Everything You Need to Make an Offer to Purchase
Click to Download the necessary documents:
1) Contract of Purchase and Sale
2) Contract of Purchase and Sale Addendum
General information about Making an Offer to Purchase:
How to make an offer:
The first page explains who
is responsible for what closing costs in British Columbia. Please
read and initial beside the Buyer expenses which are typically legal
fees, property purchase tax, GST and an inspection.
Legal fees generally range between $1000 and $2500 depending on how complex your purchase property is. A list of lawyers will be provided on request.
Property Purchase Tax is 1% on the first $200 000 and 2% on the balance of the value of the sale.
GST applies to every property once which is generally when it is brand new, rarely does it get deferred unless it is a revenue property.
An inspection will generally cost between $300 and $500 depending on who does it which is your choice. A list of inspectors will be provided on request.
Please keep in mind that you are responsible for property insurance, maintenance fees if it is a non single family home and annual municipal taxes which may be included in your financing. A list of mortgage brokers will be provided upon request.
If you are a non resident of
Canada, you will be required to put 35% down payment if you choose to
finance the property. When you sell, there will be Capital tax
implications which you should research prior to your purchase.
A list of accountants will be provided upon request.
Purchase Contract: First please fill in your name and primary residential address as well as the address you wish to purchase, the value you wish to offer, the initial deposit that you can apply (5% minimum) and then initial the bottom right hand corner of the page. On pages 2 and 3 of the contract, you need to read and initial the bottom right hand corner again. Please sign page 4, 5 and 6 which outline typical clauses that a purchaser would impose.
Duel Agency: Unless you
have a realtor prepared to represent you, the listing agent may do so
and has a fiduciary responsibility to represent you in the same fashion
as a lawyer or accountant would. Both parties must first acknowledge
and agree to this which is generally not a problem. If you wish
to have a different realtor represent you, this is not a problem.
A list of other possible realtors will be presented to you at your request
from RE/MAX or otherwise as you wish. If a member of our team
is sufficient for your needs, please sign the bottom of this form.
Agency: This form explains the responsibilities of a realtor working licensed in British Columbia. Please read and sign this form.
Please forward any questions or concerns about any part of this contract to us at any point. info@wayneandchristina.com
Thanks for coming to www.WayneChristina.com for your property needs.
Wayne and Christina