Real Estate Costs

Here is an itemization of most costs associated with the purchase or sale of a home in British Columbia, Canada.

A Notary Public can provide guidance and service-support for the handling of matters related to these costs.

PROPERTY-RELATED COSTS

PURCHASE PRICE . This is usually determined by the seller with guidance from a Realtor.

PROPERTY TRANSFER TAX (PTT). In BC this is 1% on the first $200,000 of the purchase price and 2% of the balance.

GST (5%) or HST (12% - after July 1, 2010)

LEGAL FEES & TAXES.

LAND TITLE & SURVEY AUTHORITY registration fees.

HOME INSPECTIONS.

TAX CERTIFICATES.

STRATA PROPERTY ACT FORMS.

COURIERS.

ADJUSTMENTS for Property Tax, Utilities, Strata Fees, Rents and Rental Deposits.


 

MORTGAGE-RELATED COSTS

If you are taking a mortgage on the property, your lender may require the following, at your cost:

SURVEY CERTIFICATE

INSURANCE BINDER

TITLE INSURANCE

MORTGAGE INSURANCE for high-ratio mortgages.

 

PROCESS-RELATED COSTS

To avoid rush fees and higher costs for last-minute documentation, searches and changes, it's best to contact your Notary Public at least 10 business days before your property transaction takes place.

For example, the cost of Strata Forms increases tremendously when ordered less than 7 business days before completion of the sale.