Notice of BC real estate taxes;
In BC you have to pay the Provincial Property Transfer Tax (buyer pays) which is 1% of the first $200,000 and 2% on the balance.
Goods & Services Tax is federal tax, payable on all newly created building parcels, new homes, and certain properties held for resale, is calculated at the rate of 6% (will be lowered to 5% in 2008) on the purchase price and is collected and remitted to Revenue Canada by the conveyancing (escrow) lawyer. Most properties, particularly homes, on Salt Spring, will not be subject to GST.
Customary Closing cost;
Seller
Lawyer or Notary Fees and Expenses
- attending to execution of documents
Cost of clearing title, including:
- discharge fees charged by encumbrance holders (mortgage)
Real Estate commission
Goods and Services Tax
Buyer
Lawyer or Notary fees and Expenses:
- searching title,
- investigation title,
- drafting documents,
- Land title Registration fees
Survey Certificate (if required)
Cost of Mortgage, including:
- mortgage company's Lawyer/notary
- appraisal (if applicable)
- Land Title Registration fees
Fire Insurance Premium
Sales Tax (if applicable)
Property Transfer Tax
Goods and Services Tax
Some Salt Spring Island Lawyers or Salt Spring Island Barrister & Solicitor
Clement, Ian H
Lawyer
Tel 250-537-5505
Fax 250-537-5099
Elizabeth, Joanne
Lawyer
Tel 250-537-0737
Fax 250-537-0720
Filkow, Sidney
Lawyer
Tel 250-538-9596
Fax 250-537-9574
Joyce, Paul B
Lawyer
Tel 250-537-4413
Fax 250-537-5120
McKimm & Lott
Lawyers
Tel Sidney BC 250-656-3961
Tel SSI 250-537-9951
Pasuta, James D
Lawyer
Tel 250-537-9995
Fax 250-537-9975
This is list of Salt Spring Island Lawyers you could use for your real estate transaction. You may already have a BC Lawyer and that is fine. I do not guarantee or endorse any of the above Lawyers.
Cheers
Scott Simmons
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