Langley BC Real Estate | Condominums And Town Homes

There are a number of seller and province-required disclosures and inspection reports in addition to the initial home purchase offer. Does a buyer need to keep each and every document involved in buying a home? Do you need the original documents or are photocopies enough.

It’s no wonder that home buyers can be confused because of the paperwork involved in every transaction. Here is a look at the documents you should keep.

Title to the house (Original)
The most important closing document, it is the transfer of title to real estate from one person to another. And contains how you hold title, the name of the sellers giving you title and the property’s legal description.

Statement of Adjustments (Original)
Contains all the official charges and credits of your home purchase.

Purchase Agreement (Photocopy)
Agreement/Contract between buyer and seller defining the terms and conditions of the sale.

Amendments and/or Addendums (Photocopy)
Any amendments or additions to the Purchase agreement.

Seller Disclosures (Photocopy)
Written disclosures, warranties or guaranties provided by the seller.

Home Inspection Report (Photocopy)
Detailed home inspection report pointing out items that are in good condition and those in need of repair or replacement.

Home Warranty Plans (Photocopy)
Includes the policy number and contact information for repair calls. Also outlines what is covered under a home warranty plan.

Mortgage and note (Photocopy)
Indicates the legal and repayment terms of your mortgage.

Insurance Policy (Photocopy)
Lists the policy number, terms, conditions and premium notice of your home owner’s insurance.

Maintain a completed file after closing on your home. Collect copies of every document that was signed during your transaction with the seller. And ensure that you have fully executed documents with all parties’ signatures.

Listing your home for sale is a significant step in selling your home. It is a good idea to know what to expect after you sign the listing agreement.

MLS Listing
Placing your home in the local Multiple Listing Service (MLS) is the first step your agent would take after you sign the listing agreement. It notifies all agents and others that your home is for sale.

For-Sale sign and Lockbox
Lockboxes allow buyer agents to show your house even if you are not home. Agents prefer lockboxes since they are not restrictive. And it would be difficult for them to track down your agent every time they wish to show your home.

Open House
Ensure that you home is in top condition before signing the listing agreement. The agent may have a broker’s open house followed by a public open house. It is a good idea not to be present at home when they tour the house.

Traffic Pattern
You would receive the most visits in the first two weeks of listing your home. Not every visitor may be interested in buying the house. They may include those who are looking to buy a home similar to yours. Buyers that return second or third time are seriously considering your home and ensure that your agent keeps in contact with them.

When you sign the listing agreement, you can generally expect a three-step process: Getting ready, showing it off and responding to the market place. Being prepared for what lies ahead would ensure a more stress-free sale

VANCOUVER, B.C. - April 2, 2009 - The Metro Vancouver housing market experienced a movement away from volatility and toward stability to start the spring season.

Home sales in March 2009 returned to levels witnessed at the beginning of the decade, with 2,265 sales recorded across Metro Vancouver for the month, a 53 per cent increase over February but a 24.4 per cent decrease over March 2008, when 2,997 sales were recorded.

Since 1999, March sales have increased 31 per cent, on average, over the month of February. March 2009 marks the second consecutive month that sales have outperformed the ten-year average for this month-over-month comparison.

“There’s more confidence in the housing market today than we were seeing late last year. Sales activ-ity is rising to more typical levels given the season, and the number of homes being listed for sale is levelling off,” said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

New residential listings on the MLS® declined 22 per cent in March 2009 to 4,385 compared to March 2008. This is the fifth month in a row that new listings have decreased year-over-year and the third consecutive month where those declines exceeded 20 per cent.

Despite these trends, total active listings at the end of March 2009 had still reached 14,579, a 19 per cent increase compared to the end of March 2008.

“REALTORS® are seeing an increasing level of interest from ! rst-time buyers who are attracted to low interest rates, good supply of housing, greater affordability, and a considerably lower overall cost of servicing a mortgage compared to recent years,” Russell said.

Sales of detached properties in March 2009 declined 19.6 per cent to 897 from the 1,116 units sold during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 15.1 per cent from March 2008 to $649,342.

Sales of apartment properties declined 28.8 per cent last month to 976, compared to the 1,370 sales in March 2008. The benchmark price of an apartment property declined 13.5 per cent from March 2008 to $337,099.

Attached property sales in March 2009 decreased 23.3 per cent to 392, compared with the 511 sales during the same month in 2008. The benchmark price of an attached unit declined 11.2 per cent between March 2008 and 2009 to $420,563.

For Immediate Release: April 2, 2009

(Surrey, BC) – Fraser Valley REALTORS® credit fi rst-time homebuyers, low interest rates and greater overall confi dence in the housing market for an increase in sales on the Multiple Listing Service® (MLS®) in March.

The Fraser Valley Real Estate Board reports 1,006 sales were processed in March, refl ecting a 24 per cent decrease compared to the 1,315 sales in March of last year, however, a 48 per cent jump from February’s 682 sales. March is the first month to surpass one thousand sales in the Fraser Valley since July of last year, refl ecting more typical March sales totals last seen in the early 2000s.

Paul Penner, President of the Board, confi rms real estate activity has picked up. “REALTORS® are seeing the return of first-time home buyers who have been waiting in the wings for the last few months, and homeowners responding to the opportunity to buy-up by moving from a condo to a townhome or a townhome to a detached house. Homes with a lower price-point are attracting more attention.

“With current interest rates and price reductions, buyers are looking at monthly costs that are 20 per cent less than they were a year ago. In Fraser Valley, that’s a $780 per month savings on a mortgage for an average detached home.”

Property selection continues to moderate from the record levels of over 12,000 active listings reached in September 2008. The Board received 7 per cent fewer new listings in March compared to the same month last year – 3,028 compared to the 3,277 last year – taking the total number of active listings to 9,832, an increase of 14.7 per cent compared to the 8,570 active listings available in March of last year.

Residential benchmark prices, the value of a ‘typical’ Fraser Valley detached home as determined by the MLSLink® Housing Price Index (HPI), decreased 10.6 per cent compared to March 2008, however, increased slightly, 0.7 per cent, for the second consecutive month. The benchmark price was $459,841 in March 2009 compared to $514,616 last year. As well, detached homes sold on average, 10 days faster in March than they did in February.

The HPI benchmark price of Fraser Valley townhouses decreased by 10.3 per cent in one year, going from $329,859 in March 2008 to $295,809 in March 2009, while the benchmark price of apartments decreased by 10.8 per cent going from $254,664 in March of last year to $227,188 in March 2009.