Buying Real Estate

STEP 1 : Choosing the Right REALTOR®
STEP 2 : The Mortgage Pre-Approval Process
STEP 3 : Documents You Need
STEP 4 : Property Search
STEP 5 : Making an Offer
STEP 6 : Removing Subjects



STEP 1: Choosing the Right REALTOR®

The first step in finding the best REALTOR® for you is to ask yourself what services a REALTOR® provides and how they will help you reach your goals.  The REALTOR® must be able to:

1. Understand and Explain Agency, Contract, Property and other areas of law that apply to you when selling your property.  As a seller of real estate, you will need someone who can explain legal documents and help you understand the implications of signing such agreements. 
2. Research, Compile, Analyze and Assess current and past market trends, comparable properties and other sources of information when evaluating a home or investment property.
3. Negotiate agreements with the best possible terms for the client.
   And, most importantly,
4. Sustain Constant Communicate with the Client. A REALTOR® should have the time to explain the home-buying process, discuss expectations, answer questions and generally be available to their clients during such an important transaction.  Investing in a home can be an extremely stressful situation for anyone.  However, when clients are notified of things to come and kept up-to-date, the transaction becomes easy to deal with and sometimes even fun!  Before choosing your REALTOR®, ask the agent how accessible they are and who you will be dealing with – agents or assistants.
5. What kind of personality do you work well with?  At the very least, the REALTOR® should have a pleasant demeanor; should really listen to their clients; one who will provide the time and patience required by each and every transaction and; one who would provide feedback during the entire process of the transaction?

Once you have determined what you want in a REALTOR®, you must next determine whether or not the agent you are thinking of hiring possesses the skills required to provide the above services.  Every REALTOR® is different:  some have many years experience in the industry, some have educational backgrounds, some have teams that share responsibilities and the list goes on.  Ultimately, it is up to you, the client, to find the REALTOR® who is best suited to helping you reach your goals.  If you read About Barry and my Testimonials, you will surely see that Barry Pockay has the skills you need to purchase your new home or investment for the lowest price!

Barry Pockay has not only the knowledge and skills you need to achieve your goals with optimal results but he also has the determined attitude and helpful disposition to make the transaction as smooth as possible.  While always working through the perspective of his clients, Barry is determined to utilize all his skills and knowledge to the best of his abilities.  Barry is always dedicated to achieving the best possible results, whatever the situation.

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STEP 2: The Mortgage Pre-Approval Process

Getting pre-approved for a mortgage is an integral step in searching for a new home.  First, it defines the price range for properties in which you will be searching.  A pre-approval will save you time looking at properties that don’t fall within your preferred range and it will send a clear message to your REALTOR® as to what you are willing to spend. 

Second, the process will determine how much your monthly mortgage payments will be.  Most times, people don’t have and issue with a total mortgage amount.  When presented with the monthly payment, however, the financial reality becomes clear and the Buyer is better able to make informed choices about this very large investment. 

STEP 3: Documents You Need

Working With a REALTOR® – One of the first documents (if not the very first) a REALTOR® should explain to his or her client is the “Working With a REALTOR® Brochure.  Issued by the British Columbia Real Estate Association, this brochure outlines the various types of agency, the meaning of agency; the Privacy Act and how it affects a a person buying or selling real estate; and it also provides various real estate definitions that should be known to a buyer or seller.  This document must be signed by both the Agent and the buyer or seller of real estate and, although it is not an agreement that binds a client to his agent, it is a required form.  This is document that generally signifies the beginning of an agency relationship.

Exclusive Buyer Agency Agreement – An exclusive Buyer’s Agency Agreement benefits both Buyers and their Agents.  Buyers benefit in that the agreement is evidence of the fiduciary relationship with his or her agent - it legally binds the agent to work for the sole interests of their Buyer(s) in a given transaction.  The agreement also tells the agent that the Buyer is committed to working with them for a specified period of time – this will give the agent more incentive to spend his or her time and efforts on the Buyer(s). 

