Residential Real Estate Purchases in Kamloops
For many people in Kamloops, buying a home is the single biggest investment they will make in their lifetimes. Mistakes can be expensive and most people cannot afford to get things wrong.
It helps to understand more about the residential real estate buying process — what buying a home in Kamloops entails in terms of the financial commitments you must make beyond meeting the sale price of the home itself.
Certain closing costs and taxes apply and non-residents must consider certain conditions placed on their real estate purchases. This can lead to unwanted surprises and stress during the closing process, which can, in turn, delay the much-anticipated day when you collect the keys and move in.
The residential real estate purchase lawyers at Taylor Janis LLP in Kamloops can help you avoid that and ensure that the purchase process goes smoothly for you.
Read More → What Non-resident Buyers or Sellers of Real Estate in BC Needs to Know about Taxes
What closing costs and adjustments apply to purchases?
The following are the main costs and adjustments required at closing.
What special considerations apply to non-resident buyers?
People who buy a residential property in B.C. but are non-residents of Canada face some extra challenges and considerations.
For instance, non-resident buyers will face extra hurdles when applying for a mortgage and will need to open a Canadian bank account. There are also extra challenges with getting the relevant documents signed and transferring the funds.
Because non-residents are not present at the closing process, it is essential to retain the services of a real estate lawyer.
If you are a non-resident interested in purchasing property in B.C. speak to one of our experienced real estate lawyers and seek professional Canadian tax advice.
What is the purchase closing process in B.C.?
Once you’ve found the property you want and agreed on a fee with the seller, residential purchases of real estate in B.C. should retain a real estate lawyer as soon as possible in the purchase process.
Your lawyer will usually manage the following steps:
- Arrange how title to the property is held: “joint tenants” jointly own 100% of the property while a “tenant-in-common” arrangement allows each individual to own a fixed percentage of the property.
- Conduct a title search, obtain municipal tax information and any additional information necessary to prepare the Statement of Adjustments.
- Prepare closing documents including title transfer, mortgage, property transfer tax forms and Statement of Adjustments.
- Send the seller’s closing documents to the seller’s lawyer for execution.
- The signing of the documents and delivery of the balance of the down payment or equity (usually one to three days before closing)
- Registration of the transfer and mortgage documents
- Arrange for the seller’s lawyer to collect funds and notify you that the purchase has been completed.
Contact Taylor Janis in Kamloops for help with your residential estate purchase
That’s it. You’re ready to move in and will receive the keys from your real estate agent on the allotted Possession Date.
There may be some small variations to the above processes and fees but this should act as a good guide and prepare you for the purchase of residential real estate in B.C.
For informed advice on how to proceed with a purchase, contact a lawyer at Taylor Janis LLP in Kamloops for an initial consultation.
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