Deposit |
Deposit (Bank Draft) should be 5%/10% of property price on Subject Removal Date and will be deposited to Broker's Trust Account on behalf of Buyer. |
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Down Payment |
Can be from $0 and up. You must have good credit and an income to service the mortgage. Can also pay all cash. The Down Payment will be need on Completion Date as a Bank Draft or Bank can transfer funds to Lawyer/Notary Public Trust Account. |
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Property Transfer Tax |
Calculation is 1% on 1st $200,000.00 and 2% on the balance. For example, if the property price is $400,000.00, then Property Transfer Tax will be $6,000.00. Full exemption up to $425,000.00(effective on Feb/2008). If you meet certain conditions you may be exempt. |
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GST |
If you purchase a new strata or a new home, you may have to pay GST. It will be vary with the price of the property. If it is not new strata or a new home you pay no GST. |
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Lawyer/Notary Public Fee |
The Property will be registered by Lawyer/Notary Public. Notary Public cannot give Legal advice. Prices vary. |
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Home Inspection |
Before you remove your subjects, it is good idea to have your future home. When you buy a new property, you will have a walk-thru with your agent and the Builder. |
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Appraisal Fee |
Lending Institutions (like bank) will appraise the property for your Mortgage. Most will pay the fee. |
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Mortgage Application Fee |
Some Lending Institutions charge |
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Moving Fee |
You need to make arrangements with a Moving Company or rent a moving and move yourself with friends help. |
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Repair/Renovation |
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Appliances |
Check the warranty and ask for manuals |
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Insurance |
It is important to have home insurance. If you need a Mortgage, home insurance is mandatory. For Strata property, fire insurance for the building is included in strata fee but not your assets. You need chattel insurance. |