Cancellation Guarantee – When you want the services of a successful agent who can provide the results you need, that REALTOR® may require the Buyer to work with the agent exclusively and for a specified period of time.  What happens if the agent does not live up to his or her promises?  What if you find that you just don’t work well the agent’s personality?  What if the agent is not working in your best interests? 

Barry Pockay provides ALL of his clients with a cancellation guarantee, signed up front.  This guarantee allows any of his clients to cancel their agreement and move forward in the pursuit of achieving their real estate goals.  If there is one thing, Barry Pockay does not want to get in the way of his client’s best interests.  It takes a dedicated REALTOR® who believes in his work enough to provide such a solid guarantee – Barry is totally confident in his work and results and he is happy to provide such a guarantee

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STEP 4: Property Search

Buyer Requirements and Preferences – In order to help a Buyer find the type of property that fits their criteria, it is important for that Buyer to be open and honest with their REALTOR® about the likes and dislikes, “must haves” and “like to haves”, ceiling price and other factors.  This will help a REALTOR® weed out all the undesirable properties and set up tours and property showings that won’t waste their client’s valuable time.

Property Tours – Once properties that match a Buyer’s criteria have been found, a REALTOR® will set up tours of open houses and/or private showing.  Keep in mind that setting up a tour can be tricky – a REALTOR® will have to juggle not only their schedule and the Buyer’s schedule but also the schedules of the Listing Agent, the Seller and perhaps even that of a tenant if the subject property is a rental property.  Give your REALTOR® 24 to 48 hours to set up such showings or tours.

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STEP 5: Making an Offer

Standard Form Contract – The Contract of Purchase and Sale has been standardized for its ease of use by REALTORS® and, more importantly, to cover most of the interests of all parties involved with a transfer of real estate.  The document includes such terms as price, deposit monies, dates, and other term that cover most of the legal issues involved in such a transaction. This document used by a Buyer to make an offer on residential real estate and, if accepted both parties, ultimately becomes the document essential to the transfer of the subject property.

Condition Precedents or “Subjects” – Condition precedents are added to a document called an “Addendum to the Contract of Purchase and Sale” and it becomes an integral part of the Contract of Purchase and Sale.  Make sure to tell your REALTOR® everything you need to successfully purchase your home or investment.  This may include having to sell your current home or investment.

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STEP 6: Removing Subjects

Once an offer has been accepted with subjects or conditions, those conditions must be satisfied by the party whose benefit the condition is for.

Securing an Inspector – Should the Buyer of real estate require that he or she be satisfied by an inspection made by a third, uninvolved party, the Buyer must find and schedule that inspector to view the subject property.  Due to the nature of their business, inspectors can be secured in a very short period of time.  If you are looking for an inspector, please feel free to find your own or use the services of those referred to in the section of this website titled “Referral Network.”

Securing a Lawyer or Notary – Although a Buyer will not need a lawyer or notary until their offer has become firm, it is always a good idea to secure a real estate lawyer or notary in preparation for the transaction.  If you are in need of a lawyer or notary, please feel free to find your own or contact those referred to in the section of this website titled “Referral Network.”

Securing Your Mortgage – If you have properly prepared yourself for the purchase of a new home or investment then you have already been pre-approved for a mortgage.  Once you have found the property you like and an accepted offer is in place, your bank or mortgage broker will arrange for an appraisal of the subject property.  Once appraised by the lender as a sound investment, finalizing your mortgage should not be a problem as long as the subject property meets the terms of your pre-approval.  If you are in need of a mortgage broker or specialist, feel free to locate your own or contact those referred to in the section of this website titled “Referral Network.”

Reading Strata Documents – If a Buyer has included a condition in their Offer that requires the Seller to provide strata documents, it is extremely important that the Buyer him or herself read those documents and be satisfied by their contents.  Although a good REALTOR® will read over such documents for the benefit of their clients, it is not the responsibility of the REALTOR® to do so.  If a Buyer feels uncomfortable with such a task, it is highly recommended that they have a real estate lawyer read such documents for them.

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