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Anytime you make a significant purchase, it is always wise to do your research, get all the facts, and make an informed decision that is right for you. This is especially true when you are shopping for a home, one of the largest investments of your life.
Typically, that includes:
- Researching the neighbourhood to ensure it has all the amenities you require such as schools, parks, restaurants, shops and services;
- Reviewing a property’s title for any charges or liens;
- Having the home inspected to determine if there are any costly defects that would require repairs;
- Researching different financing options and choosing the option that is best suited to you; and
- In the case of a unit in a strata complex, reviewing strata documentation including at least two years of strata meeting minutes to understand potential issues and how they could impact you.
In a very active real estate market, you may feel that there isn’t time to conduct this necessary due diligence. Perhaps there are several competing buyers for the property, or perhaps the seller has required all offers to be submitted by a certain date.
Before making the decision to submit an offer on a property without completing your due diligence make sure you discuss the benefits and risks with your real estate agent. Your agent can suggest some solutions to help minimize those risks such as:
- Requesting the sellers to allow a home inspection before offers are submitted;
- Requesting that the sellers provide copies of strata documentation before offers are written so they can be reviewed ahead of time by potential buyers.
BCFSA’s Practice Standards Advisors are available to answer questions about real estate transactions and the services to expect from a licensed real estate professional. Get in touch with us, at [email protected].