you. E.g. which banks, long term vs. short term, fixed vs. variable etc.

Note: Pre-approved is different from pre-qualification in that, a pre-approved is lender prepared to give you a loan after reviewed your financial data. Whereas a pre-qualification is just providing you an estimate of what you could borrow.

Step 3. Determine Your Needs  訂立理想物業的要求
Once you have obtained a pre-approved for mortgage, you now realize your budget, the type of  property you can afford for it, e.g. detached house, attached townhome, condo/apartment etc., and the type of home best meets your needs, e.g. view, close to schools etc. 

Step 4. Select a Real Estate Agent  選擇地產經紀
In BC, you are encouraged to engage a real estate agent (a REALTOR), to represent you as either an unrepresented party or as a client. A good REALTOR should know well the market and act best interests for his/her clients. A REALTOR is obliged to do whatever he/she can to help you as a client meet your need in buying a home. 

Note: When you buy a home, the agent is paid by the seller through the agent’s agency after the deal completes.

Step 5. Start your Home Search  搜尋樓盤
Your real estate agent can help you create a MLS Listing account that can access the MLS database. It will send you new local listings come on the market to facilitate your home search.

Step 6. View Homes  參觀樓盤 
Viewing homes in person is an essential step and should be done after you are pre-approved, and an agent representing you has been chosen. 

Step 7. Make an Offer  出價及列出條款
Your real estate agent will walk you through this writing offer step which involves not only price negotiation but also terms and conditions (commonly known as “subjects”) setting. Subject to title search, property disclosure statement, home inspection, financing, home insurance etc. are the more common subjects used which aim at protecting your interests as a buyer.

Step 8. Investigate the Conditions to be Removed  對各條款進行審查
This may involve other professionals like home inspectors, home surveyors, notaries, septic inspectors etc. It is important to allow enough time for scheduling professional appointments to perform thorough investigation about your concern of the conditions.

Step 9. Remove Subject and Purchase the Home  接受條款並落實購買 
After carrying out the necessary investigation, you should decide whether or not the subjects are satisfied and be removed. Subject removal is an extremely important step in a real estate contract because, once the subjects are removed a contract becomes a legally binding one and unconditional you have purchased the home.  

Step 10. Complete the Buying Process  完成交易文件及其它細節
You will hire a lawyer or notary to deal with matters like the transfer of title, the transfer of money, the signing of final mortgage documents etc. In general, a notary will charge a lower fee than that of a lawyer. 

 Buying a home can often be more complicated than the above-mentioned steps. A competent REALTOR can guide you through the entire process. 

When you need help, contact me for expert knowledge of the local market and professional real estate services.