APPLIANCES

Used appliances do not come with a warranty. However, they should be working on possession day.

BC Home Owner Grant

The BC Provincial Home Owner Grant reduces the amount of property taxes you pay. You may be eligible if you are a permanent resident of BC, a Canadian citizen or landed immigrant, and own and occupy your residence full time which would be your principal residence. In most cases, the regular grant entitles eligible owners to a maximum reduction in property taxes of $570 and additional grant for those 65 and older of up to $845. You may claim the regular grant if your property taxes are at least $350. You may claim the additional grant if your property taxes are at least $100. Your grant cannot reduce your net payment below these amounts. Please note property owned by non-residents and recreation property (must be your principle residence) are not eligible for this grant. The explanation provided is a very brief summary. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government Home Owner Grant webpage for the complete details.

BC Home Owner Grant

BC Property Tax Deferment

The BC Property Tax Deferment Program allows BC home owners to defer payment of annual property taxes on homes occupied as principle residence if owners are 55 years or older; or a surviving spouse; or a disabled person as defined in the Disability Benefits Program Act; and if owners are Canadian citizens or landed immigrants who have lived in BC for at least one year immediately prior to applying for tax deferment benefits. You must have a minimum equity of 25 percent of the assessed value. This means that your mortgage and any other charges registered against your property can be up to 75 percent of the assessed value. The explanation provided is a very brief summary. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government webpage for the complete details.

BC Property Tax Deferment   

BC Property Transfer Tax

There is a 1 % Property Transfer Tax (2% over $200,000) in British Columbia. This tax is payable on the purchase of all real property in B.C. The calculation is based on 1% of the purchase price up to $200,000 and 2% of any amount above $200,000. Most first time buyers are exempt from this if they meet certain criteria. The main criteria are: a) borrower has never owned a principal residence anywhere; b) maximum purchase price of $425,000 for a full exemption with a partial exemption for a fair market value of up to $25,000 above the threshold (i.e. up to $450,000); c) borrow at least 70% of purchase price; d) be a Canadian citizen or permanent resident, and residing in B.C. for a minimum of 12 months. The explanation provided is a very brief summary. Realtors are not tax experts and offer this information only as a guideline. This should be discussed with your accountant, notary or lawyer. The final decision as to qualification is at the sole discretion of the appropriate government ministry. Please click on the BC government webpage for the complete details.

BC Website Info BC Property Transfer Tax

BC Brochure  First Time Home Buyer's Program  

 BOUNDARIES 

Property lines can be verified by locating the white corner posts indicating where the metal peg should be. Over the years they go missing and/or moved by children. A site survey or legal map can assist in locating them. A fence, hedge or grass line does not necessarily indicate the property line. Some areas are in a designated flood plain. It is prudent to know if your new property is.

BUILDING INSPECTIONS 

Residential real estate is sold "As Is" so a professional building inspection is always a good idea and highly recommended. There is no such thing as a perfect house. Many components of a house wear out over time such as roofs, furnaces, and hot water tanks. To avoid surprises after the fact, an inspection is worth the cost.

CITY HALL

City Hall or the Regional District Office can be a valuable resource; however they may charge to look at individual property files. The property file contains copies of any correspondence with previous owners, inspections and house plans.

CLEANLINESS

Everyone's, standard of cleanliness is different. There are no guarantees that a property will be left for you clean to your standards. On viewing a property you can get an idea of how it might be left. To be safe, count on cleaning it yourself or hiring someone to do this. We hope every home is left clean for the new homeowner.

GARBAGE

This is not included in your taxes. Most property owners pay for garbage collection, to a firm servicing that area.  

Unfortunately, the odd occasion, a seller does not remove all their garbage on possession date. Garbage removal does involve time, effort & money. In some situations this can be handled right in the offer if a large amount of garbage is noticed when the property is viewed.

KEYS

One or some keys will be turned over to the new homeowner on possession day. As realtors we cannot authorize you to use the key any sooner than what has been agreed to in writing. Because homeowners misplace keys lose keys, give keys to friends, or may not have had keys to open all doors, I recommend (even if it is a new house) re-keying the home you have purchased. It is worth your peace of mind.

Holdback For Canadian Tax

Non-residents of Canada will be subject to a holdback for Canadian tax on profit when they resell the property. The holdback will be 25% of capital gains or 25% of the selling price if a certificate of disposition is not obtained by the time of completion. Properties which are owned by non-residents and rented out are subject to a holdback; 50% of capital gains or 50% of the selling price if a certificate of disposition is not obtained by the time of completion. The explanation provided is a very brief summary; it is recommended non-residents get advice from a Chartered Accountant regarding these issues prior to selling and/or renting out their property. Click on the link below for some more details.

Tax Information for Non-Resident Buyers and Sellers

INSURANCE

As a requirement of bank financing, proof adequate fire insurance must be provided.

Mortgages

Mortgage Consultant

John Woods
Essex & Kent Mortgage Corp.
250-754-1904 Toll Free: 866-840-1704
Cellular: 250-616-3107
Email: woods.j@mortgagecentre.com   Website: Click Here

Moving Checklist

Click on the link for a printable (PDF) checklist. 

Moving Checklist

OIL and Propane

Furnace oil and propane is a chattel and not included in a sale unless specifically indicated so on YOUR agreement. The previous owner can request that you pay for the remaining oil on possession day or have it pumped out.

SEPTIC TANKS

Septic systems require maintenance. Because every family lives differently, it may not perform the same. Some areas can experience difficulties during periods of heavy rainfall or saturated grounds. The Purchaser should have a full septic inspection.

Septic Maintenance Tips

SITE SURVEYS

If bank financing is involved for real estate, they generally request the purchaser supply a site survey as part of their financing requirements. Not all sellers have these on their property. If it is very old, unreadable or changes/additions have been made, it may be necessary to get a new one done.

TANKS

Many propane tanks are leased. The new owner may be required to sign a new lease agreement with the company that owns it. Above ground oil tanks can be easily dealt with and removed. However, those that are buried underground will present a problem on the purchase of a property. They represent possible contamination sites that are expensive and complicated to remove and clean up. Environmental reports and oil tank removals are expensive. Insurance companies are reluctant to insure a house with a tank 15 to 20 years old.

TENANTS

Unless a lease is in place most tenants are on a month-to-month tenancy. A would be landlord should be familiar with the Residential Tenancy Act of B.C. These change from time to time as legislation changes. Proper notice and procedures must be followed to terminate a tenancy. Because of the human element there are no guarantees.  

WATER

Piped water in the regional district may be metered, but in any case the property owner pays separately for their water consumption. Inquiries should also be made to determine if it is a private water system and the source of the water. If the property is on well water the purchaser should make inquiries about the quantity and install UV filtration system.

UTILITIES

Every new owner must apply to receive service which should be in place for possession day.

WOODSTOVES

An inspection is a requirement for insurance companies. Only a C.S.A. model installed properly will pass an inspection.