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
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
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
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.