After we have found your dream home and have accepted your offer, there are only a few steps left to complete the purchase of your new Chilliwack home. As challenging as it is to find a house, closing and finalizing the transaction is crucial to ensuring a smooth transition to your new home. In the following information, Chilliwack real estate buyers will find information on how the closing process for their new Chilliwack homes works.
HOME BUYING PROCESS
CLOSING COSTS
Some of the costs to the aware of while planning your purchase include:
- Property Transfer Tax (PTT)
- The property transfer tax rate is:
- 1% on the first $200,000
- 2% on the value greater than $200,000 up to and including $2,000,000
- 3% on the value greater than $2,000,000
- If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000
- The property transfer tax rate is:
If you are a first time home buyer, it is possible to be exempt from this tax if the property value is under $500,000.
- GST (New Build Only) - You must pay 5% of the purchase price in GST if the home is brand new (never lived in; not resale).
There are certain exemptions you may qualify for if the property value is below $750,000
- Home Inspection - A home inspection will likely cost anywhere from $350-$550 depending on size of the property.
- Deposit - A deposit can be any amount but is generally 5% of the purchase price. This amount can be put toward all or part of the down payment upon completion.
- Notary/Lawyer Conveyancing Fees - Approximately $1,200 - $2,000 (prices vary)
- Mortgage and Mortgage Insurance - Its important to have a great mortgage broker lined up to help secure the best rates, and I would be happy to recommend one for you. If your purchasing in the USA, consider an FHA Loan for a low down payment and an easy way to enter the market.
- Adjustments - You will need to pay the percentage of the annual property tax and/or strata fee, and other applicable costs for the amount of the year/month remaining that has already been paid for by the Seller
- Property Improvements - Are you planning to paint? Renovate the home? Try and get quotes on work required to remain within your budget
NOTARY OR LAWYER
If you don’t have an existing relationship with a Notary Public or Real Estate Lawyer, feel free to ask me for some recommendations and I can point you in the right direction of experienced professionals.
There may be a difference in cost between different lawyers/notaries, so it is recommended that you do your homework and call a few to get the best quote and save you some money.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
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