Aleya Bhaloo

Cell: 604-209-4504 |

Frequently Asked Questions (FAQs)

 

The following are the most frequently asked questions from clients: 


Q: Where is the best place to buy Real Estate in Vancouver?  

A: There is no "best place" per se as every neighbourhood in Vancouver is unique and varies in housing style, sense of community and type of property. The most desirable area to live in is Vancouver's Westside. The sub areas include Fairview Slopes, False Creek, Kistilano, Dunbar, Point Grey and UBC. The reason the Westside, specifically Kitsilano and Point Grey, is most sought after is due to the convenience and proximity to Downtown Vancouver, beaches, public and private schools, parks, restaurants, sea-side walking and waterfront homes.


Q:  Should I buy first or sell first?

A:  Every individual(s) has different circumstances. Therefore, whether you buy first or sell first varies as well as the advantages and disadvantages. Contact us and we’ll be happy to discuss your situation and help craft a strategic plan that works best for you!


Q:  Should I buy new or re-sale?

A:  Ultimately, it’s your preference on what type of home you want and whether it’s available to you! While we work primarily with residential re-sale properties we do occasionally assist our clients with purchasing newly constructed properties. When we meet we can discuss whether your needs are best served by re-sale or brand new properties!


Q: What are the rules for buying a property in Vancouver or Whistler if you don’t live in Canada?

A: If you require financing, you must have a mortgage with a Canadian-based financial institution. In order to obtain financing, you must have 35% of the property’s purchase price as a cash deposit. Another important reminder is that you must be present in Canada to sign the closing documents with the bank or have a document notarizing the procedure performed in your country.


Q:  What is your referral policy?

A:  The majority of my business are referrals from friends, family, happy clients and friends of clients who had a wonderful real estate experience with me! I’m enthusiastic to meet new people whether it’d be through word of mouth or through my website, I’m excited to help with all your real estate endeavours!


Q: Do I have to use a lawyer?

A: A lawyer is highly recommended. If you are getting a mortgage, your lender will probably require that a lawyer handle the transaction.


Q:  Do you know any mortgage brokers or financing specialists?

A:  Yes! As referrals are the backbone of our business, we would be happy to refer you to several trusted colleagues in mortgage financing. Please contact us for this information or review the “My Connections” section of this website.


Q:  How long should a closing take - how soon before I can move in?

A:  Most closings are from 30-60 days from the date of acceptance of the offer, however this can vary based on buyer and seller needs and other practical concerns.  Our systems help ensure a smooth closing for you whether it's a leisurely wait to move in or a quick closing!


Q:  I saw a great house on MLS.ca but when I drove by, it was already sold?

A:  MLS.ca has transitioned to Realtor.ca, it imports its information from the Real Estate Board of Greater Vancouver, and there can be a system delay of up to 3 days. In addition, it often takes a brokerage a couple of days to report a property as sold, depending on the administration. For the latest detail on whether a property is truly still on the market, please contact us.


Q:  If I just want to get in to see some houses, why do I need a Realtor?

A:  A Realtor does a lot more for you than just open up a house! In our consultative role, we listen carefully to what matters most to you and what you’re looking for in a home so we will know how best to help you find the best property. We negotiate with your best interests in mind, acting as an intermediary between you and the seller and insulating you from costly mistakes. Finally, we handle the (literally hundreds!) of transactional details so that you don't have to.


Q:  Is a Realtor's service free to me as a Buyer?

A:  Yes! The Buyer Representative is typically compensated by the listing agent for the property once a purchase has been made, so we act on contingency when working for you.



Q:  What are homes selling for on a certain street?

A:  We'd be happy to send you information on recent sales on a particular street - to satisfy your curiosity, show you how your investment is doing, or as part of your buying or selling research! Just let us know what street and/or neighbourhood you’re interested in and we will send you the most current data.


Q:  What happens if I buy a house and the sellers don't deliver on their promises?

