Legal Purchase Documents

Contract of Purchase and Sale (CPS) is the document used to write an offer to purchase (See Disclosure Statement). The CPS identifies the terms of the deal including purchase price, completion date, Subjects and

1. Deposit – 10% is paid upon CPS being presented and accepted. The balance is paid at completion.
2. Subjects – conditions that need to be met prior to a deal becoming firm. A deal is not firm until all Subjects are removed (conditions are met)

Additional Terms – additions to the contract e.g. furniture included.

Addendum – changes to the terms of the contract not covered in the original document.

Owning Canadian Property

There are no restrictions for foreign ownership of Canadian Property. Any buyer can own.

Development Disclosure

The document provided by the developer identifying all the legal detail, ownership details, owner responsibilities and property details. A buyer is required to sign a document confirming his receipt and acceptance of the Disclosure Statement.

Transaction fees

1. Legal Fees – usually cost around $1000 - $1200 Cdn
2. Property Transfer Tax – 1% of first $200k and 2% of the balance, on a $400k purchase the tax is $6k
3. GST – If you intend to live in the property you are required to pay 7% GST on the purchase price, if you intend to rent the property GST can be deferred. Consult your accounting professional for details.

Timing of Transfer of ownership

As the construction draws to a close a occupancy permit is granted by the Regional District, this permit triggers the completion process. By the time Occupancy is granted you will have been contacted by your lawyer or realtor for completion funds.