Robert Q Lee

So you have an accepted offer and all of the subjects have been removed.  Now what?  What are my next steps?  Who should I be consulting with?  What should I be considering?  When should all of this take place?

Below is a step by step explanation and checklist regarding the the conveyance process to help close your real estate transaction:

​1. Hiring a Lawyer or Notary Public 

- ​You will need to hire a lawyer or notary public to help you navigate your way through the conveyance process.  

- ​Y​ou will need to visit your selected Lawyer or Notary to verify your identity and sign the necessary documents, so choose a lawyer that is convenient for you.

- ​A​ Lawyer or Notary can equally do the necessary conveyance work required.  Notaries tend to be less expensive, but choose a Notary or Lawyer that you ultimately feel comfortable with.  

2. Accepting an Offer and Opening Conveyance
- Once you accept an offer, your realtor sends the contract to both your lawyer/notary and the buyer's lawyer/notary
- Your conveyancer opens a file and begins ordering necessary documents, including the current Title Search
- They'll contact you to schedule a signing appointment, typically 1-2 weeks before completion

3. Document Preparation (2-3 weeks before completion)
- Your conveyancer prepares the Transfer of Title document
- They calculate the Statement of Adjustments, which includes:
  - Property tax adjustments
  - Strata fee adjustments (if applicable)
  - Utilities adjustments
  - Commission calculations
  - Mortgage payout amounts
- They order a mortgage payout statement from your lender

4. Dealing with Strata Properties (if applicable)
- Your conveyancer requests necessary strata documents including:
  - Form F (Certificate of Payment)
  - Form B (Information Certificate)
  - Strata meeting minutes
  - Insurance certificate
- These must be provided to the buyer's conveyancer

5. The Signing Appointment (typically 1 week before completion)
- You'll meet with your conveyancer to sign:
  - Transfer of Title
  - Statement of Adjustments
  - GST Certificate (if applicable)
  - Property Transfer Tax forms
  - Mortgage discharge documents

6. Final Steps (day of completion)
- Your conveyancer receives funds from the buyer's conveyancer
- They pay out your existing mortgage
- They pay the real estate commission
- They transfer the remaining proceeds to you according to your instructions
- Keys are released to the buyer through the realtors

7. Post-Completion
- The Transfer of Title is registered at the Land Title Office
- Your mortgage is discharged
- You receive confirmation that the sale is complete
- Final proceeds are disbursed to your account

Things to consider:
- Keep your final utility meter readings
- Cancel your home insurance (effective after completion)
- Notify relevant parties of your change of address
- Ensure the property is in the condition specified in the contract
- Be available by phone on completion day in case any issues arise

Buying a home is an important life step. What do you need to know to make the right decision? How do you get a property to gain as much value as possible?

We turned to the Appraisal Institute of Canada for expert tips!

Home appraisal: what is it?

A home appraisal is an independent and unbiased opinion of the value of your property, completed by a qualified appraiser, to determine the price at which the property in question would likely be sold if it were put on the market.

How do you appraise different types of buildings?

There are three types of methodologies for assessing the value of buildings. The first is the comparison-based method, in which the appraiser gives an opinion on the value of the property by carrying out an analysis of sales made or in progress, or real estate listings of properties that have characteristics comparable to the property in question. This is the most widely used method in the residential market.

The second is the cost-based method, which involves estimating the value of the building and the land separately and then adding them together to determine the real value of the property. The total cost estimate is adjusted by deducting depreciation of the home and taking into account improvements to the land.

Finally, the income-based method is an analysis of the property’s annual income and expenses to determine the net present value income.

When buying a home, what do you need to consider to determine its value?

When buying a home, it is important to think about your own life goals. Do you plan on living in your home for a few years or for the rest of your life? Are you thinking of renting it out or living in it yourself? No matter what your plans are, you will need to consider the general condition of the property and determine what improvements you will need to make in the short, medium and long term.

What are the top five improvements a homeowner can make to their home to increase its value, according to the experts?

The top five improvements that can generate the highest return on your investment:

• Renovating the kitchen

• Renovating the bathroom

• Repainting the interior and exterior

• Updating the décor

• Decluttering

When it comes to renovations, keep in mind that improvements that are consistent with the value of your property and the market, and are done by professionals, are usually a better investment

Make sure you assess your needs well and don’t overdo it. Investing in an expensive project might have the opposite effect of improvement within a given market, and the investment might only be partially recognized by future buyers.

Five types of renovations that increase the value of a property:

• A finished basement

• Garages

• Sun rooms / additions

• Decks / fences

• Landscaping

Five types of renovations that generate longer-term value:

• Replacing the roof

• Updating the heating and cooling systems

• Replacing windows and doors

• Updating the electrical (panel, wiring, sockets, fixtures)

• Repairing structural defects

Focus on energy-efficient, long-lasting upgrades. Also remember that constant maintenance will greatly reduce the potential costs of future renovations. Don’t underestimate the simple upgrades, either. New handles or a coat of paint can make a world of difference.

