Buying a Home - Revision history

Elena Renderos at 04:08, 7 October 2020

2020-10-07T04:08:51Z

Elena Renderos: Elena Renderos moved page Buying a Home (No. 406) to Buying a Home: Removing recording numbers from page names

2020-09-12T04:00:41Z

Elena Renderos moved page Buying a Home (No. 406) to Buying a Home: Removing recording numbers from page names

← Older revision	Revision as of 04:00, 12 September 2020
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Drew Jackson at 22:47, 29 March 2019

2019-03-29T22:47:44Z

← Older revision		Revision as of 22:47, 29 March 2019
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	{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group \|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}		{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group \|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}
	Buying a home is an exciting life event. Learn the key factors to consider before you make an offer, and the steps involved in buying a home in British Columbia.		'''Buying a home''' is an exciting life event. Learn the key factors to consider before you make an offer, and the steps involved in buying a home in British Columbia.

	==Key things to consider==		==Key things to consider==
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	:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]		:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]


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	{{Dial-A-Law_Navbox\|type=life}}		{{Dial-A-Law_Navbox\|type=life}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

Elena Renderos at 07:34, 28 March 2019

2019-03-28T07:34:34Z

← Older revision		Revision as of 07:34, 28 March 2019
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	{{~~Dial~~-A-Law ~~Blurb~~}}		{{REVIEWEDPLS \| reviewer = [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group \|date= October 2017}} {{Dial-A-Law TOC\|expanded = home}}

	{{Dial-A-Law TOC\|expanded = ~~housing~~}}
	Buying a home is an exciting life event. Learn the key factors to consider before you make an offer, and the steps involved in buying a home in British Columbia.		Buying a home is an exciting life event. Learn the key factors to consider before you make an offer, and the steps involved in buying a home in British Columbia.

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	The easiest way to learn how much money you will be able to borrow as a mortgage loan is to meet with one or more financial institutions. These lenders will look at your family’s current income and debts and do a credit check to decide how much they will lend to you.		The easiest way to learn how much money you will be able to borrow as a mortgage loan is to meet with one or more financial institutions. These lenders will look at your family’s current income and debts and do a credit check to decide how much they will lend to you.

	For more, see our information on [[Mortgages and Financing a ~~House~~ Purchase (~~Script~~ 408)\|mortgages and financing a home purchase (no. 408)]].		For more, see our information on [[Mortgages and Financing a Home Purchase (No. 408)\|mortgages and financing a home purchase (no. 408)]].

	===The costs of buying a home (other than the purchase price)===		===The costs of buying a home (other than the purchase price)===
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	:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]		:Web: [https://www.recbc.ca/buyinghome-2.html recbc.ca]



	~~[updated October 2017]~~

	'''The above was last reviewed for legal accuracy by [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group.'''

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			{{Dial-A-Law_Navbox\|type=life}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

	~~{{Dial-A-Law_Navbox\|type=housing}}~~

Drew Jackson: Drew Jackson moved page Buying a House (Script 406) to Buying a Home (No. 406): align with new Dial-A-Law website

2019-03-22T00:46:54Z

Drew Jackson moved page Buying a House (Script 406) to Buying a Home (No. 406): align with new Dial-A-Law website

← Older revision	Revision as of 00:46, 22 March 2019
(No difference)

Dial-A-Law: /* Step 5. Prepare the transfer paperwork */

2019-02-17T05:13:07Z

Step 5. Prepare the transfer paperwork

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	Most home buyers hire a '''lawyer''' or '''notary public''' to help with the paperwork to transfer legal ownership of the home in exchange for the purchase price of the home.		Most home buyers hire a '''lawyer''' or '''notary public''' to help with the paperwork to transfer legal ownership of the home in exchange for the purchase price of the home.

	The lawyer or notary will do a '''title search'', which shows the registered owner of the home and any charges registered against the property, such as mortgages, liens, or easements. Any existing mortgages and liens will have to be discharged by the seller as part of the sale.		The lawyer or notary will do a '''title search''', which shows the registered owner of the home and any charges registered against the property, such as mortgages, liens, or easements. Any existing mortgages and liens will have to be discharged by the seller as part of the sale.

