SELLER’S CLOSING COSTS The following are generally the costs a Seller is responsible for at the time of completion: The commission you agreed to pay your brokerage; The legal fees to discharge any existing mortgage whether or not you engage your own lawyer; The GST on the real estate commission and on your legal fees; […]
SELLER’S CLOSING COSTS Read More »
The Speculation and Vacancy Tax is an annual tax based on how owners use residential properties in major urban areas in B.C. The tax rate varies depending on the owner’s tax residency. In addition, the tax rate varies based on whether the owner is a Canadian citizen or permanent resident of Canada, or a satellite
SPECULATION AND VACANCY TAX Read More »
When buying a Home in the Beautiful City of Vancouver, we want to be aware of the “Empty Homes Tax” aka the “Vacancy Tax”, and most importantly, we want to be clear whose paying this Tax – the Seller or the Buyer Vancouver homeowners are required to submit a declaration each year to determine if
VANCOUVER EMPTY HOMES TAX Read More »
If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance The federal government requires high-ratio mortgages with less than 20% down
BUYER’S CLOSING COSTS Read More »