After you write an offer, and it's accepted, you'll follow a step-by-step process to complete your purchase. You probably won't pay your deposit amount until you remove some or all of your subject clauses. Once you do pay your deposit, it will be held in trust, at your realtor's office, until completion date.

Now what? Listed below are the steps you'll take to complete your real estate transaction, together with fees associated with this transaction. (Note: these are estimated prices only and are merely stated to give you an idea of what your closing costs may be).

The first few steps will be in follow-up to the subject clauses you have in your contract, and they're pretty standard. You'll want to do everything that's required to remove your subject clauses in a timely manner. These are the most usual subject clauses that you'll have to work on removing:

Arrange suitable financing (if applicable), {find out what your mortgage broker or bank requires from you. Minutes of meetings? An appraisal?}

Approve and review the Property Disclosure Statement, (upon listing his home, the seller had to disclose pertinent information about the property, and this is all listed on a Property Disclosure Statement. You, as purchaser, will have to review this sheet and sign the bottom acknowledging that you've received it)

Approve and review a title search on the property (done on most property upon listing it for sale and your lawyer or notary will review this information with you upon completion),

and the following will apply if this is a strata property purchase:

Approve and review all strata documentation (which includes a copy of the Form B (Information Certificate from the property management company), registered strata plan {if available}, current bylaws and financial statements, minutes of any meetings {often for the last two years at least}, and any other pertinent information.

Arrange to have the home inspected. You'll need to locate a home inspector. Use the following website to assist you in locating a home inspector: http://www.cahpi.bc.ca/buyer-find.php.

Some I've used in the past and that come highly recommended are:

Company Name	Inspector's Name	Phone Number	Email
Professional Home Inspectors	James Dobney	604-942-8272	admin@jamesdobney.com www.jamesdobney.com
Can-Am Home Inspection Services Inc.	Cliff Neyedli	604-522-6833	cliffn@can-amhome.com www.can-amhome.com
Douville & Co. Home Inspections Ltd.	Gary Douville	Tel: 604-626-4887 Cell: 604-309-6782 Fax: 604-857-1637 Other: 1-888-804-2444	www.douvilleco.com g.douville@douvilleco.com
RMC INSIGHT Building Consultants Inc.	Rose Marie Moore	Tel: 604-731-8215 Fax: 604-731-8231 Other: 1-888-717-7755	www.rmcinsight.com rosemarie@rmcinsight.com
Avalanche Building Inspectors (Div. of TL Gosling Ltd)	Tracy Thompson, RHI	Cell: 604-308-0973 Pager: 604-607-9024	www.theinspector.ca inspector@shaw.ca

 

Arrange for a notary public or lawyer to handle your conveyancing needs:

You can search the notary public website at http://www.notaries.bc.ca/. Or use a few notary public/lawyers noted below:

Notary Public Name	Address	Website	Phone
Martin Kastelein estimated quotes as of December 2007 (need 10 business days to deliver) quote for buyer convenayancing cost $ (call for quote) quote for seller conveyancing cost $399 plus taxes and courier costs, if applicable	450 Sixth Street	http://www.notary-kastelein.com martin@notary-kastelein.com	604-526-7884
Nazirah Premji	235-810 Quayside Drive (at the New West Quay)	npremji@notaries.bc.ca	604-521-8550
William G. Anderson	252-4820 Kingsway (in Metrotown Mall)	wanderson@notaries.bc.ca	604-434-5936
Rose Miller estimated quotes as of December 2007 quote for buyer convenayancing cost $750 plus taxes and courier if applicalbe (need 10 business days to deliver) quote for seller conveyancing cost $495 plus taxes and courier costs, if applicable	208-4501 North Road (near Lougheed Mall)	http://www.rosemiller.ca/ rmiller@notaries.bc.ca	604-420-6671
Lawyer Name	Address	Website	Phone
Cassady & Company, Michael Boulet (lawyer) estimated quotes as of December 2007 quote for buyer convenayancing cost $699 plus taxes and courier if applicalbe (need 10 business days to deliver) quote for seller conveyancing cost $495 plus taxes and courier costs, if applicable	330-522 6th Street (Uptown New West office)	www.cassadylaw.com	604-523-7090
Bell Spagnuolo includes definition of Torrens land title system	#600-205 Viewport Drive, Port Moody office	www.bellspag.com	604-461-2024

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Prior to your completion date fees:
GST - If you buy a newly constructed home, you must pay the 6% GST. However, if your house is less than $350,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property. You can read through this article put out by the Greater Vancouver Real Estate Board entitled 'GST and Real Estate--What You Need To Know' for further clarification.

Property transfer tax relief
When you buy a home, the provincial government charges a tax of 1 per cent of the first $200,000 of the purchase price and 2 per cent of the remainder. But if you're a first-time buyer, you can purchase tax-free as long as the purchase price is less than $325,000. http://www.rev.gov.bc.ca/rpt/ptt/ptt.htm.

Prepaid property taxes or utility bills - You will have to reimburse the sellers for any prepaid property taxes or utilities.

Sort out your annual tax amount. Do you qualify for the homeowner's grant? Home Owner Grant: BC grant used as a deduction from municipal property taxes for homeowner's principle residence. $470 for those under 65, and $700 for those over 65.

Mortgage loan insurance and application fee - If you get a high-ratio mortgage (a mortgage where you pay less than a 25% down payment) you will have to buy mortgage loan insurance from CMHC or a private company. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 3.75% of the mortgage. If you put 10% or 15% down, your insurance fees will decrease to 2.5% and 2% respectively. The insurance premium usually gets added to your mortgage.

You will also have to pay an application fee. CMHC's standard fee is $235. CMHC also offers a basic service for a $75 fee but it must be accompanied by an appraisal.

Appraisal - Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $150 to $350.

Survey fee - Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350. Surveys are usually only required on a house.

Home Inspection fee - Most Realtors recommend that you get a home inspection by a certified home inspector. The price for a condo inspection is around $200-350 and the cost for a home inspection on a house is anywhere from $350-500 approximately. Prices vary depending on the home inspector.

Legal fees - Lawyers/Notaries fees for closing the sale range according to the complexity of the deal.
Notary public costs: The approximate cost for handling the conveyancing needs for the sale of a property is around $300-500, and the cost of handling the conveyancing for a purchase of property is anywhere from $600-800. Prices vary so obtain quotes in advance. Lawyer fees are usually higher.

Disbursements to Land Titles Office - These fees are approximately $300. Your lawyer/notary will arrange this payment.

Call Dianne today! 604.518-0573 or toll-free at 1-866-521-5767 for more information.