	Before the completion date, your lawyer or notary will prepare a document called the '''statement of adjustments'''. This document shows all money coming in and going out. It covers things you and the seller share, such as the annual property tax bill (the seller is responsible for the portion of the bill until the sale completes, and you’re responsible for the portion for the rest of the year). The most important figure for you is the amount you need by the completion date. This is the money you must pay, in addition to your mortgage.		Before the completion date, your lawyer or notary will prepare a document called the '''statement of adjustments'''. This document shows all money coming in and going out. It covers things you and the seller share, such as the annual property tax bill (the seller is responsible for the portion of the bill until the sale completes, and you’re responsible for the portion for the rest of the year). The most important figure for you is the amount you need by the completion date. This is the money you must pay, in addition to your mortgage.

	Your lawyer or notary also prepares the transfer documents and sends them to the seller’s lawyer or notary. The seller signs the documents and returns them. Then, when your lawyer or notary has your down payment money and the letter from your financial institution promising the mortgage amount, they register the transfer documents and the mortgage with the Land Title Office.		Your lawyer or notary also prepares the transfer documents and sends them to the seller’s lawyer or notary. The seller signs the documents and returns them. Then, when your lawyer or notary has your down payment money and the letter from your financial institution promising the mortgage amount, they register the transfer documents and the mortgage with the Land Title Office.

	===Step 6. Complete the sale===		===Step 6. Complete the sale===

Dial-A-Law: /* ==Property transfer tax */

2019-02-17T05:09:49Z

==Property transfer tax

← Older revision		Revision as of 05:09, 17 February 2019
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	A home is often the most expensive thing you’ll ever buy. Yet the purchase price is not the end of it. There are many extra costs when you buy a home, in legal fees and other transaction costs, and particularly in '''taxes'''.		A home is often the most expensive thing you’ll ever buy. Yet the purchase price is not the end of it. There are many extra costs when you buy a home, in legal fees and other transaction costs, and particularly in '''taxes'''.

	====Property transfer tax==		====Property transfer tax====
	When you purchase property in BC that is registered at the Land Title Office, you're responsible for paying '''property transfer tax'''. You pay the tax based on the purchase price of the property. The tax rate is:		When you purchase property in BC that is registered at the Land Title Office, you're responsible for paying '''property transfer tax'''. You pay the tax based on the purchase price of the property. The tax rate is:
	:1% on the first $200,000 of the price,		:1% on the first $200,000 of the price,

Dial-A-Law: /* With more information */

2019-02-17T05:09:18Z

With more information

← Older revision		Revision as of 05:09, 17 February 2019
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	[updated October 2017]		[updated October 2017]

	'''The above was last reviewed for accuracy by Nathan Ganapathi and Anna Kurt, ~~and edited by John Blois~~.'''		'''The above was last reviewed for legal accuracy by [https://www.ganapathico.com/our-team/nathan-ganapathi/ Nathan Ganapathi] and [https://www.ganapathico.com/our-team/anna-kurt/ Anna Kurt], Ganapathi Law Group.'''

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Dial-A-Law at 05:08, 17 February 2019

2019-02-17T05:08:07Z

Show changes

Dial-A-Law: /* More information */

2017-10-25T19:19:13Z

More information

← Older revision		Revision as of 19:19, 25 October 2017
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	*Read the booklet called “[http://www.recbc.ca/consumer/buyinghome.html Buying a Home in BC Information Booklet]” prepared by the [http://www.recbc.ca/ Real Estate Council of British Columbia].		*Read the booklet called “[http://www.recbc.ca/consumer/buyinghome.html Buying a Home in BC Information Booklet]” prepared by the [http://www.recbc.ca/ Real Estate Council of British Columbia].
	*For more information on mortgages, check script [[Mortgages and Financing a House Purchase (Script 408)\|408]], called “Mortgages and Financing a House Purchase”.		*For more information on mortgages, check script [[Mortgages and Financing a House Purchase (Script 408)\|408]], called “Mortgages and Financing a House Purchase”.



	[updated October 2017]		[updated October 2017]

	'''The above was last reviewed for accuracy by Anna Kurt ~~and Nathan Ganapathi~~, and edited by John Blois.'''		'''The above was last reviewed for accuracy by Nathan Ganapathi and Anna Kurt, and edited by John Blois.'''

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