Property For Sale


Barry Gellner
Steve Kirk
Mike Kirk
RE/MAX Kelowna
Suite 100
1553 Harvey Ave.
Kelowna, BC
V1Y 6G1
Ph. 250-717-5000

Buyer Hidden Costs

Some costs that can creep up on you unexpectedly. Be prepared so you're not disappointed

1. Survey or Real Property Report:

Should the seller not provide you with a survey in the Agreement of Purchase and Sale, a new survey will cost approximately $450.00 and up. In British Columbia, the Real Property report/Survey certificate is the buyers' responsibility.

2. Transfer of title costs:

Cost of registering a transfer of title is calculated by a basic $50.00 fee in British Columbia but may vary from province to province.

3. Legal fees:

This varies according to the lawyer. Make sure you ask what the fee includes. Approximately $1,000.00 (plus taxes) and up  (The preceding fee is based on a purchase price of $400,000.00)

4. Disbursements:

This should include other costs which the lawyer will have to pay on your behalf, i.e. registration fees, photocopies, couriers etc. Approximately $250.00 and up plus taxes.

5. Statement of Adjustments:

Purchaser and Seller are responsible for their share of taxes, fuel & utilities.

6. Home Insurance:

Home insurance varies from one insurance company to another. Contact your broker for rates.

7.Mortgage Application fee:

Processing fee - ask your bank if they charge a fee, as they vary.

8. Mortgage Appraisal:

Usually about $250.00 to $350.00

9. GST:

Residential re-sales are exempt from GST. Most services involved with the transaction will be subject to GST. e.g.:

  • Real Estate Commission
  • Lawyer's fees
  • Appraisals
  • Processing fees
  • Home inspections
  • Insurance
  • Moving expenses, etc.

10. Property Transfer Tax:

In British Columbia, there is a purchase tax of 1% of the purchase price up to $200,000.00 and 2% of any purchase price above that amount. First time buyers are exempt from this tax providing they are within the qualifying guidelines.

Example for a $400,000.00 purchase;

Survey (may be your responsibility) $ 450
Title Transfer $ 50
Legal Fees $ 1,000
Disbursements $ 250
Insurance $ 500-800
Mortgage Application $ 80
Mortgage Appraisal $ 300
Property Purchase Tax (if applicable) $6,000
GST on Services $ 431.50
Total $9,061.50

Therefore, on a $400,000.00 residential purchase, the estimated closing costs would be approximately $9,000.00. This does not include property tax adjustments (it may be possible to pay directly to the city) or a principal, interest and tax payment to your bank each month.


| Financing | Determine Your Affordable Price Range | Buyer Hidden Costs |
| Step-by-Step Buying Process | Introduction To Mortgages | Tips for buyers | Tips for Sellers |
| Choosing A Realtor | Current Properties For Sale |


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TOLL FREE Barry at 1-800-663-5770