Buying or Selling Residential Property

Buying or selling residential property can be exciting, however it can be a stressful process as well. We will help you understand the steps involved and how it works. We will make the process as stress-free as possible, and will prepare and file the necessary legal documents to ensure that your real estate purchase or sale is completed appropriately and on time.

New Mortgages and Refinancing

If your mortgage is expiring and you are applying for a new mortgage, or if you are refinancing, we are here to provide you with exceptional hassle-free legal services. We prepare and file the necessary legal documents for refinancing.

How it Works

Step 1
Either you, your real estate agent, mortgage broker, or banking professional can contact us to discuss your real estate transaction. We will walk you through the entire process. Our goal is to ensure that your transaction completes smoothly.

Step 2
If you hire us, we will review all of the legal documents and provide you with legal advice. If changes are required to the documents, we will make necessary changes.

Step 3
We will prepare all of the legal documents for you to sign, and will meet with you before the closing date to sign documents and finalize your transaction.

Step 4
Thereafter we file and register the necessary documents, complete your transaction, and notify you of completion.

Our law firm offers competitive fees. Our fees are similar to what most notaries in B.C. charge. However, we aren’t notaries, we are lawyers, and we pride ourselves on providing our clients with exceptional legal advice and service. The important thing to note is that if something goes wrong with your transaction, your lawyer has the ability to represent you in court if need be, whereas a notary cannot.

This tool should only be used to provide you with an estimate. It may not be the exact amount.  

https://www.bcrea.bc.ca/tools-for-realtors/tax-calculator/ 

PTT is a B.C. provincial tax. You have to pay 1% on the first $200,000 of the property’s value, 2% on the portion greater than $200,000 up to and including $2,000,000, 3% on any amount greater than $2,000,000, and if the property is residential, additional 2% on the portion of the fair market value greater than $3,000,000. The tax is submitted at the time the Buyer is registered as the new owner in the Land Title Office, and the amount required must be provided to the lawyer to give to the government with the registration.

GST is Canadian federal tax payable by someone who is purchasing a brand new property. GST is 5% of the purchase price of the property.

If the Buyer is going to use the property as a principal residence, rebates are available for up to 36% of the GST. The full 36% rebate of the GST is available for property $350,000 or less.

You can get a full or partial Property Transfer Tax exemption as a first time home buyer. You will need to qualify for the exemption. The purchase price determines whether or not it is a full or partial exemption. The main criteria for exemption: be a Canadian citizen or permanent resident of Canada; have resided in B.C. for a least 12 months or filed income tax returns as a resident of B.C. for 2 of the 6 taxation years immediately prior to registration of the transfer; and never previously owned a principal residence anywhere in the world.

The full exemption is available for properties with a purchase price of $500,000 or less and a partial exemption is available for properties with a purchase price above $500,000 and less than $525,000. There is no exemption on properties with a purchase price equal to or greater than $525,000.

You can get a full or partial Property Transfer Tax exemption for newly-constructed homes (including condos). You are not required to pay property transfer tax if the value of the property is below $750,000. There is a partial exemption for new homes under $800,000.

This is available to new residents of BC, first-time home buyers and previous property owners. The main criteria for exemption: the property must be 1.24 acres or smaller, you must be a Canadian citizen or permanent resident, you must move into the home within 92 days following registration at the Land Title Office, and you must continue to occupy the property as your principal residence for the remainder of the first year.

Adjustments is an accounting process where a buyer reimburses a seller for any prepaid expenses relating to the property from which the buyer will benefit, and a seller reimburses a buyer for any post-paid expenses relating to the property from which the seller has benefited. Closing adjustments can include making adjustments for property taxes, associated property fees, strata fees, rent payment, security deposits etc. We take care of this for you.