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Buyer’s Completion Checklist 

(after accepted offer but before completion) 


Deposit 


  • You will have to arrange payment of the deposit, please check the Contract of Purchase and Sale (CPS). It is often Bank Draft which needs to be arranged in advanced of meeting Nikki. The funds are held in Trust until Closing date. 

Mortgage finalization 


  • Your lender now has to carry out an appraisal of the property and give final approval on your mortgage. 

Subject clauses and conditions 


  • This is your opportunity to carry out your due diligence. 
  • You will want to satisfy your subject clauses prior to signing an addendum to the contract which removing the subject clauses and conditions. 
  • Once this has been signed, you contract with the Seller becomes firm. 

Property Inspection 


  • It is highly recommended to have a property inspection, to find out as much as possible about the integrity of the home you are buying and to make sure you have no surprises when you move in. 
  • The inspection is not intended for us to create a ‘to do list’ for the Seller, but rather to get a sense of the condition of the property. 
  • That said; significant issues which we may not have been previously aware of might cause us to consider asking for items to be addressed or other concessions in lieu of what we discover. 

Insurance 


  • Call an insurance company and purchase home insurance to become effective on.

Closing Date


  • For strata properties you will also require third party liability. Lawyer or Notary Public 
  • Once you have selected a lawyer or notary for your real estate conveyancing, I will send them a copy of your contract and put them in touch with the Seller’s lawyer 

Title Search 


  • Be prudent and have your lawyer or notary check the title prior to subject removal Completion Day. 
Completion Day

  • Your lawyer or notary will be in touch prior to completion to arrange a time to review the documents with you and to collect signature. 
  • I will be calling in advance to ensure they have all they need for that meeting. 
  • Your lender will forward mortgage funds to your lawyer 
  • Your lawyer provides a Statement of Adjustment with costs payable by you 
  • Your lawyer forwards funds to the seller and completes necessary documents 
  • Title is transferred to you and your name in registered on title in BC Land Titles Office 
  • Bring with you to your lawyer’s office – the remainder of your down payment by way of bank draft, plus ID, plus your contract. 

Possession Day 


  • Congrats! 
  • I’ll meet you at the property with keys and you can move in. 
  • Check your contract for the time. 
  • Keys or access are not typically in advance of the time stipulated in the CPS. 

Completion Costs  


  • These are the fees you will pay on Closing Day. 
  • All or some of the following may be included (Check with your lawyer for details). 
  1. Adjustments – costs you will incur in order to reimburse the seller (such as pre- paid property taxes). On adjustment date the buyer credits the seller with these adjustments. 
  2.  Appraisal – ask your lender if you will be charged an appraisal fee
  3. GST – this tax is only applicable to new property (or significantly renovated in some cases). View info on GST. Note that GST is applicable to real estate fees, legal fees, appraisal fees, etc
  4. Property Inspection Fee - this will be $500+/-, the inspection takes 2+ hours
  5. Insurance – you may want to insure your personal contents. Condos require you carry third party liability. Your lender will require you to have House Insurance. If you loan is greater than 80% you will be required to have mortgage insurance. Property title insurance is sometimes used in BC, your lawyer/notary will give you insight. 
  6. Legal fees – ask your lawyer but it will be $1,000+ which varies based on factors like size of mortgage. 
  7. Property Transfer Tax – is charged on all properties that are sold in BC and is a Government of BC tax. It is 1% on 1st $200,000; 2% up to 2,000,000 and 3% on any portion above 2,000,000. First time buyers may apply for an exemption, if the purchase price is under a specific amount and if you meet certain criteria 
  8. Foreign Entities – Subject to additional 15% Property Transfer Tax.
  9. Survey fees - your lender will require an updated survey, which confirms the lot size and any encroachments. The seller may have a current one.
  10. Utilities – you will want to connect your phone, cable, ADSL etc on possession date and there may be a connection cost for this. 

Nikki Cvitanovic
Cell: 778-926-6464
Office: 604-678-3333
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