Buying a Home

Purchase Information – Easily and quickly start your file here

Congratulations on buying a home!  Sherry Anderson and her staff would be pleased to assist you.  Start your home purchase easily and quickly with us by providing the information below and sending it to our office electronically.  More importantly, if you have any questions or concerns or would rather start your file with a simple call to our office, please phone us at 250-635-5988.

Complete this form only if you already have a signed Contract.  If you do not yet have a signed contract then complete the Start-A-File Form “Contract Preparation”

    PURCHASER INFORMATION:

    Name of Person Completing Form (required)
    Phone Number (required)
    Email Address (required)

    A. BUYER INFORMATION:

    Buyer One Information

    IMPORTANT: Provide your FULL LEGAL NAMES including first, middle and last names as set out on your non-expired government identification such as a valid driver's licence or passport. Do NOT use initials, abbreviations or skip middle names. Ensure that spelling is correct before submitting form as this information is used to prepare all necessary documentation. If names DO NOT match your government identification at your appointment signing then ALL documentation prepared by our office may need to be revised which could delay your closing.

    Salutation
    First Name
    Middle Name(s)
    Last Name
    Corporation Name (if applicable)
    Email Address
    Current Mailing Address
    Occupation/Job Title
    Social Insurance Number (Do not skip)
    Date of Birth (yyyy/mm/dd)
    Home Phone
    Work Phone
    Mobile Phone

    What is your citizenship? (Select which applies)

    Canadian Citizen?
    YesNo
    Permanent Resident?
    YesNo
    If NEITHER, of what country are you a citizen?

    Will you be living in the Property you are purchasing? YesNo

    Will your mailing address be the same as the civic address of the property you are buying? YesNo

    If No, or you will receive mail at a P.O. Box provide address below. This will be the address to which your tax notice will be sent to.

    What is your current marital status?

    Provide spouse/partners full name (don't skip) if married/common-law:

    If you are Nisga'a, have you applied for a Nisga'a Grant? YesNo

    Buyer Two Information

    Is there a Second Buyer going on title? (Selection required)

    If there is NO Second Buyer proceed to section "B Title Information"

    Buyer Two

    Salutation
    First Name
    Middle Name(s)
    Last Name
    Corporation Name (if applicable)
    Email Address
    Mailing Address (If address is not the same as Buyer 1)
    Occupation/Job Title
    Social Insurance Number
    Date of Birth (yyyy/mm/dd)
    Home Phone
    Work Phone
    Mobile Phone

    What is your citizenship? (Select which applies)

    Canadian Citizen?
    YesNo
    Permanent Resident?
    YesNo
    If NEITHER of country are you a citizen?

    Will you be living in the Property you are purchasing? YesNo

    Will your mailing address be the same as civic address of the property you are buying? YesNo

    If No, or if you will receive mail at a P.O. Box, provide below. This will be the address to which your tax notice will be sent.

    What is your Relationship to First Buyer? (Selection Required)
    If Other, briefly describe

    What is your current marital status?

    Provide spouse/partners full name (don't skip) if married/common-law:

    If you are Nisga'a, have you applied for a Nisga'a grant? YesNoN/A - Not Nisga'a

    Additional Buyer Info if needed
    (Full Name, Occupation, DOB, SIN, Email, What mailing address do they want for title etc):

    B. TITLE INFORMATION:

    Property Title Registration: "Choosing Between Joint Tenants and Tenants in Common.

    If only one buyer will be registered on the property title, select "N/A" and skip this section N/A

    When there are multiple buyers involved in a property title, it's crucial to choose the right method of holding title. There are two options to consider: Joint Tenants with Right of Survivorship or Tenants in Common. Each of these options has distinct differences and key considerations, so it's important to understand both before making a decision.

    To gain a thorough understanding of the differences between Joint Tenants and Tenants in Common, please refer to our article Understanding the Differences Between Joint Tenants and Tenant In Common: Key Considerations for Property Owners.

    How would you like to hold title?

