Vancouver Procounsel - Real estate services


	We know that buying a home is one of the largest investments that people make. We work with realtors specializing in different areas of the Greater Vancouver area and throughout BC. We help to identify the area that you would like to move to and then provide you with a realtor that specializes in that area. We work with you throughout the relocation process.

	Once the financing is in place you should be aware of the costs that will be incurred as well as the process of buying a house in Canada. Vancouver ProCounsel works impartially to help you narrow down which area you would like to settle in. Then we introduce you to a real estate agent or “realtor”, who is an expert in your preferred location. Realtors work for buyers, sellers or both. The vendor (seller) pays commissions for all realtors involved in the transaction.

	cost of purchasing
	Property Transfer Tax (PTT) – A tax charged on the purchase price, 1% on the first $200,000 and 2% on the balance. PTT can’t be added to the mortgage. Exemptions apply to first time home buyers for property values up to $425,000 with partial exemptions for values up to $450,000. Goods and Services Tax (GST) – Applies to newly constructed homes and can be added to the mortgage. GST rates apply on a sliding scale up to 5% on the entire purchase price. Legal Costs – Conveyance costs and mortgage registration costs are $1000. A survey certificate or title insurance is generally required at a cost of $250. Appraisal fees will cost an additional $300. In some instances, appraisals are not required. Home Inspection – An independent third party with construction experience will inspect the home and provide a list of problems or defects at a cost of $300-$500.

	the process
	The realtor is responsible for writing a formal offer to the seller on your behalf. Key details include price, completion date, possession date, and subject clauses (conditions of sale). The most common subject clauses are financing and home inspections. Subjects must be removed within the period of time set out in the original formal offer (generally between 5 and 14 days). The buyer will be presented with a Property Condition Disclosure Statement which is a declaration of working order of the property in general, easements, property alterations and other pertinent information. Removal of the last subject clause commits the buyer and a non-refundable deposit is paid to the realtor’s trust account. At this stage, the buyer is legally bound to buy the property. Removing subjects on financing should be done only with confirmation that all financing arrangements are in hand and property inspections results are satisfactory. With as few as two days to completion, buyers will need to sign all of the legal documents at a notary or lawyer’s office.

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