Most people will hire a lawyer or notary to handle the conveyancing when selling or purchasing a property. Our experience has shown us that sometimes the quotes over a phone call or email correspondence don't always reveal the actual costs of their services. Here's a look at what is involved when budgeting for your next move and questions you can ask when seeking someone:
1) Base Charge.
This will vary depending on a purchase versus a sale. Make sure to notify them if it's a purchase and you'll be getting a new mortgage, or if you're selling and are discharging a current mortgage. Approximate cost $700-1200.
There's 5% GST on this service.
3. Registration at LTO (Land Title Office).
Every property in Greater Vancouver needs to be registered in New Westminster Land Titles. Approximate cost $170
These are costs that are paid out-of-pocket by your notary/lawyer on your behalf in connection with completing your transaction. Usually things like the cost of land title and tax searches, digital execution fees, courier fees, postage, copies and office expenses. Approximate cost $200
5. Strata forms.
Sometimes up-to-date strata forms need to be ordered (form B & form K) to ensure no outstanding payments are owing by current owners. Approximate costs $40-100.
6. Title Insurance.
Depending on your mortgage provider, they may require title insurance to protect against fraud, liens, errors in surveys, faulty public records that effect your ability to sell your property. Approximate cost $200.
Although this isn't a direct cost of hiring a notary or lawyer, it is something to point out. A lot of people are unaware that they will have to pay for the remaining part of that year's property tax, city utilities, and strata fees. For example, if you purchase a home in June, you'll be responsible for half a years worth of property taxes and utilities. Approximate cost $1000-5000.