Who is involved in buying a house in BC?
Every person in the window is listed here with the stage they lead, the regulator that licenses them, what to ask before you hire them and what they typically cost in BC. Thought to Keys introduces you to one at a time, at the right stage, with your file already prepared.
In short: a typical BC home purchase involves a mortgage broker or lender, a realtor, a real estate lawyer or notary public, a home inspector, an appraiser and a home insurance advisor. Self-employed buyers often add an accountant, and owners adding a suite add a licensed builder.
Mortgage broker
Works out what you can borrow, chooses among many lenders, prepares and submits your application, manages the approval and stays with the file through funding and renewals. In this window, that is Asim Ali's office, and it is your single point of contact.
- Regulated by
- BC Financial Services Authority under the Mortgage Services Act
- Ask
- Which lenders fit my income type and this property? How are you paid?
- Cost
- Usually paid by the lender on funding; any fee, such as on a private mortgage, disclosed in writing first
Realtor
Your buyer's agent. Finds and shows properties, pulls comparable sales, gathers strata and title documents, writes and negotiates the offer, and coordinates key handover on possession.
- Regulated by
- BC Financial Services Authority under the Real Estate Services Act
- Ask
- Will you act for me only? How are you compensated on this purchase?
- Cost
- Usually paid from the seller's commission; confirmed in your buyer's agency agreement
Real estate lawyer
Closes the purchase: title search, mortgage registration, property transfer tax, adjustments and the transfer of funds. The right choice when the file is complicated: estates, separations, private lenders, title defects or any dispute.
- Regulated by
- Law Society of British Columbia
- Ask
- What is included in your quote, and what disbursements should I expect?
- Cost
- Typically a flat conveyancing fee plus disbursements and taxes; quoted up front
Notary public
In BC, notaries public close residential purchases and mortgages every day. Same conveyancing steps as a lawyer for a standard file; a lawyer is used when litigation or complex legal advice is involved.
- Regulated by
- Society of Notaries Public of British Columbia
- Ask
- Is anything about my file outside what a notary can handle?
- Cost
- Typically a flat conveyancing fee plus disbursements and taxes; quoted up front
Home inspector
Examines the structure, roof, plumbing, electrical, heating and visible defects during your subject period and gives you a written report you can negotiate with or walk away on.
- Regulated by
- Consumer Protection BC (licensed home inspectors)
- Ask
- Are you licensed and insured? Can I attend the inspection?
- Cost
- Typically a few hundred dollars, varying with size and property type; paid by you
Appraiser
Provides the lender with an independent opinion of the property's market value. Ordered by the lender or broker, not chosen by you, which keeps it independent.
- Regulated by
- Appraisal Institute of Canada designation (AACI or CRA) required by most lenders
- Ask
- Your broker will tell you if the lender requires one and whether the fee is yours
- Cost
- Typically a few hundred dollars; sometimes covered by the lender
Insurance advisor
Arranges the home insurance binder your lender needs before funding, strata contents coverage if you are in a building, and explains optional mortgage protection without pressure.
- Regulated by
- Insurance Council of British Columbia
- Ask
- What does the lender require, and what is optional?
- Cost
- Annual premium set by the insurer; quoted before completion
Contractor or builder
For a secondary suite, a laneway home or a multiplex conversion under BC's small-scale multi-unit housing rules. Involving the window first means the financing and the build plan are designed together.
- Regulated by
- BC Housing licensing for residential builders; municipal permits
- Ask
- Are you a licensed residential builder, and who pulls the permits?
- Cost
- Quoted per project; draw-based financing is arranged by the mortgage broker
Accountant
Matters most if you are self-employed, incorporated or paid on commission: how income is reported in the two years before you buy changes what a lender will count.
- Regulated by
- Chartered Professional Accountants of British Columbia
- Ask
- How will this year's filing affect what a lender sees?
- Cost
- Hourly or per engagement; quoted directly
Not a directory, and not for sale
Nobody pays to be listed here and nobody buys leads from this site. Professionals are introduced because they are licensed, in good standing, responsive and have done good work for clients of Asim Ali's office. Each regulator's public register is checked before an introduction and rechecked periodically.
Where a referral fee is paid or received between the brokerage and another business, and where that business's own regulator permits it, it is disclosed to you in writing before you engage them. You can decline any introduction and bring your own professional at any stage.
Already have someone you trust?
Tell us who. Asim Ali's office will coordinate with your own realtor, lawyer, notary or inspector so the sequence still works and nothing is missed between them.
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