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Buyer Resources
Once the offer is accepted by both parties and the contract is signed, steps are then taken to meet the terms of the contract and complete the sale.
The buyer and seller have an obligation to remove their subjects. For example, if the buyer has made the contract subject to obtaining financing, then the buyer must get a mortgage and remove the subject.
Unless you have a lot of cash available, you will probably need a mortgage.
Shop around and find a lender that offers the package that best fits your situation. To find a lender or mortgage broker:
- Get a referral from friends, family, your realtor, or our sales people
- Talk to your bank or other financial institutions
- Check out the Canadian Association of Accredited Mortgage Professionals website to find a mortgage broker
But don’t forget about the taxes!
Two taxes – GST and the Property Transfer Tax – can apply to the purchase of your home.
GST:
When you buy a new home, 5% GST is charged on the purchase price. Starting July 1, 2010 12% HST, will be charged on the purchase of a new home.
Property Transfer Tax:
When the ownership of a property is transferred from one owner to another, property transfer tax is charged. The rate is 1% on the first $200,000 of the purchase price and 2% on the remainder. For more information on the property transfer tax, check out the Government of British Columbia’s website.
Good insurance is a good idea.
When you purchase a home in a strata building, the strata fees include insurance coverage for the building. This includes property insurance that covers damage to the building such as earthquakes, flooding, sewer backup, etc. The policy also includes liability insurance for the building. This insurance policy is arranged through the property management company. Please note that this insurance does not cover the contents of your home, such as furniture and personal property. You will need to purchase your own insurance independently.
Taking possession of your new Listraor home.
A week or two before you take possession of your new Listraor home, we will contact you for a home orientation. You will meet with a member of our construction team, who will show you around the home and answer any questions you have. This is also an opportunity for you to point out any issues so we can have them resolved before you move in.
Our contracts typically set the possession date for the day after the completion date. This gives time for your lawyer to transfer funds to our lawyer’s trust account. Once this transaction has taken place, we can hand the keys over to you.
