If you are not a Canadian citizen or permanent resident, or your company is not controlled by one, the 20% tax likely applies. Foreign nationals and foreign corporations pay an additional 20% on the entire fair market value. The rate is 1% on the first $200,000 of the property’s fair market value, 2% on all value over $200,000 up to and including $2M, 3% on all value over $2M up to and including $3M, and 5% on all value in excess of $3M. Property Transfer Tax (“PTT”) is a provincial tax applied to real estate purchased in the province. The costs and benefits of each of these products vary and should be reviewed with your lawyer or notary. Your lender may require a survey certificate, Western Law Societies Conveyancing Protocol or Title Insurance. Finally, a Strata Corporation may also charge a “Move-In” fee which usually ranges from $50 to $250. A lender also requires a strata Form B which cost $50 to $150. For strata title property, a Form F stating there are no arrears in maintenance fees is required, which costs from $50 to $150. Similarly, the lawyer or notary will need to obtain an insurance binder showing loss payable to the lender, which costs from $30 to 80. For example, the lawyer or notary will need to obtain a Municipal tax certificate, which costs from $45 to $80 depending on the municipality. These costs are usually quoted separately from legal costs as they vary from one transaction to another. Aside from the items listed below, disbursements are usually $450 to $550.
#Title conveyance professional#
The professional fee will range from $1,200 to $1,600.
#Title conveyance registration#
Costs that are usually included in a quote are the professional fee, land title search and registration fees.
Legal costs for a purchase with a mortgage usually range from $1,800 – $2,500 regardless of whether the buyer retains the services of a lawyer or notary public. We want to make the process as stress-free as possible by helping home buyers understand some of the costs involved in buying a home as well as the process to go from having an accepted contract of purchase and sale and an approved mortgage to becoming the property’s owner and receiving the keys to their new home.īell Alliance acts for clients primarily purchasing in Metro Vancouver municipalities but the information below applies throughout British Columbia.ĬLOSING COSTS AND ADJUSTMENTS Legal Costs Buying a home is a very exciting but sometimes stressful process.įor most people it is their largest single investment.
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