Completion Guide for Buyers

Upon your offer being accepted you are responsible for a number of steps before you complete the sale, and move in to your new home. Financing needs to be arranged and all the other conditions or subjects in your offer need to be satisfied before you remove all conditions. The sale is most likely subject to a building inspection; we strongly recommend you have one.

Completion Steps

Payment of the deposit is specified in the Contract of Purchase and Sale. Traditionally the deposit is held in trust until the completion date.

It is prudent to be pre-qualified with a financing institution or a mortgage broker. Arrange to meet with your lender with a copy of the Contract of Purchase and Sale and all other necessary documents like proof of down payment and your T4’s and pay stubs. More then likely an appraisal by the bank of the property will be needed as well as.

Conditions and subject clauses
In order to remove all your conditions that were stipulated in your contract of purchase and sale you must be satisfied and remove an all conditions and subject clauses that were written into the Contract of Purchase and Sale by the stipulated date or the contract may be jeopardized. This might include arranging a home inspection, obtaining & approving condo strata documentation and financing.

Home inspection
Home inspections are important in order to make an informed decision whether to proceed with the purchase or not as well as understanding what if any repairs or concerns may surface later if not attended to.

The insurance policy should take effect on the completion date in order to protect your investment it should be arranged well in advance.

Choose a lawyer /notary and we at Suzy Hahn and Associates will provide them with a copy of the accepted Contract of Purchase and Sale and all other relevant documentation. Several days before the completion date, a meeting needs to be arranged with your lawyer or notary to sign the necessary paperwork.
Completion Day
On completion day expect the following:
Your home will be registered at the Land Titles Office in your name and your lawyer will take care of all details. You are to bring the bank draft in the amount your lawyer will  specify, have your cheques ready for he legal fees etc, have identification with photographs and all else you will be told days before you attend their office

Possession day
Congratulations, your special day has arrived and now your new life begins. On this day we will deliver the keys to your dream home to you and meet you at your property. We will do a final inspection of the property and then you may begin moving in. Prior to your move in day you will want to review our move in guide, to ensure you have covered all your bases.

Completion costs
Adjustments: Costs at completion buyers may be responsible include:
Adjustments are costs (prepaid by seller) such as property taxes, strata fees, utilities or those buyers are responsible for to reimburse the seller at the time of possession. Costs might include property taxes (if prepaid; for the portion of the year you will assume ownership), utilities, strata fees and ongoing service contracts. On the adjustment date, as determined in the Contract of Purchase and Sale, the buyer credits the seller by paying the agreed-to amount in full.

The financing institution often requires lender an appraisal of the home, before they approve your mortgage, this may be at your expense usually arranged by the lender

Legal Fees
When you hire a lawyer or notary to assist you with the completion of your purchase, they will facilitate the transfer of your funds to the seller from your financing institution, they will prepare a Statement of Adjustments which lists the costs payable at completion as well as list of the disbursements that need to be paid for.

Property Transfer Tax
The government expects a Property Transfer Tax or PPT once real estate is purchased.
The amount of tax payable in British Columbia is 1% on the first CAD $200,000 and 2% on the remainder. The tax applies to any real estate, whether residential, commercial or industrial. Verify details please.

Survey Fee
It is prudent to request a survey from the seller as lending institutions more then likely need one in order to verify lot size and possible encroachments.  Should the sellers not have one you may be responsible to obtain a survey certificate at your cost.

Before you move into your new home possession you should contact the utility companies to inquire about the fees associated to transfer or start having service on your move in day. There may be fees associated with opening new service accounts and/or transferring existing ones. Contact your service providers in advance of closing to inquire about fees.

All the above information is subject to change at any time.

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