Closing Costs when Buying a Home in BC [Closing Costs Explained]

📲 𝐁𝐨𝐨𝐤 𝐀 𝐂𝐚𝐥𝐥: https://calendly.com/alexdunbar/30min What Are the Closing Costs when Buying a Home in BC? 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐂𝐨𝐬𝐭 𝐂𝐡𝐞𝐜𝐤𝐥𝐢𝐬𝐭⁣ Your individual situation may require different closing costs but the following is a good general outline:⁣ ⁣ 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐓𝐚𝐱 (𝐏𝐓𝐓)⁣ 1% on the first $200,000⁣ 2% between $200,000 up to $2,000,000⁣ 3% on anything greater than $2,000,000⁣ 5% on anything greater than $3,000,000⁣ ⁣ 𝘌𝘹𝘢𝘮𝘱𝘭𝘦: $800,000 Home would be $14,000 in Property Transfer Tax⁣ ⁣ *𝘍𝘪𝘳𝘴𝘵 𝘛𝘪𝘮𝘦 𝘣𝘶𝘺𝘦𝘳𝘴 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘳𝘦𝘴𝘢𝘭𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘪𝘦𝘴 𝘪𝘧 𝘭𝘦𝘴𝘴 𝘵𝘩𝘢𝘯 $𝟻𝟶𝟶,𝟶𝟶𝟶 (𝘱𝘢𝘳𝘵𝘪𝘢𝘭 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘪𝘧 𝘶𝘯𝘥𝘦𝘳 $𝟻𝟸𝟻,𝟶𝟶𝟶)⁣ ⁣ *𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘱𝘳𝘦-𝘴𝘢𝘭𝘦/𝘯𝘦𝘸 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘤𝘵𝘪𝘰𝘯 𝘰𝘳 𝘴𝘶𝘣𝘴𝘵𝘢𝘯𝘵𝘪𝘢𝘭𝘭𝘺 𝘳𝘦𝘯𝘰𝘷𝘢𝘵𝘦𝘥 𝘶𝘯𝘪𝘵𝘴 𝘶𝘯𝘥𝘦𝘳 $𝟽𝟻𝟶,𝟶𝟶𝟶 (𝘱𝘢𝘳𝘵𝘪𝘢𝘭 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘪𝘧 𝘶𝘯𝘥𝘦𝘳 $𝟾𝟶𝟶,𝟶𝟶𝟶)⁣ ⁣ 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐚𝐱 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬: $𝟷𝟶𝟶'𝘴 𝘵𝘰 $𝟷𝟶𝟶𝟶'𝘴⁣ 𝘌𝘢𝘤𝘩 𝘱𝘢𝘳𝘵𝘺 (𝘣𝘶𝘺𝘦𝘳 & 𝘴𝘦𝘭𝘭𝘦𝘳) 𝘪𝘯 𝘵𝘩𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘪𝘴 𝘳𝘦𝘴𝘱𝘰𝘯𝘴𝘪𝘣𝘭𝘦 𝘰𝘯𝘭𝘺 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘱𝘰𝘳𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘢𝘭𝘦𝘯𝘥𝘢𝘳 𝘺𝘦𝘢𝘳 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦𝘺 𝘸𝘪𝘭𝘭 𝘰𝘸𝘯 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺.⁣ ⁣ 𝐒𝐭𝐫𝐚𝐭𝐚 𝐅𝐞𝐞 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬: $30 - $600⁣ Similar to Property Tax Adjustments but is based on the specific day you move in on that month in regards to your portion of strata fees owed⁣ ⁣ 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐕𝐚𝐥𝐮𝐞 𝐀𝐩𝐩𝐫𝐚𝐢𝐬𝐚𝐥: $300 - $400 (included if CMHC/Genworth insured)⁣ An appraisal is often a requirement from the lender to obtain a mortgage. It ensures that the mortgage institution lends an amount that is not greater than a home’s actual worth⁣ ⁣ 𝐇𝐨𝐦𝐞 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧: $300 - $1000 (optional)⁣ An inspection of the home by a professional home inspector to check over the physical condition of the property⁣ ⁣ 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐒𝐮𝐫𝐯𝐞𝐲 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞: $20⁣ A survey certificate is a professional document used in British Columbia to determine legal boundaries of a property. Not required if you're buying a