A:  Occasionally this happens but not often, although it is unfortunate when it does. Our course of action depends on what they have failed to deliver on - for instance, if the house is not in broom swept condition we will contact the sellers' agent to ask them to rectify this. More serious issues often will involve your lawyer. We will advocate on your behalf to help ensure you are compensated!


Q:  Do I get a better deal if I buy a house being sold by the bank?

A:  Sometimes homes are listed as Foreclosures, which means the mortgage holder has obtained the right to sell the home and retain the proceeds when a mortgage is in default. These homes are listed at fair market value, though there may be room to negotiate.


OFFERS

Q: Who holds the deposit when I make an offer to purchase?

A: It is negotiable between you and the seller. Usually the seller’s brokerage holds the deposit “in trust” for you and the seller.


Q: Who holds the deposit when I make an offer to purchase?

A: It is negotiable between you and the seller. Usually the seller’s brokerage holds the deposit “in trust” for you and the seller.


Q: What is the difference between chattels and fixtures?

A: Chattels are unattached goods that go with the seller. Fixtures are attached goods that stay with the property. Any chattels you want included must be written in the purchase contract and agreed to by the seller.


Q:  Can you tell me more about bidding wars?

A:  Bidding wars also known as multiple offers, occurs when there is more than one offer on a property. When a property is listed at the right price it will often gain a lot of attraction and drive the number of offers that a seller will receive. As a result we can often project in advance whether a property is likely to have multiple offers. Whether we’re representing you as the buyer or seller, I am knowledgable in the market and experienced with coming in at the right price to list a property or come in at an offer.


Q:  When should I make my offer conditional?

A:  A condition/clause written in an offer means that the contract will not be firm and binding until those specific requests are fulfilled or waived (i.e. you getting financing from the bank, or your lawyer reviewing status certificate documents in the case of a condo/apartment). Conditional offers are considered less appealing than offers that may not have conditions, which may harm your chances of getting the property. This is why it’s important to have a realtor, I’d be more than happy to discuss the best options for you.


Q:  How much do I have to put down on a property when making an offer?

A:  Offer deposits are generally 5% of the offer price, rounded up. Getting a certified cheque or bank draft for this amount can make a great difference to sellers, especially in a multiple offer situation - you will be seen as prepared, confident and serious about buying the property.


Q:  Offers are being accepted by fax on a property I'm interested in. What does that mean, and how does that affect my chances of getting my dream home?

A:  Our clients frequently encounter this situation when offering on homes - it most often means the sellers are out of town. To help increase your chances of getting the home, since the sellers will not get to meet us face to face, we will write a letter to the sellers introducing you and letting them know more about you!



PAYMENT

Q: How do I use my RRSP for a down payment?

A: The RRSP Home Buyers Plan allows first time buyers to withdraw up to $20,000 maximum per person on a tax free basis from their RRSP.  Taxpayers may contribute to their own or their spouses RRSP, wait 90 days, withdraw the funds and make a considerable tax savings which they can use as a down payment.


Q: When does that need to be repaid?

A: Equal annual payments/installments need to be made over 15 years. First payment is due 60 days after the end of the second full calendar year following the year the deduction was made. i.e. 1997 withdrawal ----> 1st payment Feb 29.  No interest is payable.  Funds may be repaid more quickly if desired. Revenue Canada sends payment amount verification to the client every year to inform them how much their payment must be. If 1/15 is not repaid in any year, the unpaid portion is added to income and taxed at their marginal tax-rate.



OPEN HOUSES

Q:  How do I go about finding open houses?

A:  If you are a client of Aleya Bhaloo, we will send you a comprehensive list of all the open houses happening in Vancouver’s desirable neighbourhoods every single weekend! If you're just browsing, feel free to contact us for open house information on specific properties - or you can check out Realtor.ca for their list.


Q:  Can I get a lockbox code from you and just visit a house myself?

A: For the protection of all parties to a trade in real estate, you must be accompanied by your Buyer Representative when visiting a property (unless the seller is holding a public open house).


 

 

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.