One of the most important first steps you will need to take in the home buying process is to consult with a mortgage broker about your financing options. When you know what you can afford, you are able to focus your home search and make your move more quickly when you find the right property for you.
Home Insurance: Before you are able to complete your purchase you will need to have home insurance in place. There are two local offices in Princeton, BC that are able to assist you.
Westland Insurance 250.295.6955
Valley First 250.295.6200
Completion/Closing Costs: You've found your dream home, your offer has been accepted, conditions are removed, your loan has been approved and you're ready to move into your new home. One last step is the ‘Closing’ which is the process of transfer of ownership of the property from the current seller to the buyer. As a buyer, you will sign several documents in the presence of the notary/lawyer of your choice.
Avery Law Office Located in Princeton, BC
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. The amount of tax paid is based on the value of the home & is calculated as follows:
• 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
• 3% on the portion of the fair market value greater than $2,000,000.
Home Inspectors: A home inspection is a great tool to provide you with additional knowledge & certainty about your home.
Skivvies Inspections 1.877.490.1118
A Buyer's Choice 250.486.4317
Land Surveyor: Allterra 250.295.6761
Local Banks: CIBC 250.295.3225 & Valley First Credit Union 250.295.3171
Princeton Town Hall: 250.295.3135
RDOS Office: 1.877.610.3737
General Hospital: 250.295.3233
Post Office: 250.295.6012