BUYING A HOME

Contract Information – Quickly and easily Start your file here

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.

    CONTRACT INFORMATION FORM: (DO NOT use Internet Explorer)

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

    A. HOME BUYER INFORMATION:

    First Buyer 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.

    First Name
    Middle Name(s)
    Last Buyer Name
    Corporation Name (Insert here if title going in Company name)

    Have you checked the spelling of the above names for accuracy? (required) YesNo

    Email Address
    Current Mailing Address
    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 what country are you a citizen?

    Will you be living in the Property you are purchasing? (required) YesNo

    Will your mailing address be the civic address of the property you are buying? (required)YesNo

    (If NO, provide mailing address in box below. This will be the address that your annual tax notice will be sent to and the address shown on the documents prepared by my office)

    Do you have a Spouse or Common-law Partner that is not going on title? YesNoN/A
    (Common-law means an individual that you have cohabited with in a marriage-like-relationship for the past two years)
    If Yes, provide the full legal name of the Spouse or Common Law Partner (do not skip):


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


    Second Buyer Information

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

    [If there is no Second Buyer proceed to section "B LAND OWNER TRANSPARENCY REGISTRY"]

    Buyer Two

    First Name
    Middle Name(s)
    Last Name
    Corporation Name (Insert here if title going in Company name)

    Have you checked the spelling of the above names for accuracy? (required) YesNo

    Email Address
    Current Mailing Address (Insert if different from above)
    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?
    Yes
    Permanent Resident?
    Yes
    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 civic address of the property you are buying? YesNo

    (If NO, provide mailing address in box below. This will be the address that your annual tax notice will be sent to and the address shown on the documents prepared by my office)

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

    Do you have a Spouse or Common-law Partner that is not going on title? YesNo
    (Common-law means an individual that you have cohabited with in a marriage-like-relationship for the past two years)
    If Yes, provide the full legal name of the Spouse or Common Law Partner (do not skip):


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


    A.1 ADDITIONAL BUYERS:

    Are there more than two Buyers going on title to the property? YesNo (If Yes, provide details below)

    If No go to Land Owner Transparency Registry (If Yes, provide details below)

    Additional Buyer's Full Legal Name
    Occupation
    Social Insurance Number
    Date of Birth (yyyy/mm/dd)
    Additional Buyer - What mailing address do you want registered on title?

    Additional Buyer Two

    Additional Buyer's Full Legal Name
    Occupation
    Social Insurance Number
    Date of Birth (yyyy/mm/dd)
    Additional Buyer - What mailing address do you want registered on title?

    Insert any additional Buyer information or information here:

    B. LAND OWNER 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)

    C. PROPERTY INFORMATION:

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

    Address of Property being Purchased
    Possession Date (Date you will move in)
    Completion - Date money passes hands
    Purchase Price

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

    If other, please 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 recent water potability test done? YesNoDon't Know
    (If YES, provide copy of report to our office)

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

    Additional Information:

    D. 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 un are unsure whether GST applies in this transaction or not select "unsure" below and the Notary will contact you with respect to same.

    1. Please select one of the following below:

    2. If the Property being purchased is subject to GST are you registered with the Canada Revenue Agency for GST? YesNoN/A

    3. If you are registered for GST, provide your GST Registration No:

    Additional GST Remarks:

    E. GENERAL PROPERTY TRANSFER TAX INFORMATION:

    General Property Transfer Tax. With some exceptions, General Property Transfer Tax is payable 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.

    If you're a foreign national or foreign corporation and the residential property is located in the Greater Vancouver Regional District, you also pay the 15% additional property transfer tax on the fair market value of your proportionate share.

    F. 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. This exemption doesn't apply to the "additional property transfer tax" on residential transfers to foreign nationals or foreign corporations. In order to qualify as a First Time Home Buyer you:

    1. Must be a Canadian Citizen or Permanent Resident;
    2. Must have resided in the Province of British Columbia for at least one year immediately prior to the Completion Date; OR have filed Income Tax Returns in British Columbia for at least two of the last six taxation years immediately prior to the Completion Date;
    3. Must not have previously owned an interest in a principal residence at anytime, anywhere in the world;
    4. Have never received a first time home buyer's exemption or refund;
    5. The fair market value of the property must not be more than $500,000
    6. Must be living in the property within 92 days of the Completion Date; and
    7. The property must be 0.5 hectares (1.24 acres) or smaller;

    You may qualify for a partial exemption from the tax if the property:

    a. has a fair market value less than $525,000;
    b. is larger than 0.5 hectares; and
    c. has another building on the property other than the principal residence;

    Note: If you owned or have owned a manufactured home in a manufactured home park this will not disqualify you from being a First Time Home Buyer.


    First Time Home Buyers:

    Is the First Buyer a First Time Home Buyer? YesNoUnsure (If Yes, complete this section)

    First Buyer's Name
    Comments, if required
    Address 1 for the Past 2 Years
    Length of time
    Address 2 for the Past 2 Years
    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:  

    If FTHB, have you applied for the "First-Time Home Buyer Incentive Program" with Government of Canada? YesNo


    Second Buyer

    Is the Second Buyer a First Time Home Buyer? YesNoUnsureNA - Only One Buyer on title

    Second Buyer's Name
    Comments, if required
    Address 1 for the Past 2 Years
    Lenth of time
    Address 2 for the Past 2 Years
    Lenth 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:  

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

    If a FTHB, have you applied for the "First-Time Home Buyer Incentive Program" with the Government of Canada? YesNo

    List any additional First Time Home Buyers here if needed N/A

    G. 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):

    H. CONTRACT INFORMATION

    Do you already have a contract by yourself and the Sellers? (selection required) Yes - Self PreparedRealtor PreparedNo
    (If Yes, drop off copy of Contract at my office or fax to 250-635-5926 or email to info@sherryanderson.ca. If Realtor has prepared Contract advise Realtor that my office will be acting for you and to send Contract to my office once subjects are removed).

