Binfet & Company Notaries Public

Buying a Home:

Purchasing a home can be a confusing experience. Your Realtor, Lender, Notary or Lawyer gives you a wealth of information and advice. It is a great deal to think about.

What steps can you expect when buying a home, from the initial signing of your contract through to the completion of your home purchase?

The Initial Interview

Upon receiving your contract, we will contact you to confirm information such as the Purchasers’ full legal names, who your lender is, if any, how you wish to be registered on title, and we’ll answer any questions that you may have.

Advice on Tenants in Common vs. Joint Tenants

When purchasing a home with someone else or with multiple people on title, it is very important that you make an informed decision as to what happens to your interest in the property, should you pass away. This is the time to decide.

If you register as Joint Tenants on title with your co-owner, that means that if one of you dies, that person’s share will transfer completely to the surviving owner.

If you register as Tenants in Common on title with the other owner(s), then if you die, your share will pass to your estate and be divided as per your will, if you have one.

Call us to discuss the proper way for you to be registered on the title of your property.

In Penticton:(250) 492-3110

Before Completion

Shortly before your completion date, you’ll be asked to come in to our office to review all documentation with one of our Notaries. We will also inform you of how much money you need to complete your purchase.

You should expect the following costs at the time of closing:

You will be required to pay the balance of your down payment. Therefore, if you paid a $2,000.00 deposit on a $150,000.00 home and are receiving a mortgage for $130,000.00, you should expect to have to pay $18,000.00.

In addition you will be expected to pay for:

GST, if applicable
your site-survey if required
Legal Fees and Disbursements
Your portion of the Property Taxes for the current Year,(the vendors portion will be credited to you if you purchase before the taxes are due)
The Property Transfer Tax -1% on first $100,000 , 2%/ on reminder adjustment of utilities (water and sewer)
Make sure that prior to your completion date you have arranged for insurance on the property. Your Lender will not fund your mortgage until you have arranged for fire insurance on your property.

Questions on Buying or Selling a Home?

Do you have questions about the legal aspects of buying or selling a home that you’d like answered? We’d like to help. You can find out more information by E-mailing us at Binfet and Company - bbinfet@notaries.bc.ca

Binfet and Company Notaries Public has been helping families in British Columbia, Canada since 1986. We work with people in the Okanagan Valley including , Penticton, Summerland, Okanagan Falls, Oliver, Vernon, Keremeos, Rock Creek, Princeton, Peachland, Westbank