Salt Spring Island Lawyers

Salt Spring Lawyers

Notice of BC real estate taxes;

The general property transfer tax applies to all taxable transactions. The general property transfer tax rate is:

  • 1% of the fair market value up to and including $200,000
  • 2% of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% of the fair market value greater than $2,000,000

In addition to the property transfer tax, if you’re a foreign national, foreign corporation or taxable trustee, you must pay the additional property transfer tax of 20% on your proportionate share of a residential property’s fair market value if the property is within the CRD and yes Salt Spring is in the CRD.

GST is a federal tax, that could be payable on all or some but not limited to newly created building parcels, new homes, certain properties held for resale, a home that has been substantially renovated, homes owned by corporations, and some vacation rental homes. More about GST here. You should seek independent professional advice on GST and if it’s applicable.

Some Salt Spring Island and or Victoria Lawyers;

Lawyer Anna Pugh
Email Anna @ ssilaw.ca
1105-115 Fulford-Ganges Road
Tel 250-537-5505
Fax 250-537-5099

Mullin DeMeo
Lawyers
Toll-free 1-877-477-3327
Tel 250-477-3327
Fax 250-477-0980
www.realestatelawvictoria.com

McKimm & Lott
Lawyers
Tel Sidney BC 250-656-3961
Tel SSI 250-537-9951

Pasuta, James D
Lawyer
Tel 250-537-9995
Fax 250-537-9975

Joyce, Paul B
Lawyer
Tel 250-537-4413
Fax 250-537-5120

This is a list of Salt Spring Island and or Victoria Lawyers and Notary Public you could use for your real estate transaction. You may already have a BC Lawyer and that is fine. I do not guarantee or endorse any of the above Lawyers.

Customary closing costs;

Seller

Lawyer or Notary Fees and Expenses
– attending to the execution of documents
Cost of clearing title, including:
– discharge fees charged by encumbrance holders (mortgage)
Real Estate commission + GST

Buyer

Lawyer or Notary Fees and Expenses:
– Searching title,
– Investigation of title,
– Drafting documents,
– Land Title Registration fees
Survey Certificate (if required)
Cost of Mortgage, including:
– Mortgage company’s Lawyer/notary
– Appraisal (if applicable)
– Land Title Registration fees
Fire Insurance Premium
Sales Tax (if applicable)
Property Transfer Tax
GST on new homes, new lots or vacation rental homes.

Cheers,

Scott & June Simmons
The Salt Spring Team

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