HOME BUYERS A-Z RESOURCE GUIDE - Helping You Become a more Educated Real Estate Investor

Welcome to the A–Z Buyer’s Guide

Because informed buyers make empowered decisions.

Buying your first home is thrilling — but it can also feel overwhelming and expensive. Especially when you're starting from scratch, without equity to lean on. Your savings are doing the heavy lifting — covering the down payment, closing costs, inspections, and more.

That’s why this A–Z Buyer’s Guide exists. It’s your one-stop reference for everything from Appraisals to Zoning, breaking down the complex parts of home buying into quick, easy, and (dare we say it?) actually enjoyable reads.

💡 Why A.H.O.M™? Why Now?

From the very first conversation with us, you’ll know you’re in the hands of qualified professionals who understand your needs and your market — inside and out.

And unlike most guides, this one follows our M.O.V.E.™ Framework — a thoughtful approach to buying that ensures you’re not just picking a property…
You’re planning a future.

✨ Our M.O.V.E.™ Framework

Whether you’re a first-time buyer or seasoned investor, every smart decision begins with a M.O.V.E:

M = Mortgage Clarity – What can you afford, and what will it truly cost?
O = Ownership Readiness – Are your lifestyle, timeline, and goals aligned?
V = Viewing With Vision – Learn to spot red flags and hidden potential.
E = Execution Strategy – Make the offer. Win the deal. Close with confidence.

We bring this method into every deal — and now, you’ll have the blueprint, too.

🚨 Before You Dive In…

This guide is not a substitute for professional advice.
Your home buying team should include:
✔ A REALTOR® you trust
✔ A licensed home inspector
✔ A real estate lawyer
✔ A mortgage specialist
✔ And most importantly — you

👀 A Few Sample Entries:

A is for Appraisals — because the bank needs to love it as much as you do.
B is for Builders — what to ask, what to watch for.
C is for Closing Costs — because you don’t want financial surprises.
P is for Permits — and yes, they matter, even after the offer’s in.

📥 Want the Full A–Z?

Register now to download your free copy and get priority access to upcoming buyer workshops, presale previews, and insider-only market reports.

🚫 Intellectual Property Notice

The M.O.V.E.™ Framework and all related language, structure, and branding are the original and protected intellectual property of A.H.O.M™ Realty.
No part of this page may be copied, reproduced, or repurposed without explicit written permission. Legal action will be pursued for unauthorized use.

We believe in inspiration — not imitation. 💛

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WHAT KINDS OF HOMES ARE AVAILABLE TO YOU AS A HOME BUYER? - Find your Dream Home

To meet the many kinds of needs that people have, a number of different housing styles and types of ownership have developed over the years.
Your individual requirements and your income level will govern the housing type which is most suitable for you at the present time.

Single Family, Detached Home – A detached home is one which has no common walls with any other residential structure, resting on its own land with front, rear, and side yards. It may be any size from a small, one-storey bungalow to a huge mansion.
Semi-Detached Home – A semi-detached home is two single family dwellings joined together by a common middle wall. It is sometimes called a “side-by-side” duplex.
Duplex – A duplex is two separate dwellings which are attached either side-by-side (a semi-detached home) or one unit above the other. It is important to note that this type of structure may be a strata titled property and therefore subject to the Strata Property Act.
Townhouse – In British Columbia, the term “townhouse” is usually used to describe one of a group of dwellings (most often two-storey) joined together by common walls, each with its own entrance from the outside.
Apartment – An apartment is one of several dwellings (most often single storey dwellings built one above the other) joined together by common walls, each having its entrance from a common hall. The overall building containing the apartments may be from three to 33 or more storeys.
Mobile or Manufactured Home – A manufactured home is a factory-built residential structure designed to be moved from one place to another, although wheels are not necessary. It is often placed on a rented space (called a “pad”) in a manufactured home park.

Buyer's Guide- HOME BUYERS RESOURCE | www.lolaoduwole.com

TYPES OF HOME OWNERSHIP

While there are a variety of housing ownership interests, the most common include the following:

Freehold – A freehold interest (also known as a fee simple) is the more precise term for what we ordinarily refer to as “ownership” of a home. The owner of the freehold interest has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaws, and any other restrictions in place at the time of purchase.
Strata Title – The strata title form of ownership is designed to provide exclusive use and ownership of a specific housing unit (the strata lot) which is contained in a larger property (the strata project), plus shared use and ownership of the common areas such as halls, grounds, garages, elevators, etc.

This type of ownership is used for duplexes, apartment blocks, townhouse complexes, warehouses, and many other types of buildings. In addition, some single family home developments may be part of a bare-land strata development. Because ownership of the common space is shared, the owners also share financial responsibility for its maintenance.

Leasehold – In some cases, you might purchase the right to use a residential property for a long, but limited, period of time. The owner of this right of use has a type of ownership called a leasehold interest.
Cooperative – In the cooperative form of ownership, each owner owns a share in a company or cooperative association which, in turn, owns a property containing a number of housing units. Each shareholder is assigned one particular unit in which to reside.

FIRST TIME HOME BUYER PROGRAMS

The Government of Canada has three programs to assist first-time home buyers – the Home Buyers’ Amount tax credit, the Home Buyers’ Plan (HBP), and the First-Time Home Buyer Incentive. In addition to these federal programs, most provincial governments offer land transfer tax refunds to first-time home buyers. As well, mortgage loan insurance is available from Canada Mortgage and Housing Corporation (CMHC).

