Closing the Deal

Closing the Deal | Deborah Cooper Realtor

Helping you find your way home.

You’ve made an offer and it has been accepted. Congratulations! You’re almost there. What remains are the final closing steps to complete the purchase. As always, I’ll be by your side to walk you through everything step by step and ensure it all goes smoothly.

Final Steps

The steps for closing your purchase include the following:

  • A meeting with your lawyer or notary just before the completion date to sign mortgage documentation and transfer the title deed into your name.
  • I will work with the selling agent to acquire the keys to your new home so that you have access to the property on your possession date.

It is important to note that I do not charge you any fees for my home buying services. Instead, I earn a share of the commission that the seller pays upon completion of the sale. However, there are a number of other closing costs that you, as the buyer, will need to pay.

Before the deal closes, I’ll provide you with a summary of potential closing costs, as well as useful information on government tax incentives for first-time buyers and a move-in checklist to help you with a smooth move.

Understanding Your Closing Costs

There are a variety of closing costs when you buy a home, many of which will vary depending on your situation and the property you’re buying. This can get confusing, which is why I’ll be there to help you understand the costs and ensure you only pay what you need to. Below is a summary of potential closing costs and selected government incentives that can help to mitigate some of your costs.

Legal Fees

Buyers and sellers are each responsible for the fees they must pay their respective lawyers or notaries for the conveying of the property. This will typically be between $600 and $1,200 for the buyer.

Mortgage Costs

As a buyer you will likely need to take out a mortgage to pay for your new home. I’ll help you with recommendations on mortgage brokers or consultants who can help you secure a mortgage with the best rate and right terms to match your needs.

Property Appraisal Fee

The institution that provides your mortgage will almost always require a property appraisal before signing off on your mortgage. These costs are most often borne by the lending institution

Home Buyers Plan

The Home Buyers Plan (HBP) encourages and helps first-time home buyers to purchase real estate. You can find more details here www.cra-arc.gc.ca/hbp/.

Property Transfer Tax

A Property Transfer Tax (PTT) is charged to buyers on all property sales in British Columbia and is payable at the time the application to register a transfer is presented to the Land Title Office. The PTT rate is 1% on the first $200,000; 2% on the balance up to $2,000,000 and 3% on the balance. If you’re a foreign national or foreign corporation and the residential property is located in the Greater Vancouver Regional District, you also pay the 15% additional property transfer tax on the fair market value of your proportionate share. First time home buyers are exempt if the purchase price is less than $475,000. Visit the government website for more information.

Home Office Tax Advantages

Buying a designated live/work space offers several tax advantages. You will be able to deduct costs such as mortgage interest, property taxes, repair and maintenance from your income. You will, however, need to pay GST on the property. You can contact an accountant for more details on this kind of arrangement.

GST, HST & Rebates

Buyers are required to pay GST on newly constructed homes, condos and townhouses. However, you may qualify for a partial or full GST rebate, depending on the purchase price and if you are a first-time home buyer. For more information you can visit www.cra-arc.gc.ca.

Capital Gains Taxes

If you plan to live in the property you buy as your principal residence, you will not have to pay any capital gains tax. In fact, capital gains taxes are only levied on investment properties, and only at the time of sale.

Moving Checklist

Once you’ve closed the deal and arranged to receive the keys, there’s just one thing left to do: move in! Do not fall into the trap of underestimating the size of this job – packing up and moving all your possessions can be incredibly stressful and time-consuming.

Being organized will make things much easier, which is why I can provide you with a handy moving checklist to ensure you haven’t missed any key steps so you’re move becomes much more manageable.

“My experience with Deborah Cooper as my realtor has been informative, an exciting time of purchase and a sense of security. Her patience with uncertainty on my part and knowledge and professional attitude is such that I would happily recommend her to anyone in the market to buy or sell.”
– Melodie (Home Owner, South Surrey)