Buying or Selling a home? Buying and selling a home can be an exciting but confusing process. We can help make this process easier so you can enjoy peace of mind and know that all the details have been looked after. When should you contact us? When the Contract of Purchase and Sale has been fully executed and all the subject clauses have been removed, you are now ready to contact your Notary Public in order to move to the next phase of the process - conveyance of the property. What are the costs involved? There are several costs you will incur when buying or selling a home. These will vary based on your circumstance and can include: Searches – government registries, municipal tax information, insurance binder/certificate, land title including financial and non-financial charges on the property, strata plans, site survey, etc. Property Transfer Tax: This tax is payable to the BC Minister of Finance and is calculated at 1% of the first $200,000 and 2% on the remainder of the purchase price. For example, if you purchase a home for $350,000 the total Property Transfer Tax would be $5000. First time buyers may be eligible for an exemption if certain conditions apply. More information regarding Property transfer tax is available throught the government website at http://www.sbr.gov.bc.ca/rpt/ptt/ptt.htm Real estate commission – payable by the seller of the property for the listing and selling commission. Goods & Services Tax: This tax may be applicable if the home is a single-family lot, newly constructed home or substantially renovated home. The purchaser may be able to qualify for a GST rebate Land Title and Registration Fees: These are fees charged through the Land Title Registry to transfer the property, register a mortgage, discharge a mortgage, etc. Adjustments: These costs involve adjustments between the buyer and seller and may include adjustments for municipal property taxes, utilities, and strata fees. Legal Fees and Disbursements: These include the cost for the Notary to prepare all the necessary documentation, conduct all necessary searches, and obtain information as required for the purchase or sale to complete. How does your Notary Public assist you when buying a home? We will ensure all the necessary tasks are completed in order to convey the property. This will include: Search title; discuss charges to remain on title; and to review a copy of the Plan as filed in the Land Title Office; Obtain and review municipal tax information specific to the property; Prepare or obtain transfer and mortgage documents and documents required by the registry or others; Attend to or arrange for execution of transfer and mortgage documents; Negotiate appropriate closing undertakings with the Seller’s legal representative; Receive and account for trust funds; Provide your Lender with its requested security documents; Register relevant documents at the appropriate Land Title Office; Disburse trust funds; Compile and send a final report and provide you with a State of Title Certificate , if applicable. How does your Notary Public assist you when selling your home?  We will ensure all necessary tasks are completed in order to finalize the sale of your home.  This will include: Search title; Identify and confirm with you the financial charges (ie. mortgage) you are responsible to discharge; Request payout statements from the identified Lenders; Review payout statements upon receipt from the Lenders; Receive, review, and revise the sale documents from the Buyer’s legal representative; Prepare supporting documents; Attend to or arrange for execution of sale and supporting documents; Negotiate appropriate closing undertakings with solicitor/notary for Buyer; Receive and account for trust funds; Provide your Lenders with payout proceeds and discharge forms; Disburse trust funds; Register discharges received from the Lenders; Prepare a final report Please contact us at 604-476-2131 and we would be happy to answer any questions you might have to help you navigate through the buying or selling process.