Whether you’re searching for your first home, an investment property, or a commercial space, purchasing real estate is a significant decision. Here’s a step-by-step guide to help navigate the process
Royal LePage Revelstoke Realtors are licensed and insured by the British Columbia Financial Services Authority (BCFSA) and are governed under the Real Estate Services Act (RESA).
As your designated agent, a Realtor is legally obligated to act in your best interest, handling tasks from uncovering crucial details to drafting binding contracts, all to guide and protect you through the buying process.
Gain peace of mind knowing your Realtor understands the Revelstoke market and is actively seeking properties aligned with your goals.
It’s essential to evaluate your finances and determine what you can afford before beginning your search. Working with a certified mortgage broker or lending institution to get a pre-approval allows you to shop confidently, with organized financial paperwork that streamlines the buying experience. Ask your Realtor for recommendations on pre-approval specialists!
With a set budget and an experienced Realtor on your side, you’re ready to start your property search. Your Realtor will present listings that fit your criteria and schedule viewings to suit your availability.
Tip: Since Revelstoke is a small mountain community with limited inventory, collaborate with your Realtor to identify your list of “must-haves” and “nice-to-haves” to expand the range of properties you might consider.
Once you’ve found a property you like, you’ll work with your Realtor to decide on an offer price and terms (such as possession date, financing, inspection, and tenancies). Your Realtor will then prepare the Contract of Purchase and Sale and walk you through it to ensure you fully understand this legally binding agreement.
Once submitted, the seller can accept, counter, or reject the offer. If accepted, the property will be “under contract,” and you’ll need to deposit funds into the Realtor’s brokerage trust account.
Your offer may include conditions (or “subjects”) that must be satisfied for the sale to proceed, such as a home inspection, financing, insurance, and a title search. These subjects need to be addressed within a specified period, after which your offer will become unconditional, finalizing the sale.
The last step is transferring legal ownership of the property to you, which occurs on the completion date specified in the purchase contract. Typically, a lawyer or notary handles this process, preparing the Statement of Adjustments, organizing transfer documents, and registering your ownership at the Land Title Office. Once conveyancing is complete, you’ll have full legal ownership of your new property!
Connect with our team to start your search today. Let’s make Revelstoke your home!
The short answer is none. Buyers do not pay for any services born by their Realtor. Realtors are paid a percentage commission based on the property sale price which is paid by the seller on completion of the sale. As the BCFSA requires transparency in remuneration, your Realtor will disclose their expected commission to you at the time you enter into a Contract of Purchase and Sale.
Purchase price: This is the price agreed upon between you and the seller as written on the Contract of Purchase and Sale. The deposit you placed in trust will apply towards the purchase price and the remainder will be paid in cash or through financing arrangements.
House Inspection: $600 – $700. Although a house inspection is not required to purchase a property, we recommend having a certified inspector review the property prior to closing.
Property Appraisal: $400 – $500. Lending institutions often require a property appraisal prior to extending a mortgage loan, this cost is passed onto the purchasers.
Legal/Notary Public Fees: $2000-$2500. This fee covers the conveyancing (described above) of the property by a Lawyer or Notary Public.
Taxes:
Property Transfer Tax (PTT): Cost will vary based on several factors (property value, foreign buyer, exemptions, etc). Read more about Property Transfer Taxes in BC here.
Goods and Services Tax (GST): Under the Excise Tax Act, 5% GST applies to the sale of new residential homes in BC and used residential property that meet specific criteria.
We strongly recommend you discuss the potential tax payable on a property with a tax professional to avoid any surprise expenses.
As of April 1, 2024 first time home buyers in British Columbia may be eligible for a full or partial exemption from the property transfer tax on properties that have a fair market value of $835,000 or less. Read more about the first time home buyers program here or discuss your eligibility with your Realtor.
Property Tax: Property taxes are paid annually and cover critical local programs and services such as police/fire, emergency rescue, road construction/maintenance and more. Learn more about BC Property Taxes here.
City Utilities (Water/Sewage/Garbage): If you are purchasing a property within Revelstokes city limits, you can expect to receive a bill for city utilities.
Utilities (Hydro/Electric): Outside of city utilities payable, you will also need to budget for gas and electric. Pricing will vary based on the properties size, efficiency and time of year.
House Insurance: Pricing will vary based on a number of factors however it is important to add this to your ongoing housing budget.
Maintenance: Life happens and things can break. We always recommend budgeting for regular house maintenance. Whether that be saving for a new hot water heater or a fresh coat of paint, you will want to budget to keep your property in good condition.
*Strata fees: Strata fees will apply if you are purchasing a Strata Lot property within a Strata Corporation. Often referred to as condo fees or maintenance fees, this monthly fee goes towards the maintenance of the building and common property.
Revelstoke is home to a wide range of properties; from heritage homes built in the late 1800s, mobile homes to luxury ski chalets. It is generally a good idea to have your potential property inspected before purchasing so you can uncover more information about the state of the property.
Gas: Contact Fortis BC.
Electrical: Contact BC Hydro.
Wifi: The most common internet provider in the Revelstoke area is Telus. They offer high speed PureFibre wi-fi in most locations. Starlink is also available as an alternative.
Canada Post PO Box: Unlike most metropolitan areas, mail in Revelstoke is often delivered directly to the post office, not your doorstep. In order to set up a post box, take your personal identification and property address to the Canada Post location and talk with the postage staff.
Whether you’re looking to buy or sell a property, or simply want to explore the vibrant community of Revelstoke, we offer expert advice, market insights, and local tips to help you navigate the real estate world with confidence.
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