Hani Faraj - Buyer Package March 27

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First-Time Home <strong>Buyer</strong>s You will then work with your real estate licensee to find a home and make an offer. Once you have an accepted offer, you will need to provide BC Housing with a copy of the Contract of Purchase and Sale (CPS) and details on the home you are purchasing. BC Housing will then provide you with a loan commitment letter to take to your primary lender to finalize financing. The BC HOME Partnership loan approval is a conditional approval only until the final first mortgage insurance underwriting review is conducted and approved. How does the repayment work? While the first five years is interest and payment free, you may make additional payments or repay the loan in full at any time with no penalty. At the beginning of the sixth year, interest will start accruing and you will begin making principal and interest payments, amortized over the remaining 20 years. The BC HOME Partnership loan is due and payable in full upon any of the following: Default on the first mortgage or the BC HOME Partnership loan. Transfer of the home or change of ownership (including addition of a person to title). The home is no longer your principal residence in the first five years. Sources: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/ understand/first-time-home-buyers GST/HST Newly Built Homes Rebate: http://www.cra-arc.gc.ca/E/pub/gp/rc4028/ rc4028-10-16e.pdf
Property Transfer Tax When you purchase or gain an interest in property that is registered at the Land Title Office, you're responsible for paying property transfer tax. You are charged property transfer tax when you make changes to a property's title, Including: acquiring a registered interest in the property gaining an additional registered interest in the property becoming the registered holder of a lease, life estate, or right to purchase the property The amount of tax you pay is based on the fair market value of the land and improvements (e.g. buildings) on the date of registration unless you purchase a pre-sold strata unit. The tax is charged at a rate of: 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000. For example, if the fair market value of a property is $450,000, the tax paid is $7,000. EXEMPTIONS FROM PROPERTY TRANSFER TAX IN B.C. There are certain situations which qualify for exemptions from the newly enforced property transfer tax. These situations would include if the transfer is of a principal or recreational residence transferred between family members, or the transfer of the property is due to a marriage breakdown. There are also exemptions when dealing with the transfer of a family farm to a family farm corporation or vice-versa, or transfer to a registered charity.
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Hani Faraj - Buyer Package March 27

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