Buying a home

Buying a home can be an exciting but confusing process. We can help make this process easier so you can enjoy peace of mind and know that all the details have been looked after.

When should you contact us?

When your Contract of Purchase and Sale has been fully signed by all parties and all the subject clauses have been removed, you are now ready to contact Ridge Notaries to move to the next phase of the process – conveyance of the property.

How does your Notary Public assist you when buying a home?

We will ensure all the necessary tasks are successfully completed to transfer the property into your name. This will include:

  • Review your contract;
  • Search title;
  • discuss charges to remain on title;
  • and to review a copy of the plan as filed in the Land Title Office;
  • Obtain and review municipal tax information specific to your property;
  • Obtain and review strata documentation with you, if applicable;
  • Prepare or obtain transfer and mortgage documents as required by your mortgage lender and Land Title Office;
  • Attend to or arrange for execution of transfer and mortgage security documents;
  • Fulfilling FINTRAC obligations
  • Negotiate appropriate closing undertakings with the seller’s legal representative;
  • Receive and account for trust funds;
  • Liaise with your lender and broker to ensure your financing is successful on completion date;
  • Register relevant documents at the Land Title Office;
  • Disburse trust funds;
  • Report to you with a State of Title Certificate, and to all other relevant stakeholders and parties in your file.

What are the costs involved when buying a home?

There are several costs you will incur when buying a home. These will vary based on your unique property and file and typically include:

  • Searches: government registries, municipal tax information, insurance binders/certificates, land title including financial and non-financial charges on the property, strata plans, site survey, etc.
  • Property Transfer Tax: This tax is payable to the BC Minister of Finance and is calculated at:
  • 1% of the fair market value up to and including $200,000
  • 2% of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% of the fair market value greater than $2,000,000

For example, if you purchase a home for $350,000 the total Property Transfer Tax would be $5000. First time buyers may be eligible for an exemption if certain conditions apply. There are other exemptions that may apply in your unique circumstance. For more information regarding Property transfer tax is available through the BC government website.

  • Real estate commission: typically, payable by the seller of the property for the listing and selling commission by a realtor
  • Goods and Services Tax (GST): This tax may be applicable if the home you are buying:
  • was used for business,
  • is newly constructed home or substantially renovated home, or
  • substantially renovated home or used in a commercial activity.

Seek advice from your accountant whether GST is applicable in your transaction.

  • Land Title and Registration Fees: These are fees charged through the Land Title Registry and may include a fee to:
  • transfer the property
  • register a mortgage or,
  • register other security documents
  • Adjustments: These involve adjustments between the buyer and seller and can include adjustments for municipal property taxes, utilities, and strata fees. These adjustments are handled between the parties as per the adjustment date on your contract.
  • Strata Property: If your purchase is a strata, we will need to order a Form F and Form B Certificate. A Form F certificate provides financial information about the strata corporation. The Form B certificate provides financial information on your strata unit, i.e. outstanding strata fees. Your strata corporation and corresponding property management company charge a fee for the delivery of these documents.
  • Title Insurance: Title insurance protects your ownership interest of your property from losses incurred because of an unknown defect to title, or fraud. The policy protects both you as the homeowner but also the lender so if there are any title defects that would affect your mortgage payments, the lender is protected from loss. Therefore, title insurance is a requirement for most mortgages in British Columbia. The cost is based on the purchase price of your property. Title Insurance is a one-time cost, with no annual premium.
  • Legal Fees: These include the cost for the services of the Notary Public, including but not limited to:
  • preparing all the necessary documentation,
  • conducting all necessary searches,
  • obtaining information as required for the purchase or sale to complete,
  • dealing with trust funds, and
  • dealing with undertakings with the other party’s legal representative.

Let's Begin Your Ridge Notaries Journey

We're honored to be a part of your life's important moments. Contact us today and take the first step towards building your legacy for generations to come.

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#105 - 11893 227th Street,
Maple Ridge, BC
V2X 6H9

Conveniently located in the Brickwater Building!

Street parking available

Contact Info

Tel: (604)-476-2131


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