What are the factors that can decrease the value of a property?

Changing market conditions may impact the supply and demand for comparable properties as well as the attractiveness of a specific property. Likewise, constantly postponed maintenance, or finishes that are out-dated or of poor quality, can have a negative effect on a property’s attractiveness and value.

What general advice can you offer?

Make sure you get a building or renovating permit. Take the time you need to obtain the appropriate permits from your municipality or the appropriate authorities. This is a good step to ensuring that the renovation work complies with the building codes.

Use the services of a designer, architect or contractor. They can help you draw up a plan, advise you on renovations or assist you with the construction phase. This will ensure quality renovation work while avoiding cost overruns.

Examine each feature very carefully. Overly original concepts or infrequent improvements in a given market can have a negative impact on a home’s resale potential. This is where the expertise of a real estate appraiser comes in. They can guide you thanks to informed and objective recommendations as to the market value of the property.

There has been much speculation about what rising interest rates could do to Canada’s hot housing market.

Now a new study by the British Columbia Real Estate Association attempts to put some numbers on the future.

Home sales are expected to fall and home price growth will moderate, according to the report by chief economist Brendon Ogmundson.

“In the past, Bank of Canada tightening has usually led to falling home sales and flattening home prices, so it wouldn’t be a surprise to see the same happening in the upcoming round of tightening,” he said.

His study looks at four scenarios ranging from the Bank’s overnight rate returning to a pre-pandemic level of 1.75% to it reaching above 3%.

Under the first scenario, sales could be expected to fall by 25% at the end of two years.

* “If the Bank does raise its policy rate more aggressively in response to an overheating economy, then our models show that home sales would decline more significantly,” the study said.

One thing that makes such predictions more difficult this time around is the B.C. housing market currently has a record low number of active listings.

“With markets so out of balance, we expect home price growth to slow but to what extent depends on the final rate destination for the Bank of Canada and for Canadian mortgage rates,” said Ogmundson.

*The Bank of Canada could start that tightening as early as next week, a growing number of economists say.

TD Securities and Laurentian Bank made the Jan. 26 call Monday, while Scotiabank says the central bank “cannot afford” to wait any longer, reports Bloomberg.

The Bank of Montreal has brought forward its call to March from April.

*Markets are pricing in a 75% chance of a Jan. 26 hike, with traders betting on as many as six rate increases over the next year.

Buying a home is all about timing. Whether you’re purchasing a home to live in or you’re wanting to invest in your future, the time has to be right to take on such a responsibility.

Are you ready for such a big commitment? Are you prepared to devote the amount of time necessary? Are you sure you’re prepared to handle the upkeep? The answers to these questions and more are important, but many homeowners fail to answer them honestly before making the decision to buy a home.

Below are four things you should know before buying a home. Understanding what you’re getting into may help you avoid a costly mistake.

1. When To Buy A Fixer Upper

Buying a house is one thing. Buying a fixer-upper is another thing entirely. Not only are you responsible for the mortgage payment each month, you must have the funds to make the repairs necessary, especially if said repairs are required to make the home livable.

For many aspiring investors, fix and flip properties are their bread and butter. While it’s a great way to turn a profit (usually), this method is best used once you’ve established a comfortable life outside the investing world.

For example, right out of college would probably not be the best time to commit to such a huge undertaking. When you’re young, the sky’s the limit and owning a house that needs a lot of work is a sure-fire way to bring you back down to Earth quickly.

2. Making Emotional Purchases

It’s very easy to get caught up in the excitement of life and make decisions based on your emotions. For instance, when things are going well – perhaps you have a great job, have just gotten married, and find out there’s a baby on the way – you might decide buying a house is the right thing to do at that very moment. While it sounds like a solid idea at the time, circumstances change in a heartbeat that could cost you plenty.

If you don’t plan to stay in a specific area for long, it might not be such a wise decision to buy a house. You never know what the market will do, and you could end up owing more than the house is worth. It’s important to weigh your options carefully – sans emotions – to ensure you’re making the right choices at the right time.

3. Investing Based On A Hunch

We all know investing is a gamble at best. Whether it’s the stock market or real estate, you never know what’s going to happen until it does. With that in mind, however, it’s never a good idea to invest in real estate just because you think a certain area is going to explode.

If you have a hunch an area is going to develop into a thriving community where real estate investments will be profitable, check verified sources like the city’s planning commissions to find out any development status. Don’t bank on your hunch.

4. Patience Is A Virtue

No matter the time in your life, the decision to buy a home shouldn’t be a spur-of-the-moment thing. Do the math, figure out where you stand, and look at many houses before deciding on one. If you rush into this decision, you’ll come to regret it sooner or later.

Buying a home is one of the biggest decisions you’ll ever make. It deserves careful consideration and even more careful planning for it to be one you are proud of. The four things you should know before buying a home above will help make your home-buying experience a positive one.