10 terms first-time B.C. homebuyers need to know

Here is a list of 10 terms that first-time homebuyers should know before wading into the Lower Mainland real estate market. We asked Bridgewell Real Estate Group’s Mariko Baerg to help us separate our deposits from our down payments, and our completion dates from our possession dates.“The deposit is the good, safe money that a buyer puts down to secure the home prior to completion, usually in the form of a bank draft,” Baerg said.

It just means you have to do the work before you write the offer.”This is the day that the land title transfers from seller to buyer. “Another way to put it is, this is the money day,” Baerg said. “This is the latest day the buyer would need to hand over all of their final closing costs and final down payment to the notary lawyer.” Not to be confused with the possession date.Article contentBreak out the Champagne; you are now ready to spill some on your new floor.

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