FAQ

General

Stories

Purchasing a home

Closing costs, ranging from 1.5 to 4% of selling price, are the legal and administrative costs you will need to pay when your house closes. Below are some of the costs borrowers should budget for when purchasing a property.

Property Transfer Tax – The British Columbia Provincial Government imposes a property transfer tax, which must be paid before any home can be legally transferred to a new owner. Some buyers may be exempt from this tax. For further information, please visit https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax

‍Goods & Services Tax – If you purchase a newly constructed home, you may be subject to GST on the purchase price. There may be some rebates available depending on the value of the home. For further information, contact the Canada Revenue Agency at www.cra-arc.gc.ca.

‍Property Tax – If the current owners have already paid the full year’s property taxes to the municipality, you will have to reimburse them for your share of the year’s taxes.

‍Appraisal Fee – When the lending institution requires an appraisal of the home before approving your loan, it may be your responsibility to pay the appraiser’s fee.

‍Survey Fee – The lending institution may also require that a survey certificate be presented to them. The purpose of the survey is to formally establish the boundaries of the property and to ensure that all buildings are within those boundaries.

‍Title Insurance - Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary.

Mortgage Application Fee – Lending institutions may charge a mortgage application fee. This application fee may vary between lending institutions.

‍Mortgage Default Insurance – This type of insurance is required on most mortgage loans in excess of 80% of the appraised home value. Its purpose is to ensure that the lender will not lose any money if you cannot make your mortgage payments and the value of your home is not sufficient to repay your mortgage debt. The insurance premium is paid to the lender and, in most cases, is added to the loan amount and paid for over the term of the loan.

‍Life & Disability Mortgage Insurance – At your option, you may purchase insurance which will ensure that your outstanding mortgage balance is paid if you die or become disabled.

‍Fire & Liability Insurance – The mortgage lender will insist that you purchase an insurance policy which guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds.

‍Legal Fees – The transfer of home ownership from the seller to the buyer must be recorded in the Land Title and Survey Authority Office in order to protect the new owner’s interests. You will need to engage a lawyer or notary public to act on your behalf during the completion of your purchase. The lawyer or notary public will charge a fee for this service, plus disbursements, including the Land Title Registration fee. If you are financing your purchase with a new mortgage loan, there will be a further fee and disbursements to prepare and register the mortgage documents.

Refinance & Renewal

Frequently Asked Questions

We hope to share what numbers can’t.

Nullam quis risus eget urna mollis ornare vel eu leo.

Frequently Asked Questions

Lives Well Lived

Meaningful Stories

Stories Shared

Activity Notifications

Custom Timing

Mobile Optimized

Nibh Elit Tristique

Aenean Condimentum

Quam Inceptos

Ullamcorper

Mary Withers, 50

John Smith, 70

Carve your name on hearts, not tombstones. A legacy is etched into the minds of others and the stories they share about you.

Your legacy is every life you've touched.

Ready to share your story?

Get updates from Richard

Thank You