Riley & Associates Realty Ltd.

Helpful Hints

Some points to be aware of when buying or selling real estate in British Columbia...

  • Establish with your salesperson whether they represent you as a buyer’s agent, seller’s agent, or a dual agent.
  • Property Transfer Tax of 1% on all property sold to $200,000, and 2% on the balance.
  • In some situations GST (Goods and services tax) of 5% is applicable. Existing homes are not as a rule subject to GST
  • All sellers are required to pay 5% GST on the commissions paid on a sale.

Non residents:

  • Buying: there are no restrictions for non residents buying real estate in British Columbia
  • Selling: as a non resident it is advisable to retain an accountant for advice on possible withholding tax on capital gains.

Closing Costs:

Be sure your salesperson has informed you of all customary costs in the closing of a sale. (in a particular circumstance there may be additional costs)

Seller

  • Lawyer and Notary Fees and Expenses:
    • attending to execution of documents
  • Costs of clearing title including:
    • searching title
    • investigating title
    • drafting documents
    • Land Title Registration fees
  • Real Estate Commission
  • Goods and services tax

Buyer

  • Lawyer and Notary Fees and Expenses:
    • searching title
    • investigating title
    • drafting documents
    • Land Title Registration fees
  • Survey Certificate if required
  • Costs of Mortgage including:
    • mortgage company’s Lawyer/Notary
    • appraisal
    • Land Title Registration fees
  • Fire Insurance Premium
  • Sales Tax if applicable
  • Property Transfer Tax
  • Goods and services tax

Your Riley & Associates Realty salesperson will be happy to assist you in choosing any of the necessary professional services in order to complete your purchase or sale from the following:

            • Lawyer or Notary             • Accountant                       • Mortgage Broker
            • Insurance Broker            • Building Inspector          • Real Estate Appraiser