Notary or Lawyer

A notary or lawyer will act as your closing agent. They hold the deposit in trust, conduct a title search to confirm the property is free of encumbrances, and ensure everything is in order for the transfer. Some properties may be subject to easements, covenants, or building restrictions that affect how you can use the land. As your agent I would have already made you well aware of these but it is valuable to clear this again with your notary.

Ownership Structure

How you hold title to your property has important legal and tax implications, especially when selling, estate planning, or adding a co-owner. I always recommend consulting with a lawyer or tax advisor to determine the best ownership structure for your goals.

Property Inspections

After offer acceptance, one typically has a window to arrange a professional home inspection. Your agent should be there — it is your opportunity to get to know the property deeply. If you have any pointed concerns it is advisable to bring in specialists for those areas.

Based on the inspection results, one of three outcomes typically follows:

1. You proceed with the purchase as agreed.
2. Your agent renegotiates the terms — it may be on price, repairs, or a credit from the seller.
3. You choose to walk away from the deal if the findings are beyond your comfort.

Appraisal and Financing

If your purchase is conditional on financing, the lender would arrange for an independent appraisal to confirm the property's value. The appraiser determines the current market value by researching comparable homes, sometimes conducting site visits, documenting property features, and comparing them against similar properties.

Stay in close contact with your mortgage broker during this stage, as they may need additional documents to finalize your approval. I recommend checking in with your lender approximately two weeks before closing.

Cooperatives

When your purchase requires coop approval, obtain the governing documents from the seller immediately after signing. Make sure you submit your application and fees promptly, ensuring everything is complete and timely. If an interview is needed, book it right away. The Notary will require the original approval letter before closing.

Protecting Your Investment with Insurance

The lender requires you to have property insurance in place before closing:

• Shop around. Premiums can vary significantly between providers.
• Consider a higher deductible to lower your annual premium.
• Ask about discounts for security features such as alarm systems, deadbolts, and smoke detectors.
• Insure the structure, not the land. The land will still be there after a disaster — over-insuring inflates your premium unnecessarily.

I can recommend experienced insurance brokers who specialize in residential properties across Greater Vancouver.

Ongoing Tax Obligations

Aside from Property Transfer Tax paid at closing, BC has tax measures aimed at improving housing availability that may apply to you as a property owner. Understanding these early avoids surprises down the road.

**Speculation and Vacancy Tax** applies to residential property owners in Metro Vancouver, the Capital Regional District, Kelowna, West Kelowna, Nanaimo, Lantzville, and several Fraser Valley communities. All owners in these regions must complete an annual declaration, even if exempt. The tax rate is 0.5% of assessed value for Canadian citizens and permanent residents who are BC residents, and 2.0% for foreign owners and satellite families.

In the City of Vancouver, the municipal **Empty Homes Tax** is another declaration. This tax applies to properties that are unoccupied for more than six months in a calendar year at a rate of 5% of assessed value. Property owners must submit an annual status declaration to the City. Exemptions may apply in certain circumstances such as major renovation, medical care, or a legal proceeding that prevents occupancy.

If you are purchasing a property as a second home or investment, I strongly recommend speaking with a tax advisor. Planning ahead ensures there are no surprises.