Closing / Supplemental Costs

The following costs may be incurred by a buyer when completing a sale.

PROVINCIAL PROPERTY PURCHASE TAX

1% UP TO $200,000
2% ON THE BALANCE
For Example:
$250,000 Sale Price
1% of      $200,000 =  $2,000 
2% of      $  50,000 =  $1,000 
                  TOTAL =  $3,000 tax payable.
Note: first-time time buyers may qualify for an exemption.

SURVEYORS CERTIFICATE

Every attempt will be made to obtain the Surveyor's Certificate from the seller. If unavailable, the cost of this certificate ranges from $300 - $400.

HOME INSPECTION

It is recommended that you have a home inspection done as part of a conditional offer. Obtaining expert knowledge of the present condition of the property you are buying is well worth the investment of between $300 to $375.

LEGAL FEES

I can provide a list of local lawyers or notaries for your convenience. Fees will vary with such things as whether or not there is a mortgage, and if so, how much, etc. The best advice I can give is for you to make a few phone calls and obtain quotes, once you know the approximate numbers.

HOUSE INSURANCE

Insurance quotes can be obtained from several companies in town. If there is to be a mortgage placed on the property, then your Bank or other mortgage lender will need to see proof of insurance before they will release the funds at closing.

G.S.T.

As a seller you will be responsible to pay 7% G.S.Tax on the commission payable at closing. As a buyer you will only be responsible for 7% G.S.Tax if the property is:
                • A new home
                • A lot in a new subdivision
There is a rebate of 36% of the 7% G.S.Tax on new construction. This rebate can be assigned back to the seller or may be claimed by the purchaser at closing. In many cases the price of the property includes GST. Be sure to check with your Realtor.

PROPERTY TAXES

Annual Municipal Property Taxes will be adjusted at time of closing. If the property is your principal residence, you will be eligible for the B.C. Homeowner's Grant.