SHOWN BELOW IS A LIST OF STANDARD EXPENSES TO CONSIDER WHEN PURCHASING OR SELLING REAL ESTATE IN BRITISH COLUMBIA.
LAND TRANSFER TAX
- The land transfer tax is a one‐time tax levied by your province when you purchase a property.
- The tax is based on a percentage of the purchase price of the property, and varies from province to province.
- Some municipalities also charge a land transfer tax
ASSOCIATED LEGAL COSTS
- Legal costs cover your lawyer’s fees or your notary’s fees.
Lawyer or Notary will review the terms of the offer
Conducting a title search on the property
- Registering a new title with purchaser names on it
- Obtain relevant documents, such as surveys and evidence of liens on the property
- Check the statement of adjustments for taxes and other costs that have been pre‐paid by the seller
- A home inspector assesses a property’s condition preferably before Subject Removal
- Inspector will identify what is not working properly, needs to be changed, or is unsafe.
- Inspector will identify where there have been problems in the past, such as a leaking basement or termite damage.
OTHER POSSIBLE COSTS
- Interest adjustments between date of closing and first mortgage payment
- GST/HST on a new home or a home that’s been extensively renovated
- Title insurance coverage for losses related to title fraud, survey issues and challenges to the ownership
- Service charges from utility companies for hook‐ups on electricity, gas, internet and telephone services
- Appraisal fees
- Moving costs
- Storage costs if you must leave your current residence before you are able to move into your new home
- Furniture and appliances
- Real estate commissions
CONTACT ME TO DISCUSS YOUR RELA ESTATE NEEDS