Once you have removed all subjects and you have a firm and binding offer there are a few steps to be taken.
We will forward you instructions for either a wire transfer or bank draft deposit, it will indicate on the Contract of Purchase and Sale the time frame and amount that is due. These funds will be held in a Trust account until Completion Date.
As of completion date you will want to have proper insurance for your new property, please communicate with your insurance broker to discuss your needs so that the policy will start on completion date.
You will require a lawyer or notary to attend to the execution of documents on the purchaser of your property, please advise us of your lawyer’s contact information and our administration department will forward the appropriate documents. If you wish we can supply a few lawyers/notaries for you to contact. Communicate with your lawyer/notary what they require from you (photo id, signing arrangements, etc) upon a firm deal so that you have the appropriate time to have everything organized by completion dates. A lawyer/notary will charge approximately $900 to $1,500, ask your legal representative what their fee structure is.
Adjustments for Ownership: Adjustments, - prepaid or payable annual expenses will be adjusted on a prorated basis for the year and either credited or debited to the funds you will need. These generally include property taxes, condo/home ownership fees, resort fees, rental income, etc
Property Transfer Tax – the province of BC charges 1% on the first 200,000 of the agreed price and 2% of the balance on all real estate transactions. In the event that you are a first time home purchaser and the price is under $425,000 for a primary residence this tax will be waived.
GST-if you are buying a new residential property or a property owned by a company, or that has been used for commercial properties, the Harmonized Sales Tax (GST) of 5% of the purchase price may be payable. Often the responsibility for the payment of this tax is part of the negotiation. How you plan on using your property may also allow you to defer any payment owing. GST is a complex topic and applies differently from transaction to transaction, you should ask for accounting advice from a professional on how to proceed with these costs.
Legal Fees – $900 to $1500, depending on the lawyer and the complexity of the transaction, ask your legal representative what their fee structure is.
Other Steps to Consider:
Notify all utility companies of your closing dates: Terasen Gas, BC Hydro, Shaw, Bell
Contact moving companies, book one in advance
If moving into a condo contact the strata company about booking a elevator
Will you be renting your property out? Contact a few rental management companies to discuss options.
The ‘Completion Date’ is the date on which the seller is entitled to the net proceeds of the sale and you the buyer is entitled to the transfer of title. Your lawyer/notary will provide you with a Statement of Adjustments: this provides the parties with detailed information relating to the balance due from you (the buyer) and the balance due to the other (the seller). Some of the more common items that appear on the statement include the deposit, mortgages, property taxes, legal fees, strata and in Whistler the Tourism Whistler fees.
You take possession of your new place! We will supply the keys and you have access per the time set out on the Contract of Purchase and Sale.
Mobile: 778.680.8685 Phone: 604.681.8898 Fax: 604.681.9899 Email: firstname.lastname@example.org