Listing Agreement
Contract between a Victoria BC property owner and real estate agent outlining terms for marketing and selling the property, including commission, listing period, and agent responsibilities.
Commission
Fee paid to real estate agents for selling Victoria BC properties, typically split between listing and selling agents. Usually calculated as a percentage of the final sale price.
Disclosure
Legal requirement for Victoria BC sellers to inform potential buyers of known property defects or issues. Protects both buyers and sellers in real estate transactions.
Property Inspection
Professional examination of a Victoria BC property’s condition, typically arranged by buyers before finalizing purchase. Helps identify potential problems or needed repairs.
Appraisal
Professional valuation of Victoria BC property conducted by a certified appraiser, often required by lenders before approving mortgages. May differ from market value estimates.
Equity
The difference between your Victoria BC property’s current market value and the outstanding mortgage balance. Equity builds over time through mortgage payments and property appreciation.
Mortgage Pre-approval
Lender’s conditional commitment to provide financing for Victoria BC property purchase up to a specific amount, based on your financial situation. Strengthens your position as a buyer.
Down Payment
Initial cash payment when purchasing Victoria BC property, typically 5-20% or more of the purchase price. Larger down payments may result in better mortgage terms.
Closing Date
The day legal ownership of Victoria BC property transfers from seller to buyer. All conditions must be met and funds transferred before this date.
Possession Date
The date new owners can move into their Victoria BC property. May be the same as closing date or later, depending on agreement terms.