To get factual information about a home you are considering buying, it’s helpful to have a skilled real estate salesperson who is experienced in that type of home, whether it’s a new or existing home. In B.C., real estate salespersons must be licensed under the provincial Real Estate Services Act by the Real Estate Council of British Columbia.
What’s in a name?
Different organizations use different terms to describe individuals who help buy and sell homes. For comfort, this guide uses the term “realtor” to refer to real estate licensees, agents, and brokers. Realtors provide various services, from providing information about available properties and sources of financing to helping you make a written offer to purchase. In most cases, they do not charge buyers a fee. Realtors can also advise whether a home you are considering buying complies with the Homeowner Protection Act, has a home warranty insurance policy, or the landlord has been provided with an Owner Builder Disclosure Notice. A realtor may be an agent for the seller, the buyer, or both. If the licensee represents both in the same transaction, they must tell you so. Know who your realtor means.
KEY POINTS
- Use a qualified realtor who is experienced in the type of home you consider buying.
- Know whether your realtor represents the seller, the buyer, or both.
MORE INFORMATION
To find out more about the role of realtors, check homes for sale in victoria B.C., and Sell a Home in British Columbia from the Real Estate Council of B.C.
Checking Out the Builder
Most new home builders are reputable professionals who provide a good quality product. Even so, it’s wise to check out your builder’s qualifications and service record.
Builder or developer?
Although builders and developers have different roles in home construction, the term “Licensed Residential Builder” includes both builders and developers, and this guide refers to both as builders.
Builder Licensing Requirements
New houses in British Columbia must be built by builders licensed under the Homeowner Protection Act by BC Housing. You can check the Public Registry of Licensed Residential Builders at www.bchousing.org online to ensure your builder is licensed. The New Homes Registry can be used to determine if the home has a policy of home warranty insurance and is built by a Licensed Residential Builder or built without home warranty insurance under an exemption, such as an Owner Builder Authorization. Check out the New Homes Registry at www.bchousing.org. Exceptions to the licensing requirement include:
Tips for Checking Out the Builder
Visiting the company’s website or doing an Internet search is a good start. Here are vital questions to ask about the builder:
- Is the builder licensed by BC Housing?
- How long has the builder been in business?
- How many homes has the builder built similar to the type you are considering?
- Get references from homeowners currently living in homes the builder has built. Request a list of homes or projects completed by the builder within the last few years. Make arrangements to view some of these homes and speak to the current owners. Have the owners made any claims for construction defects? Contact the warranty company to find out and learn more.
- Does the builder have an after-sales service program? Ask the builder and former clients. Attention to detail, good after-sales service, and quality construction come at a cost, so selecting a home based on its price and features alone is not wise.
- Is the builder a member of an industry organization such as the Canadian Home Builders’ Association, Urban Development Institute, Independent Contractors’ Association of B.C., or B.C Construction Association? Membership in these organizations may indicate a commitment to professionalism and industry involvement, and experience.
- Have any complaints been registered against the company with the Better Business Bureau (BBB)? You may inquire about the number of complaints received by the BBB against a builder or developer in the past three years and whether these complaints were resolved.
- Has the builder received any compliance orders, monetary penalties, or convictions under the Homeowner Protection Act and regulations? You may wish to check the BC Housing website at www.bchousing.org for a list of builders who have received beliefs or enforcement actions.
- You may wish to do a court search to determine whether any legal action has been brought against the builder or the builder’s related companies. Discuss any concerns with the builder.
Victoria BC real estate is an exciting and wise investment for your future. Since there are many options for real estate listings, you do not have to worry about where you will find real estate property suited for you. You have to look for a reliable Victoria real estate listing website or a Real Estate agent in Victoria, BC, to show you what properties are available.
