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Buying Guides

 

Buying Procedures:

 

We will provide information on ALL homes for sale which
meet Your needs & wants.
We will provide information on the “neighbourhood” .
We will take You out on an organized tour of the homes which
meet Your needs.
We will provide You with ‘a written evaluation of the home
which You wish to put an offer on. This enables You to make
an informed decision on the fair market price for Your new
home.
We will prepare the Contract of Purchase for Your new home,
ensuring that You are protected by the correct conditions – i.e.
Subject to Financing; Subject to a Property Inspection, etc.
We will be in attendance at the inspection of the property by a
“Property Inspection Company” with the Buyer.
We will obtain a minimum of 3 quotes for you, for the legal
transfer of the property into your name.
We will send all documentation to Your lender.
We will arrange access to the property for Your lenders
Appraiser.
We will send all of the documentation to Your Lawyer or
Notary for You.
We will follow up with Your Lawyer or Notary just prior to
Completion to ensure a smooth closing.
We will ‘obtain the keys to Your new home for You.

 

Buyer’s Costs:

Purchase Costs & Extras Miscellaneous initial costs associated with purchasing a home.

Inspection Fee:

I recommend that you have an inspection preformed by a professional Building Inspection Company; And that YOU be satisfied with the resulting report as one ofthe conditions To Your buying the home. The Inspector will bring to light areas where repairs or maintenance are required. This will assure You that the home which You are buying is structurally sound. I am happy to supply you with a list of Home Inspection Companies – Please note we are only providing names & phone numbers; we are not recommending one inspection company over another. A Home Inspection normally costs approximately $500. + Taxes Mortgage

Application Fee:

Some Lenders charge a mortgage application fee for processing your application. If your request for a mortgage is turned down the fee is returned to you. If your mortgage is a CMHC insured mortgage there will be an application fee payable to CMHC of$75. – $235.

Appraisal Fee:

The Lender extending the mortgage will hire an appraiser to ensure that the home you are buying meets its criteria for a mortgage. If you have a substantial Down Payment many Lenders will waive this fee or absorb the cost provided that YOU ask not to be charged for the appraisal.

Legal/Notary Fees:

You must retain either a Lawyer or a Notary to act for YOU in Buying and mortgaging of the property. We normally obtain a minimum of 3 quotes on Your behalf. – Please note we are only providing a service and do not recommend one Lawyer/Notary over another. Currently these fees are approximately $950 for a house and $1000 for a strata titled property.

Property Purchase Tax:

This tax is levied by the Province of British Columbia and is 1% of the first $200,000. Of purchase price and 2% of the balance. Note: First Time Home Buyers are exempt from paying this tax. (some restrictions apply)

Home Insurance:

All homes must have adequate insurance coverage against fire and other risks of loss, theft, and liability. Your Mortgage Lender requires that you provide your LawyerlNotary with proof that your insurance is in place by the Completion Date. This is called an Insurance Binder. Often the Insurance Agents charge a fee for providing this Insurance Binder to your Lawyer/Notary; said fee is approximately $25.

Moving Costs:

Whether you hire a national moving company or do-it-yourself there will be some costs involved. There are normally discounts available if you move in the middle of the month

Survey Certificate:

This may be required by the Lender and if unavailable or is the existing survey is unacceptable to Your Lender than a new one must be prepared. Normally the cost is approximately $275. We always endeavor to find an existing survey certificate on Your behalf when required by the Lender.An alternative to the Survey Certificate that is accepted by most lenders is TITLE INSURANCE which costs approximately $200.

 GST:

This Goods and Services Tax is applicable only on the purchase of Brand New Homes or substantially renovated homes, land bought from a developer,commercial,and leases.The GST (Federal portion of this tax) is 7% of the Purchase Price. For full details go to www.cra-arc.gc.ca/gncy/hrmnztnl

Mortgage Brokerage Fee:

As there are many varied financing options available to all Buyers today, many Buyers use a Mortgage Broker to help them find the best package available to the Buyer. A mortgage best suited to the Buyer’s individual needs. Normally the Lender pays the Mortgage Broker and the service to the Buyer is free. However; if the Buyer cannot obtain financing from a Bank, Trust Company or Credit Union due to a poor credit history than a Broker may find a private Lender. In this case a negotiated fee would be charged to the Buyer.

Strata Move In Fee:

Many strata condo complexes are now charging a fee whenever someone moves in or out of the building. This fee includes installation of protection padding for the elevator and the elevator key. It is also required that you reserve your move-in date with the strata management company several days in advance.Move-in / Move-out fee that is usually $100.-$200.

Adjustments: On Completion the Lawyer/Notary will adjust certain items that are associated with the property being purchased such as Property Taxes, Property Utilities(Sewer, Water, Garbage), Strata Maintenance Fees, etc.