Before You Buy Invermere Real Estate 10 Things You Need To Know

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Before You Buy Invermere Real Estate: 10 Things You Need To Know. • Buying Invermere real estate can be slightly different than in other places. As an Invermere Realtor, I get asked questions. • 1. BC Property Purchase Tax - This is a tax collected by the lawyer at the time of closing, levied by the Provincial Government, and applies to all properties purchased in Invermere BC. • 2. Speculation Tax -The Speculation and Vacancy Tax which at this time is inapplicable In the Invermere real estate area. • 3. Foreign Buyers Tax – This is not inapplicable in Invermere British Columbia. • 4. Insurance - The mortgage company will require that the home is insured prior to the sale closing and the disbursement of the mortgage monies. • 5. Lawyer – For Real Estate purchases in Invermere BC you are required to use a lawyer/notary that is licensed in this province. • 6. Property Taxes – Taxes are due on July 1st and cover the period of January 1st to December 31st of that year. Your lawyer will calculate a daily rate for the taxes, and this will be applied to the Statement of Adjustments at closing as either a debit or a credit depending on your closing date. • 7. Prepaid Fees - The Seller of the property may have prepaid, strata fees, water or sewer fees for the year, and if so, the prorated amount will be due on closing and the lawyer will apply this amount to the Statement of Adjustments. • 8. Propane – If the property utilizes propane, a tank reading will be obtained prior to the closing date to determine how much propane remains in the tank and the value of that propane. • 9. Appraisal - The mortgage company may require an appraisal of the property and the cost of the assessment is the obligation of the Buyer. • 10. Survey Certificate - The mortgage company may require a current survey certificate for the property. This is not a requirement in Invermere British Columbia for the Seller to provide one therefore it will be the responsibility of the buyer to obtain one and pay for any associated costs. • That's it for the top 10 things you should know when purchasing a property in Invermere. I hope this information has been helpful to you. Don't forget to subscribe to Team Rice's channel for more helpful tips and information about Invermere real estate. Thank you for watching! • I created the article 10 things you need to know before buying Invermere Real Estate . The link to the article https://www.teamrice.ca/HomesAuthenti... • 00:00 Team Rice • 00:30 BC Property Purchase Taxes • 01:11 Speculation Tax • 01:39 Insurance • 01:57 Lawyer • 02:32 Property Taxes • 03:08 Pre-Paid Fees • 03:36 Propane • 04:13 Appraisal • 04:47 Survey Certificate

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