Question: Husband and Wife purchase a property. We signed the documents in the bank. Our mortgage was approved. We decided to put only me on a title. Can we do it?
Answer: No, if you and your wife are the borrowers, you are both have to go on a title. Or you can go on a title without your wife, but then your wife will have to be a guarantor not a borrower.
Question: What is an amount I need to bring to complete my purchase?
Answer: An amount is usually known few days in advance of completion. Notary gets all information, does his/her due diligence, makes calculations and then asks client to bring a balance to complete. It has to be a bank draft or certified cheque.
Question: Why is a principal amount of mortgage on Form B is different from an amount I borrow?
Answer: Frequently an amount is different. It is done for a situation when borrowers decide to borrow more money, they will not need to re-register Form B.
Question: Do I qualify as a First Time Homebuyer?
Answer: To see if you qualify as a First Time Homebuyer, please go to the following link:
Question: Will I have to pay additional property transfer tax ? Answer: Starting August 2,2016, an additional property transfer tax applies to residential property transfers to foreign entities in the Greater Vancouver Regional District. Foreign entities are transferees that are foreign nationals, foreign corporations or taxable trustees. Foreign nationals are transferees who are not Canadian citizens or permanent residents,including stateless persons. See the following link:http://www2.gov.bc.ca/assets/gov/taxes/property-taxes/property-transfer-tax/forms-publications/is-006-additional-property-transfer-tax-foreign-entities-vancouver.pdf.