Appraisal:
A professional, independent appraisal of the property is required by most lending institutions.

The purpose of the appraisal is to confirm that the purchase price reflects fair market value. The cost of an appraisal can range from $240.00 and up plus applicable taxes depending on the purchase price of the property and also the geographic location. (i.e. neighbouring islands or acreage).

Many lending institutions have a list of appraisers acceptable to them. A request for an appraisal may be waived by the lender depending on the mortgage amount required proportionate to the purchase price. (i.e. 60% financing or less)

If the mortgage is insured, an appraisal is done internally with the insurer and there is no cost to the client.

Legal Fees:
Legal representation is required in order to buy a property and convey it to your name and if a mortgage is being placed on the property as well. Some lending institutions have a list of lawyers/notaries they prefer to work with and may require a borrower to select someone from their list. We also can make recommendations as we work closely with the lawyers and notaries. You can contact the lawyers/notaries directly to receive a quote on their fee for service.

Home Inspection:
The Home inspection is performed by an independent professional who will inspect the home for structural / mechanical deficiencies. A home inspection is not a requirement for lending purposes, but rather a precautionary option for any purchaser. Your realtor can assist you in selecting an appropriate company.

Survey / Title Insurance:
A survey determines the layout of any structural dwellings in relation to the property lines to ensure that the building and any outbuildings do not encroach property lines. It is a requirement by most lenders, title insurance may be an alternative to a survey. Surveys are not required on strata properties.

Property Tax / Utility/Strata Adjustments:
Property taxes are applicable for every home are on an annual basis and are paid at the beginning of July for the calendar year( with the exception of the City of Vancouver which is semi-annual). Depending on the closing date of the purchase there may be a rebate due to the current owner for any amount that has been prepaid. Utility payments are normally quarterly and again dependent on closing dates, a rebate may be due the vendor.  In some cases the vendor may be required to pay you the purchaser, for some of these taxes.

Strata fees are paid monthly so if you are moving in mid month you may need to repay the vendor the proportionate amount of the monthly fee paid in advance to the strata company. There is also a Strata From A that will be required from the strata company to confirm that the vendor is indeed up to date with them at time of sale.

Insurance:
Adequate fire insurance will be required by all lending institutions to insure their security. For a strata unit, this is covered by your strata fees. There are many insurance agencies who will be pleased to provide a quote and answer any other Insurance inquiries that a purchaser may have.
(i.e. content Insurance, earth-quake and flood Insurance etc.)

Property Transfer Tax:

Please visit our section devoted solely to this topic noted on the left side of the page.