    • As Joint Tenants with Right of Survivorship
    • As Tenants-in-Common

    Please note that if you choose "Tenants in Common", you will need to provide the percentage of ownership below.

    Additional Comments (i.e. Tenants-in Common):

    C. LAND OWNERSHIP RE: TRANSPARENCY REGISTRY

    The BC Land Owner Registry launched November 30, 2020. The purpose of this registry is to record information about individuals who are deemed to have an indirect interest in land. Individuals deemed to have an indirect interest in land (including corporations, trustees and partners that own land in B.C.) are now required to file with the Land Owner Transparency registry. The BC Land Titles Registry records the legal owners of all land in the Province but does not record beneficial owners. Under the Land Ownership Transparency Act, the law recognizes "beneficial owners" as opposed to legal owners. Therefore, when you purchase a home and decide to register your spouse and yourself on the title as Tenants in Common then each of you has legal ownership of the property. However, if in that same purchase, your spouse has verbally agreed to hold a share of the home for your spouse's mother, then your spouse may become a trustee of a (relevant) trust who holds an interest in the home for his/her mother who is a "beneficial owner" of your property.

    What is a beneficial owner of a property?
    A beneficial owner is a person who enjoys the benefits of ownership even though the title to some or all of the property may be in another name. The beneficial owner is the individual with the right to use/occupy the property and the right to enjoy any economic benefit such as rental income or sale proceeds when the property is sold etc.

    What is a legal owner of a property?
    The legal owner of property is simply the individual or entity registered on title to the property at the BC Land Titles Registry. The individual or entity registered on title to the property has no real value to it.

    What is an example of beneficial and legal ownership?
    Jane and Jack are not married and want to buy a home with each other for $500,000.00. Jack does not want to be a legal owner, however, is contributing $125,000 towards the purchase of the property. Jane and Jack agree to own the property as Tenants in Common and draw up a deed of trust to reflect their separate interest's in the property. Jane is 100% the legal owner of the property and only her name is registered in the land registry as an owner of the property, however Jane only owns a 75% share of the beneficial ownership ($375,000/$500,000) and Jack owns 25% ($125,000/$500,000) of the beneficial ownership.

    If Jane & Jack were getting a mortgage, then they would need to get the mortgage lender's consent to the deed of trust.

    What is the penalty if I do not file a transparency report when required to do so?
    Under LOTA, failure to file a transparency report is deemed to be an offence and could trigger a significant fine, being the greater of: (i) $25,000 for individuals or $50,000 for corporations or other entities; and (ii) 15 percent of the assessed value of the property.

    We will hold ownership in the property as follows

    Individual One
    Select type of Ownership
    If "legal owner only" state reason why going on title?
    Individual Two
    Select type of Ownership
    If "legal owner only" state reason why going on title?
    Individual Three
    Select type of Ownership
    If "legal owner only" state reason why going on title?
    Individual Four
    Select type of Ownership
    If "legal owner only" state reason why going on title?

    Additional Owners or comments:

    CORPORATION

    Corporate Buyer Information for Transparency Report

    Where is the minute book for the company kept?
    What is the general nature of the business?



    For buying corporations please send to our office via email info@sherryanderson.ca the following from the Company Record Book (1) Notice of Articles; (2) Articles of Incorporation (3) Register of Directors and (4) Central Securities Register and (5) Transparency Register.

    In addition we will require the following:

    DIRECTOR INFORMATION

    First Director

    First Name
    Middle Name(s)
    Last Name
    Mailing Address of Director
    Social Insurance Number
    Date of Birth (yyyy/mm/dd)

    Second Director

    First Name
    Middle Name(s)
    Last Buyer Name
    Mailing Address of Director
    Social Insurance Number
    Date of Birth (yyyy/mm/dd)

    List ALL further directors and corporate interest holders below: (Interest Holders hold 10-25% of the Corporations Equity or Voting Shares)

    (Names of Directors/Interest Holders/DOB/SIN and Mailing Address)

    D. PROPERTY INFORMATION:

    Type of real estate you are buying? (Select which one applies)

