Use VicFang.com to buy and sell propeties
- Communicate with the buyer and understand the needs, and explain the typical property purchase steps.
- Based on buyer's needs, find the most fit properties for the buyer. In the mean time refer a few bankers for mortgage needs.
- Show properties to the buyer on site, until the buyer is satified with one.
- Prepare offer after extensive research of the recent neightborhood sales price, comparison analysis, etc.
- Submit offer to the listing agent and negotiate on behalf of the buyer.
- After the offer is accepted, refer a few experienced property inspectors for the buyer to choose from.
- Refer lawyer/notary office to handle the transaction, and insurance companies to the buyer, in order to facilitate the deal.
- Once it's complete, get the key for the buyer to take possession.
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In addition to the purchase price, you also need to estimate transaction costs. Normally they can be 2-3% of the purchase price. The follow is a rough estimate. Please check with your lawyer or accountant for a detailed analysis of your transaction costs.1. Downpayment, or full purchase price if there is no mortgage. 2. Property transfer tax: It is 1% of the first $200k, 2% of the amount from $200k to $2m, etc. For example, if your porperty costs you $500k, the property transfer tax will be $8,000. PTT can be exempted if certain conditions are met. Please check with the BC government. 3. GST of 5% for new properties. 4. Legal fees and title registration fees. Lawyers and notary offices handle title transfer business. Their costs range from $700 to $1,500, depending on the complexity of the case. 5. Mortgage costs. Some banks may charge fees for handling the mortgage for you, such as appraisal fee. Mortage of over 80% property cost will need mortgage insurance. 6. Inspection fee. It depends on the size and age of the property. For a condo or townhouse, the cost may be $200 to $350. For a house it may be $350 to $600. 7. Underpaid/overpaid property tax, utility bill adjustments. The laywer's office will give you an adjustment statement. 8. Insurance costs. A house will need its own insurance, including fire, third-party etc. The insurance costs for a condo or a townhouse is already included in the monthly starta fee, and will not need to be purchased separately. 9. Monthly strata fee for condo and townhouses. 10. Misc costs, such as moving, furniture, renovation, etc.