In my previous article of the benefit of Vancouver Realtor, I emphasized on the knowledge, skills and ability. When it comes to knowledge, I have been asked from many buyers how much does my Realtor know about the specific home I’m about to purchase?
To answer let’s dig deeper into what you need to find out about the property and or house you’re about to make an offer.
When a property or a home for sale gets listed on Vancouver MLS® listing, it is mostly common that a listing agent to be fully informed and has done all the due diligence to answer all questions. What the listing agent says, it is different than what he provides as proof and documentation.
To buy a property a buyer needs to know everything that have an effect in the buyer’s decision making. When buying a house, you want to investigate the following and weigh its importance in your priority list.
- History of purchase in dollar base and as well as number of owners
- Although sometimes not easy to find this answer, the criminal records, and history of violence in that house
- All tax records including whether the current owners are resident or not resident of BC. This is very important as it may cause and harm the buyers, if the information not correctly disclosed.
- All zonings and permits available from the city records. Also investigating any potential and rezoning possibility.
- Complete land registry, measurement, title and schemes.
- All relevant documents supporting the any title liens, schemes, right of ways and or easements.
- Full disclosure from the seller of the property to answer all relevant question in regards to property condition and its use.
- If condo apartment for sale or an attached property, all strata documents including Annual general meetings, monthly meetings, Financials, Engineering report, Depreciation report, Form B, Form F, Bylaws, Rules, amendments, strata liens and so forth.
- Oil tank and fire department history, and city approval for its final removal.
- Asbestos, molds, Vermiculate, knob & tube and such issues where it also can be disclosed from the sellers.
- If waterfront, the bank erosion report, and municipal safety certificate.
- If treed, understanding protected nature and any documents for further investigation.
- knowing what other development are in works in the area and if possibly will interfere with traffic, school system and or simply, blocking any views in future.
- Any rezoning and future neighborhood projects, where it can affect the property value and or change the face of the neighborhood.
- Walk-score, transportation and commuting information routes, school system, proximity of churches and temples, (which also effects the taxes), proximity to any correction facility, low-income housing, social offices and such.
- Reviewing the full inspection report.
- Homeowner’s insurance and variant of rate based on the neighborhood review.
- Strata fees and its effect in buyer’s affordability on the financial side.
- Quality of the built and reputation of the builder.
- If a newer house, if it was built by the owner or developer and whether the seller is permitted to sell.
- Warranty reviews and qualification.
- Energy efficient grades and if it can be upgraded.
- And of course if it is a foreclosure, Bank owned, Court order sale, or if it is a probate sale. These all have its own process of reviews.
There are of course more courses of action and reviews depending on the property for example if the property has well, septic tank, and or if it is ALR zoning which also have inspection and certain reviews to be done within where the local house or building is located.
It is important to hire a Realtor, who knows how and where to find all sources of information for your review. Please note, a Realtor is not a lawyer nor an accountant and cannot extend his advice above his profession. So any legality and accounting including taxing questions and reviews must be referred to a professional adviser.
If you have any question, and want to know, what it can affect your decision to purchase a home for sale on MLS® listing which, you want to make an offer, please contact me and I’d be happy to help.