    Address of Property being Purchased
    Purchase Price
    Completion Date (Do not skip):
    Possession Date
    Subject Removal Date

    Which Buyers will be living in the Property? Select which one applies)

    If other, explain

    Indicate the water system the premises uses? (Select which one applies)

    If water system for the premises is river/stream or lake, is there a water license? (Select which one applies - Do not skip)

    If water system for the premises is river/stream or lake provide Water License No (if known) or name of river/stream or lake:

    If water source is a well, river/stream or lake was a water test done? (If yes, provide copy to our office) YesNo

    Indicate the sanitary system the premises are connected to? (Select which one applies)

    Additional Information:

    E. GOODS AND SERVICE TAX (GST):

    Generally speaking used residential property is exempt from the GST unless it has been substantially renovated. Commercial property, new construction or substantially renovated residential property (made brand new) are generally subject to GST. Vacant Land may or may not be subject to GST depending on the circumstances. GST is normally payable by the Buyer. If you are unsure whether GST applies in this transaction or not select "unsure" below and our office will contact you with respect to same.

    Please select one of the following below:

    If the purchase price is subject to GST are you registered for GST? YesNo

    If you are registered for GST what is your GST Registration No?
    Additional GST Remarks:

    F. GENERAL PROPERTY TRANSFER TAX INFORMATION (PTT):

    With some exceptions, General Property Transfer Tax is payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial and where there is a transfer of real property.

    The tax is charged on the fair market value of the property at the rate of 1% on the first $200,000; 2% on the portion of the fair market value greater than $200,000 and up and including $2,000,000; and 3% on the portion of the fair market value greater than $2,000,000.

    PPT Calculator

    G. FIRST TIME HOME BUYER EXEMPTION:

    The First Time Home Buyers' Program reduces or eliminates the amount of the General Property Transfer Tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. The purchase price must not exceed $500,000 and the land must not exceed 1.24 acres to qualify for a full exemption. If the purchase price is between $500,000 or $525,000 or the land is in excess of 1.24 acres. you may qualify for a partial exemption

    Do I qualify for the First time Home Buyers Program if I've owned a mobile home?
    You may qualify for the program only if the mobile home was located on a rental pad and you didn't own the land.

    Can I re-qualify as a first time home buyer?
    No, you can't re-qualify as a first time home buyer. This rule may be different from other federal programs for the the first time home buyers (e.g. the Canada Revenue Agent Home Buyer's Plan).

    Do I qualify for an exemption?

    First Time Home Buyers:

    Is there any person who is going to be registered as an owner of the property who is a first time home buyer?
    YesNoUnsure (If Yes complete this section)

    First Time Home Buyer's Name
    Address One for the Past 2 Years
    Date you moved in
    Length of time
    Address Two for the Past 2 Years
    Date you moved in
    Length of time

    Have you ever owned a principal residence at any time at any place in the world? YesNo

    Have you resided in BC for the past 12 consecutive months?YesNo

    If No, did you file income tax returns for TWO of the last six taxation years in BC? YesNo

    If yes, please provide the taxation years:  

    Will you be moving into the property within 92 days after registration of the purchase of the property and reside in the property for at least one year? YesNo

    Second First Time Home Buyer

    First Time Home Buyer's Name
    Address 1 for the Past 2 Years
    Date you moved in
    Length of stay
    Address 2 for the Past 2 Years
    Date you moved in
    Length of stay

    Have you ever owned a principal residence at any time at any place in the world? YesNo

    Have you resided in BC for the past 12 consecutive months?YesNo

    If No, did you file income tax returns for TWO of the last six taxation years in BC? YesNo

    If yes, please provide the taxation years:  

    If No, did you file income tax returns for TWO of the last six taxation years in BC? YesNo

    Will you be moving into the property within 92 days after registration of the purchase of the property and reside in the property for at least one year? YesNo

    List any additional First Time Home Buyers here if needed;

    H. ARE YOU USING A REALTOR IN THIS TRANSACTION?

    Are you using a realtor in this transaction? (Selection Required) YesNo

    (If Yes, please instruct your realtor that my office will be acting for you in this transaction and ask them to forward the contract to my office as soon as ALL conditions have been removed)

    Realty Company
    Name of Realtor
    Realtor Phone
    Realtor Email (if known)

    Have all conditions been removed in your Contract?

