Shelley is a licensed Realtor in Victoria BC and is here to help buyers and sellers achieve their goals while making great decisions. Shelley is experienced in the process of real estate transactions including being a realtor, appraiser and mortgage consultant.
What to Expect
Shelley is informed, responsive, versatile and committed to helping clients achieve their goals by making great decisions.
I am a first time buyer – Can I work with the listing agent to purchase a property?
In BC, a listing agent is representing the seller, and owes representation to that client. If a buyer like yourself calls the listing agent of a property to ask about it, that listing agent is restricted with respect to what they can share. They can carry out certain tasks if you are unrepresented, but they do not owe the same duties to you.
Why do I need to work with a realtor?
There is no obligation for anyone to work with a realtor. However, navigating the market is challenging. Realtors offer valuable services to help you in the challenging real estate environment. Buyers and sellers are free to represent themselves in any transaction; however, realtors provide guidance that is crucial in the ever-changing landscape.
Who Pays the Buyer’s Realtor?
When you engage a Realtor to help you in your search to buy a property, generally that Realtor would be paid by the seller in a successful transaction. However, up until a transaction is completed, a buyer’s Realtor does not generally get paid. A client could see many properties and never purchase a property – in this case, the Realtor generally does not receive anything for that effort.
What is the rescission period?
The BC Government instituted a 3 day (business days and holidays) rescission period for buyers to change their minds following an accepted offer to purchase real estate in BC. However, it comes with a penalty if a buyer rescinds their offer during the rescission period. The main item to pay attention to is the fact that the seller in this case does not have to allow any due diligence like inspections, appraisals, to occur during this timeframe.
If I want to purchase a property that houses tenants, what can I do?
If a property houses tenants, it is imperative to check each lease to find out what the terms are and be aware that there is no such thing as a vacancy clause in tenancies in BC. What this means is the buyer must assume any tenancies. However, following removal of all conditions, if appropriate, the buyer can ask the seller to give notice to end tenancy for the buyer to occupy the unit, depending on if the current lease terms. Buyers must also keep in mind that the BC Goverment has instituted a three month notice to end tenancy in a situation where a purchaser wants to occupy a unit for personal use. This is a substantial amount of time when arranging financing to purchase real estate. It is crucuial for any purchaser of real estate to carefully review all tenancy laws in BC.
How should I prepare to purchase real estate?
Definitely consult financial advisors, mortgage professionals, insurance agents, accountants, lawyers, notaries, inspectors, and municipality information, prior to your search, of course depending on your personal situation and goals.
Get In Touch
Contact Shelley to learn more
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