The Miracle

BUYING OR SELLING YOUR HOME

- By: Mohamed Salim Contractor: Notary N Public onveyancin­g is the process, which is done by a notary or lawyer to transfer legal title to a property that has been sold to a new owner.

CBuying:

A Notary acting for the buyer acquires all the informatio­n about the Nproperty (title search, strata, taxes, mortgages, etc.) and makes sure that all money is distribute­d and adjusted correctly. Therefore, my role as a notary is to make this process a smooth and painless experience for you. Apart from the purchase price, it would help if you looked for expenses as mentioned below: Property Transfer Tax: In order to qualify for a full exemption for a property (fair market value less than $500,000 less or equal to 0.5 hectares) in BC, you must: •be a Canadian citizen or permanent resident •have lived in British Columbia for 12 consecutiv­e months immediatel­y before the date you register the property or filed at least two income tax returns as a B.C. resident in the last six years •have never owned an interest in a principal residence in any part of the world at any time •have never received a first time home buyers’ exemption or refund in his or her life •use the property as your principal residence only https:// www2. gov. bc. ca/ gov/ content/ taxes/ property- taxes/ property- transfer- tax/ exemptions/first-time-home-buyers Strata Forms B and F Property Tax adjustment Utility Adjustment Insurance Binder fees (Fire Insurance) Tax Certificat­e i Land Title cost (Title searches, registrati­on of mortgager and transfer of ownership, State of Title Certificat­e cost, etc.) Strata Plan cost Trust admin fees Move-in and Move out fees ( if applicable) Legal fees Software fees, courier, Admin fees Rental adjustment, if the property you are buying is a rental property Other adjustment­s as needed

Although there are no income tax issues for Non-Resident Purchasers, there is the Foreign Buyers Property Transfer Tax. This is a tax of 20% of the Purchase Price and must be paid by anyone who is not a Canadian citizen or a Permanent Resident or registered under the Provincial Nominee Program. This applies to any property within:

• Greater Vancouver Regional District • Capital Regional District • Fraser Valley Regional District • Regional District of Central Okanagan • Regional District of Nanaimo For further informatio­n on the Foreign Buyers Tax, please visit the B.C. government page at: http:// www2. gov. bc. ca/ gov/ content/ taxes/ property- taxes/ property- transfer- tax/ understand/additional-property-transfer-tax

Selling:

A Notary acting for the seller has to make sure that all the mortgages or other liens or charges are removed from the title. From the s sale proceeds, you need to look for e expenses as mentioned below:

Mortgage discharge fees Legal fees Software fees, courier, Trust Admin fees Rental adjustment, if the property you are selling is a rental p property Move out fees for a strata property( if applicable) Non-Resident Sellers

The Income Tax Act of Canada provides that whenever a nonresiden­t sells a property, the n non-resident is required to pay th the appropriat­e amount of taxes o on any capital gain. To satisfy th the Buyer that the exact amount of taxes are paid, the Seller must provide to the purchaser, on or before closing, a clearance certificat­e from Revenue Canada. The amount owing is deducted from the sale proceeds and sent directly to the federal government b by the Seller’s notary or lawyer.

Family F Transfer:

A notary can assist you in adding or removing a family member to or from the title. Although these ty types of transfers are exempt f from property transfer taxes, th there could be some income tax im implicatio­ns.

Property P Transmissi­on:

A Notary can assist you to transfer real property to the survivor of a joint tenancy when the other joint tenant has predecease­d. As well, a Notary can help you to transfer real property by an Executor or Administra­tor of someone’s estate to the beneficiar­ies of an estate. Although this type of transfer is also exempt from property transfer taxes, a competent Notary can guide you through this process and make sure the transfer or transmissi­on is done appropriat­ely, avoiding any income tax liability or fraudulent conveyance issues.

Mortgage Refinancin­g & Home Equity lines of credit:

When you make changes to your current mortgage, you require a refinancin­g process, which implies a discharge of the existing mortgage and the acquiring of a new one. In other words, you are borrowing money against the value of your home using your home as security. Please feel free to contact me if you are looking for a notary to complete your home (buying or selling or refinancin­g or family transfer) conveyanci­ng part. We

also provide services related to

Estate Planning (Wills, Power of Attorney, Representa­tion Agreement), notarizati­ons, affidavits, making contracts, filing the builder’s lien, etc.

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