Closing costs vary so ask me or your financial advisor directly for more info on anything specific. The following helps give you an idea of what's involved in completing on the purchase of your new property - also described as 'costs to be borne by the Buyer'.
Lawyer or notary Fees and Expenses:
- Searching title,
- Drafting documents.
Land Title Registration fees.
Costs of Mortgage, including:
- Mortgage company’s lawyer/notary,
- Appraisal (if applicable),
- Land Title Registration fees.
Fire Insurance Premium.
Sales Tax (if applicable).
Property Transfer Tax:
This is a one-time tax payable on the purchase of real estate. It is based on the purchase price and it is payable to the provincial government. The amount of the tax is 1% of the first $200,000 and 2% of the balance.
There is a full exemption from this tax for first time home buyers who meet all the qualifying conditions as follows:
• Never owned a principle residence anywhere in the world
• Resident of BC for the last 12 months
• Purchase price is not over $425,000
• There is a partial tax exemption on homes valued between $425,000 and $450,000
Goods and Services Tax (if applicable).
Also:
Property Home / Building Inspection
Title Insurance
Property Tax
Insurance Binder
