Buying Process Timeline.

Quick Information

Step by step timeline for purchasing

Once you’ve started your search and are working with your agent previewing properties, its important to be familiar with what follows. In most cases, from offer to transfer, it can take an average of 45 – 90 days to complete the closing process.

  • - Prepare the Offer: 1 day
  • - Offer Negotiation & Acceptance: 2-5 days
  • - Removal of common subjects like financing, inspection, title search and property disclosure : 1-2 weeks
  • - Building lots or Estate Sales may require a longer due diligence period:2 – 6 weeks
  • - Pre Closing Period: 1-2 months
  • - Transaction Closing/ Possession: 1 day

How are closing costs determined?

Closing costs don’t have to be a mystery for home buyers. If you are purchasing you need to be aware of these costs well in advance of the closing date. Closing costs typically associated with the purchase of real estate in BC can include:

  • - Notary or legal fees (which vary $500 to $1000)
  • - Fees associated with your mortgage loan such as origination costs, application, credit check, or appraisals
  • - Property transfer tax (1% in first $100k, 2% thereafter)
  • - Insurance, your purchase deposit and remaining down payment.

It’s best to consult with your notary or lawyer for specifics. If you’re buying in new developments or a brand new house, GST/HST will be applicable to the purchase of your home.

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