condo or townhouse⁣ ⁣ 𝐓𝐢𝐭𝐥𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: $175⁣ An insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership⁣ ⁣ 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 & 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞⁣ As a homeowner, you need to insure your house for its rebuilding costs in the event of serious damage or destruction. ⁣ ⁣ 𝐆𝐒𝐓 (𝐢𝐟 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞): 5% of purchase price⁣ Only applicable to pre-sales, new construction, and substantially renovated units. Net GST rebates are available in some circumstances⁣ ⁣ 𝐋𝐞𝐠𝐚𝐥 𝐂𝐨𝐬𝐭𝐬: $1000+⁣ Sample costs are: legal fees, title filing, mortgage filing, insurance binder, Form A certificate, strata cost adjustments, out of pocket expenses, and more…⁣ ⁣ 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭⁣ This is the interest you will pay for receiving your mortgage money before the official start of your mortgage (eg. if your “completion” were on the 23rd of a 30 day month, your interest adjustment would be 7 days interest)⁣ ___⁣ ⏰ 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒⁣ ⁣0:00 Introduction 1:06 What are Closing Costs? 1:37 Property Transfer Tax (PTT) 2:36 Property Tax Adjustments 3:29 Strata Fee Adjustments 3:57 Property Appraisal 4:26 Home Inspection 4:45 Property Survey Certificate 5:01 Property Insurance & Contents Insurance 5:30 GST (if applicable) 5:58 Conveyancing (Legal Costs) 6:21 Interest Adjustment ____⁣ 📷 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦:   / clientfirstcollective   ⚫️ 𝐓𝐢𝐤𝐓𝐨𝐤: https://www.tiktok.com/@dunbarrealest... 🔵 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤:   / clientfirstcollective   🔴 𝐘𝐨𝐮𝐓𝐮𝐛𝐞: https://bit.ly/Living-in-the-Lower-Ma... 🌐 𝗪𝐞𝐛𝐬𝐢𝐭𝐞: https://discoverhomesfirst.com ► 𝐄𝐦𝐚𝐢𝐥: alex@realestatehelp.com 📞 𝐏𝐡𝐨𝐧𝐞: 604-314-5418⁣ ⁣ 𝐉𝐨𝐢𝐧 𝐎𝐮𝐫 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐆𝐫𝐨𝐮𝐩 𝐟𝐨𝐫 𝐅𝐢𝐫𝐬𝐭-𝐓𝐢𝐦𝐞 𝐇𝐨𝐦𝐞 𝐁𝐮𝐲𝐞𝐫𝐬⁣ 🚀 https://bit.ly/CanadianFTHBGroup ⁣ 🔔 𝐅𝐑𝐄𝐄 𝐑𝐄𝐒𝐎𝐔𝐑𝐂𝐄𝐒⁣ ► 𝐁𝐮𝐲𝐞𝐫𝐬 𝐆𝐮𝐢𝐝𝐞: https://bit.ly/Free-Ultimate-Buyers-G... ► 𝐒𝐞𝐥𝐥𝐞𝐫𝐬 𝐆𝐮𝐢𝐝𝐞: https://bit.ly/Ultimate-Sellers-Guide ► 𝐁𝐮𝐲𝐞𝐫𝐬 𝐂𝐡𝐞𝐜𝐤𝐥𝐢𝐬𝐭: https://bit.ly/HomeBuyers-Checklist ► 𝐒𝐞𝐥𝐥𝐞𝐫𝐬 𝐂𝐡𝐞𝐜𝐤𝐥𝐢𝐬𝐭: https://bit.ly/HomeSellers-Checklist ► 𝐈𝐦𝐩𝐫𝐨𝐯𝐞 𝐘𝐨𝐮𝐫 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐜𝐨𝐫𝐞: https://bit.ly/ImproveCredit-Score ► 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐨𝐫: https://bit.ly/ThriveMortgageCalculator ► 𝐆𝐞𝐭 𝐏𝐫𝐞-𝐀𝐩𝐩𝐫𝐨𝐯𝐞𝐝: https://bit.ly/ThrivePre-Approval ⁣ #closingcosts #firsttimehomebuyer ⁣#homebuyingtips Alex Dunbar Personal Real Estate Corporation Real Broker BC Ltd.