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Once you find the house you wish to purchase, you can work with your agent to develop an offer. In the offer, you will specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:
- getting a suitable mortgage (include the amount, interest rates and any other figures you feel important)
- the seller providing a current survey, or a "real property report," showing the location of the house on the property owned by the seller and that there are no encroachments
- the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
- if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards
- if you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified engineer
- any inclusions - basically, what stays and what goes
You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.
After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Therefore make sure you understand and agree with all of the terms of the offer before signing.
No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property). You may also have to pay:
- a mortgage broker's fee
- an appraisal fee
- surveying costs (if the seller couldn't come up with a current survey)
- a high-ratio mortgage insurance premium
- an interest adjustment
Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.
You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees, and, if applicable, any REALTOR fees. Be prepared to furnish proof to your lender that you have insured your new house as well.
Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.
At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say ... except Welcome to Canada!
Here is an example of the typical fees you'll encounter during a real estate transaction in Canada :
| (BASED ON A PROPERTY WORTH 200000 GBP) | |
| Deposit Required : | 50000 GBP |
| (25% of property price) | |
| Purchase Tax / Land Transfer : | 1500 GBP |
| (assume 0.75% of property value) | |
| Legal Fees : | 400 GBP |
| (approximate) | |
| Realtor Fees : | 0 GBP |
| (3-7& + GST at 7.5% paid by the seller) | |
| | |
| TOTAL | 201900 GBP |
| Other : | |
| * Goods and Services Tax only applies to new homes | |
| and is usually included in the sale price. | |
| * Provincial Sales Tax varies enormously, but is usually | |
| included in the sale price. | |
| * Capital Gains Tax is not applicable if this is your principal | |
| residence. |
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