A State of Title Certificate (“STC”) is a copy of the land title that reflects the state of your title on the day and at the time it is printed. It is certified correct at the time of issuance by the land title office. STC’s are generally ordered after a property purchase or refinance have…
Yes! If your son is the only beneficial owner of the property, then you are holding your interest in trust for him and you are required by law to file a Transparency Report in the Transparency Registry by November 30, 2022, or be subject to fines. If anyone owns land in BC that is not…
It is our office policy, and should be of most offices, to issue one cheque payable to all the parties on title when you hold it as “joint tenants”. Joint tenancy means that you do not own an “undivided” 1/3 interest – the 3 of you own 100% of the property together jointly. If you…
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If you are a foreign national, foreign corporation or taxable trustee, you must pay additional property transfer tax on top of the usual property transfer tax on your proportionate share of a residential property transfer if the property is within specified areas of B.C. , which now includes the Nanaimo Regional District. The additional property transfer tax is 20% of your proportionate…
In order for your common-law spouse to be exempted from the Property Transfer Tax, they and the property would first have to meet a number of criteria. You did not state whether this was your principal residence or not, but assuming that it is your principal residence which is a single family dwelling with no…
The sale would be subject to a 25% holdback of the sale price until CRA issues a Clearance Certificate. If the property has been a revenue-generating property, the holdback would be 25% of the land and 50% of the improvements. It can take 4 months to have a Clearance Certificate issued, so accountants should start…
On top of the legal fees, GST and PST that are paid when you complete a real estate purchase or sale, there are also “disbursements” that are charged. Disbursements are costs that are paid out-of-pocket by your notary public or lawyer on your behalf in connection with your real estate transaction. Disbursements usually include the cost of land title…
As a Tenant in Common, you own your interest in the property outright: on your death, your interest in the property is yours to leave to a beneficiary. This is how you may own property with a business partner. As a Joint Tenant, there is a right of survivorship: on your death, your beneficial interest…
You would think that if you are a Canadian citizen or permanent resident it doesn’t, or if you are a non-resident purchasing outside the GVRD it doesn’t. EXCEPT along with the new 15% tax on residential properties for foreign entities, there are now new requirements where transactions involve Canadian citizens and permanent residents with respect to their identity. Their identity…