5. Inform yourself of all the applicable taxes on your home purchase, including GST (5% on new or substantially renovated homes) and Provincial Transfer Tax (PTT) (1% of the first $200,000 value of the home, plus 2% of the balance)
6. Have home insurance purchased and effective as of the day of completion of your purchase (when the transfer of interest and payment of the purchase price happens), not on the day of possession (when you get your keys).
7. Inquire as to whether the home was once a farm property, or whether the lot or the surrounding lots were ever used as a gas station, so as to protect against the possibility of having a septic tank or oil tank or contaminated soil, on your property
8. Inform yourself as to what is covered under the National Home Warranty Program for newly built houses as there are time limits for certain repairs
9. Inquire whether or not you would require title insurance on your home to protect against hidden title defects, fraud, rights of ways, or septic and oil tanks. For more advice, please contact Iven K.S. Tse
Detached Home or Condo Purchase
Congratulations on your new Detached Home or Condo Purchase We understand your completion is scheduled in the near future.
Other Real Estate Services
Title Transfer, Private home purchase or sale, and private mortgages