Home Buyers’ Amount tax credit
The Home Buyers’ Amount tax credit (formerly known as the First-time Home Buyers’ Tax Credit) exists to assist first-time home buyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes.
Home Buyers’ Plan (HBP)
The Home Buyers’ Plan (HBP) allows you to borrow money from your RRSP to buy or build a home for yourself or for a related person with a disability. There are a number of conditions that apply to the Plan.
First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

THE PROCESS

GETTING THE RIGHT MORTGAGE

Although the loan itself is often referred to as a mortgage, the “mortgage” is actually what the bank takes as legal security for giving the loan. By taking a mortgage on your home, the bank has legal rights to your home, and can sell it if you are unable to repay the mortgage loan.

Different financial institutions and lenders offer different mortgages with a variety of different features.

Open mortgage - First, a mortgage can be open or closed. An open mortgage means that you have the flexibility to make extra payments on your mortgage loan beyond your regular set payments, and you can pay off your mortgage completely at any time without penalty. For example, if you received a $2,000 bonus from your employer, an open mortgage would allow you to pay that money toward your outstanding mortgage amount. However, open mortgages usually have slightly higher interest rates and are usually for a shorter term.
Closed mortgage - Closed mortgages have a lower interest rate, a longer term, and reduced flexibility. In closed mortgages, you can only make regular payments and cannot pay off your mortgage at any time without penalty. If you are expecting a promotion to a higher paying job in the near future or if you think interest rates are going down, you may prefer the flexibility and shorter term of an open mortgage.
Fixed and variable interest rate - A a mortgage can also have a fixed or variable interest rate. A fixed interest rate means you lock in at a certain rate for a set term. A variable interest rate means your interest fluctuates with changing market conditions. The benefit of a fixed interest rate is the security and certainty of a set interest rate. The drawback of a fixed interest rate is that it is usually higher than the variable interest rate. If you think interest rates are on the rise or if you dislike risk, you may prefer a fixed rate of interest. If you think interest rates will go down and you do not mind risk, a variable interest rate may be better for you.
Short or Long Term - A mortgage can be for a short or a long-term. A term is the length of time that your agreement with the lender exists. Terms usually range anywhere from six months to five years. During this time, you agree to pay a certain interest rate on a certain schedule. When interest rates are low, short-term mortgages usually have lower interest rates than long-term mortgages. When interest rates are high, short-term mortgages usually have higher interest rates than long-term mortgages. If you think interest rates are going to drop, you may want to opt for a short-term. However, if you think interest rates are going to rise, you may want to lock in a long-term.
Amortization period - The term of a mortgage is different from the amortization period of a mortgage.

The amortization period is the total length of time you will be making payments on your mortgage before it is completely paid off. The traditional amortization period is 25 years, although it can be longer. For home buyers with less than a 20% down payment, however, the maximum amortization period allowed is 25 years. In addition, the CMHC will not insure mortgage loans with amortization periods that exceed 25 years.

The length of your amortization period affects the amount of your monthly payments and the total amount of interest you will have paid on your mortgage loan once it is completely paid off.

Shorter amortization periods result in higher monthly payments, but greater total savings because you pay less interest. Longer amortization periods result in lower monthly payments, but more is spent on interest overall.

The term and amortization period are usually not the same.

At the end of the term, if the amortization period is longer than the mortgage term, you will still owe money to the lender and will either have to repay it or arrange new financing.

FORMS /TERMS AND DOCUMENTS TO EXPECT IN THE REAL ESTATE TRANSACTION

CONTRACT OF PURCHASE AND SALE

The Contract of Purchase and Sale (CPS) form in BC is the document that outlines the terms of the offer from a buyer to a seller in a real estate transaction. VIEW FORM HERE

D.O.R.T.S.

Disclosure of Representation in Trading Services (DORTS) for Realtors in BC.
The Benefits of Representation
When considering a real estate transaction, consumers must decide if they wish to be a Client of a licensed real estate professional or act independently as an Unrepresented Party.
When choosing a licensed real estate professional to represent you, you can expect as their Client:
Expert advice: BC Realtors receive specialized training.
Protection: licensed BC Realtors are regulated by the provincial Real Estate Services Act which aims to protect the rights of consumers. Oversight: the Real Estate Council of BC works to ensure BC Realtors are competent and knowledgeable. They can investigate and discipline individuals for professional misconduct. VIEW FORM HERE

FINTRAC

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit (FIU). VIEW FORM HERE

OFFER

What is an Offer?
Your Offer is in your Contract of Purchase and Sale.
An offer to purchase real estate is a legal document, which outlines a buyer’s terms they’re willing to offer the seller. This is in no way binding. The buyer has put their intention in writing to purchase with specific terms. However, it’s up to the seller whether or not they want to accept the terms being offered. VIEW FORM HERE

PROPERTY DISCLOSURE STATEMENT

In Greater Vancouver, the PDA is a document is filled out by the seller, with the assistance of the realtor, and is called the “Property Disclosure Statement.” (PDS)

The PDS contains specific information about the property that must be disclosed by the seller.

The seller signs this prior to or upon listing the property, and then the buyer will review it either prior to writing an offer or upon an accepted offer. It reviews details about the property for sale such as whether it has even been a marijuana grow-op, whether there has been any history of flooding or insect infestation, when the hot water tank and roof were last replaced, and if there are any latent or patent defects.

S UBJECT REMOVAL

Subjects are essentially conditions that must be met in order for the deal to become firm, or official. These subjects might include: subject to financing, inspection, property disclosure statement, title search, or strata documents – to name a few.

EX TENSION

You can ask for an extension, but that doesn’t mean it’s guaranteed. In order to extend a deal, the seller(s) and buyer(s) both have to sign an addendum to the contract stating that the subject removal date has been extended, with the date included.

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