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Buying a house can be an exciting, yet daunting experience. One of the most crucial steps in the home buying process is making an offer on a house. If you're a prospective homebuyer in Victoria, BC, you may be wondering how to make an offer on a house. In this blog, we'll take you through the process step-by-step so that you can confidently make an offer on your dream home.

  1. Determine your budget

Before you begin the process of making an offer on a house, it's important to determine your budget. Consider factors such as your income, expenses, and the amount of money you're able to put towards a down payment. It's important to be realistic about what you can afford and what you're comfortable spending.

  1. Get pre-approved for a mortgage

Getting pre-approved for a mortgage can give you a better idea of what you can afford and can also make your offer more attractive to sellers. This process involves providing your lender with information about your income, assets, and credit history. Once you're pre-approved, you'll receive a letter that you can use to show sellers that you're a serious buyer.

  1. Find the right house

Once you've determined your budget and gotten pre-approved for a mortgage, it's time to start looking for houses. Work with a real estate agent to find homes in Victoria, BC that meet your needs and budget. Once you find the right house, it's time to make an offer.

  1. Make an offer

Making an offer involves submitting a written offer to the seller that includes the price you're willing to pay, any contingencies (such as financing or inspection), and the closing date. Work with your real estate agent to determine a fair price to offer based on the current market conditions and the condition of the house.

  1. Negotiate

After you've submitted your offer, the seller may respond with a counteroffer. This is an opportunity for you to negotiate and potentially come to an agreement that works for both parties. Work with your real estate agent to navigate the negotiation process and come to a final agreement.

  1. Complete the sale

Once you've agreed on a price and all contingencies have been satisfied, it's time to complete the sale. This involves signing a purchase agreement, making a deposit, and preparing for closing. Work with your real estate agent to ensure that all necessary paperwork is completed and that the closing goes smoothly.

Making an offer on a house can be a complex process, but with the right guidance and preparation, you can confidently navigate the process and find your dream home in Victoria, BC.

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Q – Our office practice has always been that if there is a tenant in place and vacant possession of a property is intended, we have a buyers' notice filled out to give to the sellers, who then serve official notice to the tenants to end tenancy. 

 

The seller’s agent seems to be saying that vacant possession is implied, and that we do not need the form. In this case, there was no language in the contract saying that the seller had to give notice and the possession part was left blank with no reference to the tenant in place.

 

Can you please clarify? We have always gotten the VREB form signed by both parties in such a situation.

 

A -     If the seller signs the offer with: 

A)   no language in the contract requiring the seller give notice to the tenant; or

B)   the possession clause is blank when it comes to existing tenancies,

 

 

Then the seller has contractually agreed to provide vacant possession without further notice or action by the buyer.

 

Thus it is for the benefit of both parties, that the standard clause with respect to tenancy, stating that the buyer will provide a letter and the seller notice to the tenant after conditions are removed, pursuant to section 49, is in a contract where the property is tenanted and the tenant has not already agreed to move out. 

 

So if this clause is not in the contract, the seller may have a legal issue as they have legally agreed to provide possession, but the buyer is not required to provide a letter. 

 

However, it is still in everyone's best interests that the buyer provide that letter, if in fact the buyer is intending to occupy the unit, as otherwise it is not possible to provide legal notice to the tenant. The buyer may want assurances that the seller assumes all responsibility, for any costs arising from providing notice to the tenant.

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