Who gets the deposit money when I make an offer to purchase real estate?

The brokerage that you are working with will hold that money “In Trust” until the closing day. However, this is negotiable and in some situations the deposit maybe dealt with differently.

Do I have to make my offer conditional on a home inspection?

No – however, it is highly recommended as it protects your best interests and ensures that you know exactly what you are purchasing.

What real estate fees should I expect at the time of purchase?

In Kelowna BC, every buyer must pay Land Transfer Tax. This is calculated as 1% on the first $200,000 and 2% on the remainder of the purchase price. In addition to this tax make sure you budget for legal costs, property taxes and utility adjustments (i.e. your share of any pre-paid bills) and of course moving expenses.

Why is the completion data different from the adjustment and possession date?

The completion date is usually set a day or two in advance of adjustment and possession date such that the lawyers have time to receive and process the necessary funds and transfer title in advance of handing over the key to the new owners. It's there to ensure that everything goes smoothly and there is sufficient time to process all the paperwork.