When entering into the sale or purchase of property in British Columbia (BC), there will be conveyancing costs associated with those transactions, which include fees, disbursements, and other costs payable such as property transfer tax (on a purchase). These are often referred to in sum as “closing costs” when buying or selling.

Closing costs will vary for each transaction, and depend on: (1) fees and any additional fees that apply; (2) what disbursements are applicable; (3) whether there is a mortgage being granted (or discharged, on a sale); (4) whether the property is a strata property or not; and (5) other factors that may be applicable, such as agreed upon holdbacks, GST if applicable, etc.

Here is an example for fairly typical “closing costs” for a real estate transaction in BC for the purchase of a Strata Condo or Townhouse (used residential housing)  with a Mortgage being registered (institutional lender):

* Please contact JarvisLegal to confirm current fees, and Additional Fees may apply.

** Standard Disbursements include for example: Conveyancing Software costs; Mortgage platform charges; Standard Land Title Office (EFS) filing fees for registrations/discharges; land title searches and State of Title Certificate; courier(s); banking charge(s); trust administration fee; Juricert fees; and tax certificate. At JarvisLegal, disbursement costs are only those incurred by us to complete your purchase or sale conveyance, and are charged at cost. We do not charge any “admin” disbursements as some others do, nor do we charge for printing, copying, etc. or other overhead.

Note: In addition to Standard Disbursements, there may be other “closing costs” applicable to your transaction, as required by third-parties which we would advise you of. These are a few examples only (and not to be relied upon):

• Property Transfer Tax (1% on the first $200k, 2% on the fair market value greater than $200,000 up to $2,000,000 and 3% on the fair market value over $2,000,000 – unless claiming an exemption and note that “Additional Property Transfer Tax applies to non-resident purchasers);
• Title Insurance and Fire Insurance Binder, as required by mortgage lenders (approx. $120 for a condo or approx. $300-$600+ for freehold (house));
• Strata Property costs such as: form fees, move-in fees, upcoming monthly fees, etc.; and
• If applicable:
  • Costs associated with clearing charges from Title or reviewing charges on title;
  • Other third-party costs that may be incurred or payable on your behalf;
  • Any non-standard Land Title Office (EFS) filing fees;
  • Courier charges outside of the Lower Mainland of BC, if required; and
  • Other costs associated with Escrow Closings, Builders Lien Holdbacks, Non-Institutional Lenders, Leaseholds, New Builds, etc.

Lastly, note that there are also “closing adjustments” made between the buyer and the seller on each party’s “statement of adjustments” for items such as property tax and strata monthly fees, so that each party ultimately is paying their portion of those costs for the time period that party owns the property.

Personal, Professional, and Affordable Real Estate Conveyancing

We are not the cheapest conveyancing firm in town but we have very competitive rates and a very high level of proficiency and personal service. We are not a conveyancing “factory” and typically only handle 5 to 10 transactions a month. At all times we have two persons (a lawyer and paralegal or lawyer and articling student) handling your file, and you deal with us directly throughout, one-on-one. We are happy to take a call or answer questions anytime.

If you do have questions, or wish to use our services, please email or call. We have a standard engagement letter to sign, and a one-page questionnaire for purchase transactions. Once we have those back, you would pass on our contact information to your agent and broker (as applicable), and we would take it from there.

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DISCLAIMER: The articles and information provided by JarvisLegal are general legal guidance or information only and not legal advice of any nature and should not be relied upon in any manner. By reading or sharing the information, there is no lawyer-client or other relationship created. If you wish to receive legal advice or assistance from JarvisLegal, please contact us today to find out how we can assist you, your business, or your organization.