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THE IMPORTANT CLOSING COSTS WHEN PURCHASING A HOME

 

*1 PROPERTY TRANSFER TAX  - 1% of the first $200,000 and 2% of the balance up to and including $2,000,000 and 3% on the portion greater than $2,000,000. 

Exempt from this if they meet certain criteria:

a) borrower has never owned a principal residence anywhere

b) maximum purchase price of $500,000

c) be a Canadian citizen or permanent resident, and been in BC for a minimum of 12 months

*2 INSPECTION - The cost will typically be - House $450, Townhome $400, Condo $350 (plus tax)

*3 LEGAL FEES - $900 - $1200 for a puchase and $500-$700 for a sale.

*4 PROPERTY TAX ADJUSTMENT - If you purchase a property before July 1st, the seller will be paying you for the days they owned the home after January 1st. If you purchase a property after July 1st, you will pay the seller for the days you own the property before December 31st. 

*5 STRATA COST ADJUSTMENTS, MOVE IN FEE AND FORM CERTIFICATE

*6 PROPERTY APPRAISAL - Costs Approx. $300 ask the lender to cover cost.

*7 SURVEY CERTIFICATE - No survey needed if strata property. 

*8 INSURANCE BINDER - This is required by the bank to ensure the purchaser has arranged fire insurance on the new home. Costs $35 -$50 

*9 GST - Is charged on new construction. (excempt if under $750,000) 

*10 CHMC APPLICATION FEE - $125 underwriting fee paid to CHMC for processing a hi-ratio mortgage application.

*11 TITLE INSURANCE $200 and up.

 

 

    

Contact Info:
604-202-2615
604-538-8888
Mailing Address:
Sutton Group-West Coast (W.R.)
15595 - 24 Avenue
White Rock / S. Surrey , BC
V4A 2J4 CA

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