You should be aware of some other costs in addition to the price of a home. Some of these costs are one-time payments, while others represent continuing monthly or yearly payments.
Inspection service covers (Roofing, Exterior, Interior, Foundation, Structure, Electrical, Plumbing system, Heating system, and etc.)
The size of a deposit can vary. Deposit would likely be 5 – 10% of the purchase price. (Deposit are agreed upon between buyer and seller)
1% of the first $200,000.00 & 2% of the balance is payable to the provincial Government at the time.
After the tax due date (most lower mainland areas taxes are due on the 1st business day in July) you will be required to pay a portion of the taxes for the balance of the year. This also applies to utilities (water, sewer & garbage) if they are billed separately from the property taxes.
Some lending institutions charge a mortgage application fee to process your application. Your lending institution may require an application fee and an appraisal fee. When you renew a mortgage some institutions will also charge a fee
When you apply for a mortgage. Your lending institution will ask for an appraisal to appraise the property you about to purchase.
Insurance on your home covers the replacement value. For single family homes, the lending institution will require written proof of fire insurance coverage.
Legal costs can vary. A lawyer/notary should review every real estate transaction. Fees are determined by lawyer/notary. When requesting a quote, it’s important for the buyer to understand what is or is not included. The costs that are usually included in a quote are professional fees, land title search and registration fees and miscellaneous office disbursements. Taxes are usually added to fees and disbursements as with other services and products.
Survey Certificate maybe required in a sale of a property, when you purchase a resale home. Survey Certificate is a drawing that shows the lot lines and size, as well as the "improvements", fences and other man-made objects, which see any history changes to the home and property.
Costs are determined by the moving company. Price can vary depending on time.
Form A - Certificate of Full payment of Maintenance Fees to confirm that strata fees are paid up to date.
Insurance Certificate - confirmation of insurance coverage on buildings & common property
Some strata may require you to pay a move-in fee.
Servicing, Maintenance or Repair your home
Utility Service charges (Cable, Telephone Services, Electricity, Gas Services, and Water)
Strata maintenance Fees (For Strata Homeowner)
(For more information on Cost of buying go to the link)
(For more information on First Time Home Buyers' Program go to the link)
These comments are for information purposes only and do not constitute legal advice.