    2. If you do not have a signed Contract and there is no Realtor, would you like my office to prepare the Contract for you? YesNo
    (Note there is a reasonable fee for preparation of the Contract)

    Completion Date (The date the Buyer is registered as the owner)
    Possession Date (The date the Buyer moves into the property)
    Subject Removal Date(The date all conditions are to be removed)
    When did the Buyer last view the Property?

    (Skip the Remainder of this section if my office is NOT preparing a Contract for you and go to "SECTION "FINANCING")

    Chattels Included in the Purchase Price:

    What Chattels are included in the Purchase Price? (i.e. Items that are not affixed and movable such as fridge, stove etc)

    FridgeStoveMicrowaveDishwasherWasherDryerAll Window CoveringsN/A

    List any additional Chattels NOT mentioned above that are "included" in the Purchase Price?

    Items Excluded from Purchase Price

    List any items "excluded" from the Purchase Price? (i.e. Items that are NOT Chattels that the Seller is not leaving) N/A

    Query Wood Burning Appliances

    Is there a wood burning appliance in the property you are buying? (i.e. wood stove etc) YesNoI don't know

    If yes, do you know if there is a recent WETT Inspection report available? YesNoI Don't Know

    Type of wood burning appliance, and date of last WETT inspection, if known:

    Deficiencies

    Is the Seller required to repair or finish any deficiencies? YesNo (If yes, please provide details)

    Mortgage back to Seller

    Is the Seller taking a mortgage back for the balance of the purchase price? YesNo (If yes, completion this section)

    Principal Amount
    Interest Rate
    Term
    Amortization
    Payment Amount
    Payment Made (select)

    Deposit

    Did the Seller ask for a deposit to be paid? YesNo (If Yes, what amount?)
    Have any monies been paid directly to the Seller? YesNo (If Yes, what amount?)

    Building Inspection

    Will you be getting a building inspection? (Building Inspection checks for defects in the property) YesNo

    WETT Inspection

    Will you be getting a WETT inspection for any wood burning appliances in the property? (Note: You may not be able to obtain fire insurance without a current WETT Inspection Report) YesNoN/A - No Wood Burning Appliances

    Appraisal

    Will you be getting an appraisal? (Appraisal provides the estimated fair market value of the Property) YesNo

    Renter to Vacate the Property

    Do you want Seller to give legal notice to Renter to vacate the Property? YesNoNA - No Renters in Property
    [*Speak to Notary regarding Seller's obligations to Tenant under the Residential Tenancy Act]

    Is Buyer selling existing Property

    Is this Contract subject to the Buyer selling existing property? YesNo (If yes, complete this section)

    Address of Property being Sold by Buyer
    Subject Removal Date for Buyer's Sale
    72 Hour Clause (office use)

    Additional Conditions N/A

    Specify any other conditions to be inserted in your contract:

    I. FINANCING INFORMATION:

    Lender

    Will you be obtaining Mortgage financing? (selection required) YesNo (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

    (Note: Please advise your lender or mortgage broker that my office will be acting for you in this transaction. The lender will then forward the mortgage instructions to my office)

    J. GUARANTOR/CO-SIGNOR (Select)

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

    (Note: Guarantors/Co-Signors/Covenantors are not registered on title to the property as "owners. They simply guarantee payment of the mortgage monies and give their personal promise to pay which can be sued upon. HOWEVER, many Lenders require the guarantors/co-signors to go on title to the Property rather than sign a Guarantee. Check with your Lender. If your Lender requires the co-signors/guarantors to go on title then provide their information as "Additional Buyers" and stipulate the reason that they are required to go on title)

    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/Co-Signor information

    K. 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 require a replacement cost policy of fire insurance in place on the buildings. Fire Insurance must be in effect for the completion date or the lender will not advance the mortgage funds.

    Insurance Agent
    Branch (Street/City)
    Insurance Agency Phone
    Insurance Agency Fax

    L. RENTER INFORMATION:

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

    2. Are there OTHER EXISTING Tenants CURRENTLY living in the property you are buying? (selection required) YesNo

    3. If Yes will the OTHER EXISTING tenants remain in the Property on Completion YesNoN/A

    4. If NO to "3" above is Seller to give 2 months legal notice to OTHER EXISTING tenants to vacate prior to Completion. YesNo

    If YES to either 1, 2 or 3 above, please provide the following information:

    Rent Amount
    Rent Due Date (i.e. 1st of the month)

    Was a damage deposit paid by the renter? YesNoDon't Know (If unknown Buyer to inquire and then advise office)

    Amount of damage deposit. if known
    Date damage deposit taken (if known):

    Was a Pet deposit paid by the renter? YesNoDon't Know (If unknown Buyer to inquire and then advise office)

    Amount of pet deposit
    Date pet deposit taken (if known):

    Is there a written Tenancy Agreement for the EXISTING tenants: YesNoDon't Know - Will Call Seller and ask
    (Provide my office with a copy of ALL written tenancy agreements and whether there are written tenancy agreements once known )

    Rental Remarks, if any

    M. TRAVEL PLANS:

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

    (If yes, please explain)

    N. 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.