    I. BUYER OR SELLER PREPARED CONTRACT (No Realtor)

    Do you have a signed Contract? (If Yes forward copy to our office)

    Have all conditions been removed in your Contract? If No, what is the subject removal date?

    Have you paid any monies directly to the Seller? YesNo

    If Yes, what was the amount that you paid to the Seller?

    Seller's Contact Info:
    Seller's Email

    J. FINANCING INFORMATION:

    If applying for a mortgage the Lender will require that ALL Buyers going on title to the property MUST also sign the Mortgage and be part of the mortgage application. You must advise your Lender immediately if was not done at the time of mortgage approval)

    Lender

    Will you be obtaining Mortgage financing? (selection required) N/A - Cash DealYes (If Yes, please complete this section)

    Lender Name
    Lender Branch
    Name of Loans Officer
    Loans Officer Phone


    Mortgage Broker

    Are you using a Mortgage Broker? (selection required) YesNo

    Name of Mortgage Broker
    Broker Company
    Broker Phone
    Broker Email

    (Advise your lender or mortgage broker that my office will be acting for you so that the mortgage instructions will be sent to my office]

    K. GUARANTORS

    Will you have a Guarantor for your mortgage? (selection required) YesNo (If yes, please complete this section)

    (Note: Guarantors are not registered on title to the property as an owner. A Guarantor simply gives a personal promise to pay the mortgage monies which can be sued upon.

    First Guarantor

    Full Legal Name
    Relationship to Buyer(s)
    Home Phone
    Work Phone
    Cell Phone
    Email Address, if any
    Mailing Address
    Date of Birth
    Social Insurance Number

    Second Guarantor

    Full Legal Name
    Relationship to Buyer(s)
    Home Phone
    Work Phone
    Cell Phone
    Email Address, if any
    Mailing Address
    Date of Birth
    Social Insurance Number

    Additional Guarantor information

    L. HOUSE/FIRE INSURANCE

    (If purchasing an Unit in a Strata Complex, the Strata Corporation generally insures the Building (some exceptions will apply). Accordingly, if buying Vacant Land or a Unit in a Strata Complex select "N/A" and skip this section N/A

    When obtaining a mortgage lenders will normally fire insurance for the full replacement value of the buildings on the property. Fire Insurance must be in effect for the Completion Date or the lender will not advance the mortgage funds.

    Insurance Agent (Do not skip)
    Branch (i.e. Street/City)
    Insurance Agency Phone
    Insurance Agency Fax and/or email

    M. RENTER INFORMATION:

    Are YOU the Buyer currently renting and living in the property you are buying? (selection required) YesNo

    Are there Tenants other than yourself currently living in the property you are buying? (selection required) YesNo

    If Yes will the other tenants be remaining in the Property on Completion YesNoN/A

    If YES to any of the above, provide the following information:

    Rent Amount
    Rent Due Date (i.e. 1st of the month)
    Amount of damage deposit (if known)
    Date damage deposit taken (if known)
    Amount of pet deposit
    Date pet deposit taken (if known):

    Does the Seller have a written Tenancy Agreement for the tenants that are staying?

    Rental Remarks, if any

    N. TRAVEL PLANS:

    Do you have any travel plans prior to the Completion Date? (selection required) YesNo

    (If yes, please explain)

    O. ADDITIONAL IMPORTANT INFORMATION: N/A

    Provide any other additional information you feel may be important

    (Note: If you are selling property at the same time as you are purchasing, please also complete the "Sale Form" under Start-a-File)
    A staff member will contact you shortly after submission of this form. Should you have any questions or concerns, please do not hesitate to call my office at: 250-635-5988.