Inspection Fee: A home inspection is a report on the condition of the home that can alert you to any potential issues such as structural and moisture problems, as well as electrical, plumbing, roofing and insulation. Fees can range from $500 - $700 depending on the size of the home and the complexity of the inspection. Some inspectors have surcharges for a secondary suite, a crawlspace, over even an older home.
Mortgage Application Fee: Some Lenders charge a mortgage application fee for processing your application. If your request for a mortgage is turned down the fee is returned to you. If your mortgage is a CMHC insured mortgage there will be an application fee payable to CMHC of $75. - $235.
Appraisal Fee: The Lender extending the mortgage will hire an appraiser to ensure that the home you are buying meets its criteria for a mortgage. If you have a substantial Down Payment many Lenders will waive this fee or absorb the cost provided that YOU ask not to be charged for the appraisal.
Legal / Notary Fees: You must retain either a Lawyer or a Notary to act for YOU in Buying and mortgaging of the property.
• Wallace & Green normally obtains a minimum of 3 quotes on Your behalf. – Please note we are only providing a service and do not recommend one Lawyer/Notary over another.
• Currently these fees are approximately $950. For a house and $1000 for a strata titled property.
Property Purchase Tax: This tax is levied by the Province of British Columbia and is 1% of the first $200,000. Of purchase price and 2% of the balance.
Note: First Time Home Buyers are exempt from paying this tax. (some restrictions apply)
Home Insurance: All homes must have adequate insurance coverage against fire and other risks of loss, theft, and liability. Your Mortgage Lender requires that you provide your Lawyer/Notary with proof that your insurance is in place by the Completion Date. This is called an Insurance Binder. Often the Insurance Agents charge a fee for providing this Insurance Binder to your Lawyer/Notary; said fee is approximately $25.
Moving Costs: Whether you hire a national moving company or do-it-yourself there will be some costs involved. There are normally discounts available if you move in the middle of the month
Survey Certificate: This may be required by the Lender and if unavailable or is the existing survey is unacceptable to Your Lender than a new one must be prepared. Normally the cost is approximately $275.
• Wallace & Green always endeavors to find an existing survey certificate on Your behalf when required by the Lender.
• An alternative to the Survey Certificate that is accepted by most lenders is TITLE INSURANCE which costs approximately $200.
GST: This Goods and Services Tax is applicable only on the purchase of Brand New Homes or substantially renovated homes, land bought from a developer, commercial, and leases.
The GST (Federal portion of this tax) is 5% of the Purchase Price with a “New Housing Rebate” of 36% provided the total purchase price is under $350,000. – a partial rebate is available on new homes priced between $350,000 - $450,000. and the home is to be the Buyer’s Principle Residence.
HST has been repealed as of April 1, 2013. However, there is now a 2% BC Transition Tax that has been put in its place. For full details on the 2% BC Transition Tax please see our detailed handout.
Mortgage Brokerage Fee: As there are many varied financing options available to ALL Buyers today many Buyers use a Mortgage Broker to help them find the best package available to the Buyer. A mortgage best suited to the Buyer’s individual needs. Normally the Lender pays the Mortgage Broker and the service to the Buyer is free.
However; if the Buyer cannot obtain financing from a Bank, Trust Company or Credit Union due to a poor credit history than a Broker may find a private Lender. In this case a negotiated fee would be charged to the Buyer.
Strata Move In Fee: Many strata condo complexes are now charging a fee whenever someone moves in or out of the building. This fee includes installation of protection padding for the elevator and the elevator key. It is also required that you reserve your move-in date with the strata management company several days in advance.
Move-in / Move-out fee that is usually $100.-$200.
Adjustments: On Completion the Lawyer/Notary will adjust certain items that are associated with the property being purchased such a Property Taxes, Property Utilities (Sewer, Water, Garbage), Strata Maintenance Fees, etc.