Rick White Sutton Group West Coast Realty

Cell (604) 828-3847 | EMAIL rwhite@sutton.com |

PURCHASE EXPENSES TO CONSIDER

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

PROPERTY INSPECTION

  • 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


Mobile:      604.828.3847

eMail         rwhite@sutton.com

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