Once you have removed all subjects and have a firm and binding offer, there are a few steps to take.
We will forward you instructions for a wire transfer deposit. The time frame and amount due will be indicated on the Contract of Purchase and Sale. These funds will be held in a Trust account until the Completion Date.
As of completion date you will want to have proper insurance for your new property, please communicate with your insurance broker to discuss your needs so that the policy will start on completion date.
You will require a lawyer or notary to attend to the execution of documents on the purchase of your property, please advise us of your lawyer’s contact information and our administration department will forward the appropriate documents. If you wish, we can supply a few lawyers/notaries for you to contact. Please communicate with your lawyer/notary what they require from you (photo id, signing arrangements, etc) upon a firm deal so that you have the appropriate time to organize everything by completion dates. Please ask your legal representative what their fee structure is. Costs can vary between lawyers and notaries.
- Adjustments for Ownership: Adjustments - prepaid or payable annual expenses will be adjusted on a prorated basis for the year and either credited or debited to the funds you will need. These generally include property taxes, condo/home ownership fees, resort fees, rental income, etc
- Property Transfer Tax – Click on the following link for details on the Property Transfer Tax. To calculate the amount due, the following link produced by a Vancouver law firm is easy and clear Property Transfer Tax Calculator Property Transfer Tax : 1% on first $200,000.00, 2% on amounts between $200,000.00 and $2,000,000; 3% on amounts between $2,000,000.00 and $3,000,000.00 and 5% on amounts over $3,000,000.00.
- GST-if you are buying a new residential property or a property owned by a company or that has been used for commercial properties, the Goods and Services Tax (GST) of 5% of the purchase price may be payable. Often, the responsibility for paying this tax is part of the negotiation. How you plan on using your property may also allow you to defer any payment owing. GST is a complex topic and applies differently from transaction to transaction; you should ask for accounting advice from a professional on how to proceed with these costs.
- Legal Fees – $2,500 or higher, depending on the lawyer and the complexity of the transaction, ask your legal representative what their fee structure is.
For purchases outside of Whistler or Pemberton:
If you are purchasing in the Greater Vancouver Area, Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, Nanaimo Regional District and are a "foreign entity" or a "taxable trustee" as defined in the British Columbia Property Transfer Tax Act there is an additional Property Transfer Tax of 20% of the fair market value.
- Notify all utility companies of your closing dates: Terasen Gas, BC Hydro, Shaw, Bell
- Contact moving companies and book one in advance
- If moving into a condo, contact the strata company about booking an elevator
- Will you be renting your property out? Contact a few rental management companies to discuss options.
The ‘Completion Date’ is the date on which the seller is entitled to the net proceeds of the sale and you the buyer is entitled to the transfer of title. Your lawyer/notary will provide you with a Statement of Adjustments: this provides the parties with detailed information relating to the balance due from you (the buyer) and the balance due to the other (the seller). Some of the more common items that appear on the statement include the deposit, mortgages, property taxes, legal fees, strata and in Whistler the Tourism Whistler fees.
You take possession of your new place! We will supply the keys and you have access per the time set out on the Contract of Purchase and Sale.
