Real Estate

Buying property privately

  • Last Updated:
  • Nov 4th, 2020 2:36 pm
[OP]
Sr. Member
Oct 31, 2009
570 posts
101 upvotes
skeet50 wrote: Where are you located in BC? We sold a property last year on Vancouver Island and we didn't pay that much in fees.

Here is a link to a template that you can review as a starting point: https://www.abbotsfordnotary.com/docs/C ... e_Only.pdf
Currently living in Tri-cities. Thanks for the link and that was exactly same template I used before you posted and sent to the sellers. Eventually they decided to have it reviewed by a notary public and waiting to hear from them. This was what I suggested to them in the first place if it's ok for them if we use the sample template online. This would eventually will not cost us anymore to draft the purchase of sale agreement if they have it reviewed and make revisions on the contract. As of today, I'm still waiting to hear from them.
Member
Oct 26, 2007
298 posts
175 upvotes
You should not need a purchase agreement just to be approved for rate. What happens if you pay for & sign an agreement and then find out mortgage is not approved for some other reason. Probably best to get pre-approved before getting lawyer involved.
Newbie
May 7, 2019
21 posts
28 upvotes
I didnt read this entire forum - but i buy privately all the time (about 7-8 a year). if you want i can draft the PSA for your private transaction, probably take me about an hour max, so $150 should cut it. pm me if you need help still!
[OP]
Sr. Member
Oct 31, 2009
570 posts
101 upvotes
Apologies I have not updated for a while. The deal was off. The seller hold off selling the property. It was an investment property that we were trying to buy. It has renters both up and down and by her accounts has good current tenants and paying on time. She was the one initially who was offering to us as she was trying to dispose slowly her rental properties as she is now retired.

Oh! well, we have move on and looking for the right property.
Deal Addict
Nov 13, 2013
2342 posts
1139 upvotes
Ottawa
dirtmover wrote: Not even that, he's basically filling in a template which takes 20 minutes tops. $1000 is crazy, it's ~2-3 hours work at a typical hourly rate.

OP, you do realize fees are negotiable? If yo do hand over $1K for the purchase agreement I'd try and negotiate a decent discount on the legal fees for the actual transaction The other option is to DIY and get your lawyer to review but expect to pay for that as well.
Honestly go with a Realtor. These FSBO are seldom deals and benefit mostly the seller for the most part. When I sold a property private sale we used the standard Ontario form. Used a lawyer only for closing which was only slightly more expensive then when you do the transaction with a Realtor.
[OP]
Sr. Member
Oct 31, 2009
570 posts
101 upvotes
Apologies that I haven't posted recently. So much happening in the last few weeks and been so busy.
We eventually found our new home and we went through the realtor route. This was by far less headache going through a reliable realtor.

It's been crazy fast and possession date is 3rd week of November.

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