Purchasing a property

Purchasing a property

Purchasing a property can be stressful and a lot of work. Here at Cube Law Corporation, we can guide you through it and make everything seamless. We’ll help you go through the step-by-step process, what documents you need, and everything else in between.

Once you sign a purchase and sale contract, there are several legal and logistical tasks that must be completed before you can legally become a property owner. While it’s impossible for a solicitor to anticipate every potential issue that may arise during a property purchase, it’s reassuring to know that a lawyer can offer significant clarity and reassurance during a standard residential conveyance. At Cube Law Corporation, we can provide you with services such as contract review to identify any concerns, preparation of legal and mortgage documentation, assessment of the state of the title, registration of your name as the property owner at the Land Title Office, and provision of a reporting package following the closing date.

Frequently Asked Questions

We provide services like contract review, legal advice, document preparation, title searches, and representation during closing.

Property Transfer Tax (PTT) is a tax levied in BC on the transfer of real estate. It is calculated based on the fair market value of the property at the time of the transfer. The specific rate can vary based on the property’s value, as well as the buyer’s eligibility for any exemptions.

PTT is typically calculated as a percentage of the property’s fair market value or purchase price. The exact percentage may increase with the value of the property. It’s important to check the current rates on the link here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax

Yes, in some regions, exemptions or reductions in PTT may be available for certain groups, such as first-time homebuyers, newly built homes, or properties below a certain value. It’s crucial to review the eligibility requirements in detail to determine your eligibility for any such exemptions.

First-time homebuyers may be eligible for various benefits, lower down payment requirements, and exemptions or reductions in property transfer taxes. Specific programs and benefits can vary.

Generally, to qualify as a first-time homebuyer, you must never owned a registered interest in a property that was your principal residence anywhere in the world at any time. Other conditions apply.

First-time homebuyers should consider their budget, the total cost of homeownership (including taxes, insurance, and maintenance), their long-term plans, and the current real estate market. Consulting with a real estate professional or financial advisor can provide valuable guidance tailored to individual circumstances.

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