Cost Budgeting For Home Buyers And Sellers

June 30, 2017 | Published by

How much does it really cost to sell or buy a home in Vancouver? As a notary public and lawyer in the Vancouver area, Morris Notary will be able to help you accurately gauge your costs and complete a real estate transaction on your terms.

This article describes some of the costs that you may be unaware of in a real estate transfer.

Cost Of Buying A Home In Vancouver

In addition to paying your down payment, there are a number of additional fees to consider before purchasing your Vancouver home. These fees may include:

  • Property valuation fee
  • Site survey
  • Home inspection
  • Adjustments for city property taxes
  • Adjustments for utilities
  • Adjustments for strata fees
    • Property Transfer Tax
      This tax can be exempted if you are a first time home buyer. Contact [email protected] for more information.
  • Property Insurance and Binder fees
  • Legal fees
  • Title insurance
  • GST

These fees may seem daunting, but are very manageable if accounted for by a notary public. We will present these fees to you and explain exactly how much you are paying in order to purchase your dream home.

It’s far more disastrous to ignore or forget to account for fees, than it is to purchase a home unwittingly. Processes such as home inspections are important to ensure that you’re making a smart purchase, saving you from regrettable scenarios in the future.

Cost of Selling A House in Vancouver

Yes, there are also little-known costs to selling a house in Vancouver! Some of these fees can include the following:

  • The realtor’s commission (most people account for this)
  • GST on the realtor’s commission (many people do not account for this)
  • Penalties on mortgage discharges
  • Holdback of strata fees
  • Adjustments for city property taxes
  • Adjustments for utilities
  • Adjustments for strata fees
  • Legal fees

Whether you’re buying or selling a house, you should consider the services of a notary public to ensure that you’re making an educated decision. By letting us shoulder the responsibility of making things right, you’re placing your transaction in the hands of a trained professional.

Here are some of the documents that we prepare to ensure that nothing gets lost in the cracks:

  • Mortgage documents to borrow and secure funding from lenders
  • Title search to ensure that the property is owned by the seller
  • Insurance Documents
  • Strata documents to calculate adjustments and prepare necessary forms

We arrange, secure and transfer funds to the lender and/or purchaser, ensuring property transfer and confirmation of funds. To ensure that your real estate transfer is done properly, contact Morris Notary at [email protected] or 778.819.8553 today.