Purchase Form

Congratulations on your purchase. Patricia and her team would be pleased to assist you with your purchase. By completing this form and sending it to our office, we will be able to start your file for you. If you have any questions, please do not hesitate to call our office at 604.682.8988.

If you would prefer to download a printable version of this form that can be faxed or mailed to us, please click here.

 

 

A.   Purchaser(s) Information

Please use full legal names of all persons purchasing the property (do not use initials). Your names must be the same as your passport or drivers license. If there are more than two purchasers, please provide the following information on a separate sheet.

Moving into property?
If no, then is this a revenue/investment property?
Or, is this a home for a relative?

What is your citizenship?

Canadian citizen?
Landed immigrant?
Are you married?

If married and spouse is not going on title we may need to know the reason why and if there is a mortgage, the lender may require your spouse to sign postponement.

 

B.   Tenancy

Should there be more than one Purchaser, you have the option of being registered on title in one of two ways:

1. As Joint Tenants: in the case of death of one of the joint tenants, the decreased’s interest in the property does not form part of his estate but is transmitted to the surviving joint tenant(s) and does not form part of the estate. The main distinguishing feature is the right of survivorship.

2.As Tenants in Common: in the case of death of one of the Tenants in Common, the deceased’s interest in the property forms part fo this estate and will be dealt with in accordance with his Will or intestacy.

Based on the foregoing, please indicate the appropriate tenancy (please call our office for further information):

Joint Tenants

 

C.   Property Transfer Tax

Property Transfer Tax is imposed by the provincial government. The tax is based on the fair market value of the property, calculated at 1% on the first $200,000 and 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion greater than $2,000,000. You may be eligible for an exemption from this tax under the First Time Home Buyers program. Regardless of your tax liability, a tax return form must be submitted to the Land Title Office at the same time the transfer documents are filed. The return form will be prepared by our office for your signature.

First Time Buyers

Please note that to be eligible for the First Time Home Buyers program exemption, your actual purchase price must be under $500,000. There is also a sliding scale of reduction from $475,000 to $500,000. Also you must be a Canadian Citizen or a permanent resident of Canada and must have resided in the Province of BC for a period of at least 12 months prior to the completion of your purchase. You must not have owned a principal residence anywhere in the world before. Property must be 0.5 hectares or less.

You will also be required to:

1. Sign a return form granting the provincial government the right to use their resources to verify the information;

2.Occupy or use the unit as your principal residence for one year following the completion of your purchase;

3.Provide your social insurance number;

4.Move in within 92 days;

5.Provide your address(es) for the last two years; and

6.Provide your birth date.

If you are a first time buyer and are eligible for the Transfer Tax Exemption (see above), please complete the following information to assist us with preparation of your First Time Home Buyers return form.

First Purchaser (if first time buyer)

Address(es) for the past two years.
Length of time
Have you ever previously been a registered owner of your principal residence?
Are you a Canadian Citizen or permanent resident of Canada?
Have you resided in British Columbia for the past 12 consecutive months?

Second Purchaser (if first time buyer)

Address(es) for the past two years.
Length of time
Have you ever previously been a registered owner of your principal residence?
Are you a Canadian Citizen or permanent resident of Canada?
Have you resided in British Columbia for the past 12 consecutive months?

 

D.   Deposit

 

E.   Real Estate Instruction

Kindly contact your realtor to make sure the Real Estate Office forwards a complete copy of your Contract of Purchase and Sale together with conveyance instructions with respect to commissions and deposits to our office.

 

F.   Mortgage Financing

If you are obtaining mortgage financing, please complete the following. If not, please ignore this section.

Kindly contact your loans officer to ensure your mortgage instructions are forwarded to the writer in sufficient time and that you have reconfirmed all the terms and conditions with the lender (i.e. interest rate, term, payments, etc.).

 

G.   Guarantor’s Information

If your mortgage allows for a Guarantor, please use full legal names of all persons guaranteeing the mortgage (do not use initials). If there are more than two guarantors, please provide the following information on a separate sheet.

As our office will be acting on your (the purchaser) behalf, as well as on behalf of your bank (the mortgagee), the guarantor(s) must obtain independent legal advice. Kindly provide the name of the Solicitor/Notary Public the guarantor(s) would like to represent them in this regard.

Should the Guarantor(s) not have the name of such a lawyer, we can arrange the names of a few local lawyers to assist.

 

New Construction

Goods and Services Tax (GST)

If this property is new construction, it is subject to GST. GST is payable by the Purchaser. We advise you to contact your accountant so that they can advise you of your rights and obligations under the GST legislation and the contract of purchase and sale. Your accountant will be able to advise and assist you in this regard.

Provided you, or a relation (as defined for purposes of section 254 of the Excise Tax Act) are acquiring the property for use as your primary place of residence and you (or a relation) will be the first individual to occupy the Property as a place of residence, you may be entitled to a GST Rebate.

The Vendor will collect from the purchaser on closing the GST payable to Canada Revenue Agency (CRA) in the amount as set out below, which GST will be credited to the Vendor on the Vendors Statement of Adjustments, unless advised by the Purchasers Solicitor/Notary that the Purchase is a GST registrant.

If the Purchaser is registered for GST purposes, the Purchaser may account directly to CRA for the GST, provided that the Purchaser delivers to the Vendor an executed Purchasers GST Certificate and satisfactory CRA GST Registry Search results for the Purchase prior to the Completion Date.

 

Out of Town Purchaser

In the event you are not able to attend our office for signature at least two (2) days prior to completion or you are living outside the Province of British Columbia, we will require the name of your lawyer (who is also a Notary Public) who can reivew and execute the necessary materials with you. Documents must be executed in accordance with the requirements of the BC Land Title Act and exactly as we will set out in samples to be provided. You should anticipate extra courier charges along with extra time to complete.

Your Lawyer’s Information (if applicable)

 

Out of Country Purchasers

In the event you are not able to attend our office for signature at least two (2) days prior to completion or you are living outside the Province of British Columbia, we will require the name of your lawyer (who is also a Notary Public) who can review and execute the necessary materials with you. Documents must be executed in accordance with the requirements of the BC Land Title Act and exactly as we will set out in samples to be provided. You should anticipate extra courier charges along with extra time to complete. We wish to point out that you should contact your accountant to discuss the Non-Resident tax implications with respect to withholding tax at the time of sale and GST implications with respect to the purchase.

Your Lawyer’s Information (if applicable)