Real Estate

Kelowna's Real Estate Lawyer

Kelowna's Best Real Estate Lawyer for Buying or Selling Your Home across British Columbia

Whether you are buying a home, selling a condo or refinancing a residential home, condo, or cottage, choosing a Real Estate Lawyer is an essential element of the process. Maio Law office services Kelowna, Lake Country and surrounding areas.

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BC Property Transfer Tax (PTT) – First-Time Home Buyer

​When you purchase a home in British Columbia you are charged what’s called Property Transfer Tax. This is a tax charged on a percentage of the purchase price. If you are a first time Home Buyer, meaning you have never owned a home any where in the world, you may qualify to reduce or eliminate the Property Transfer Tax.

​If you are purchasing a property with another party that does not qualify then you will only be eligible to save on your percentage of ownership. Meaning if you purchase a property as Tenants-in-Common, as opposed to Joint Tenants (which is 50% and 50%), with Party B and your ownership percentage is 75%, then you would be eligible for an exemption on your 75% ownership percentage.

If you qualify for the PTT exemption, this savings can be obtained at the time of registration, meaning your closing date.

To Qualify:

  • You are a Canadian Citizen or Permanent Resident;
  • You have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years.
  • You have never owned a principal residence anywhere in the world;

The Property Must:

  • Be located in B.C.
  • Be used as your principal residence;
  • Have a fair market value of $500,000 or less if registered after February 22, 2017; ​
  • Be equal to or less than 0.5 hectares (1.24 acres)

Partial Exemption Criteria:

  • Fair Market value is less than $525,000.00 if registered after February 22, 2017;
  • The property is larger than 0.5 hectares
  • Has another building on the property other than the principal residence;

​It is critical to remember that the Provincial Government can reassess you even after you receive the exemption on your closing date. To keep the exemption, you must make certain that you move into the home within 92 days of the registration date and that you occupy the property as your principal residence for the remainder of the first year.

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More About Real Estate Law

​Buying or Selling a Property, whether it is a detached home or condo is one of the biggest transactions an individual will do during their life time, and a Real Estate Lawyer is an essential element of the process. Maio Law provides conveyancing services in Kelowna, West Kelowna, Lake Country, and surrounding areas.

Advantages of Using Maio Law

When should you Call a Real Estate Lawyer?

​If you are buying or selling with a Real Estate Agent or using Com Free or Property Guys, it is recommended to contact a Real Estate Lawyer as soon as possible and prior to signing any Offer’s to Purchase. These contracts can often times be filled with terms and conditions that can have serious legal consequences in the event that they are not lived up to.

Quick Tips for the First-Time Home Buyer

​Financing – Questions about Mortgage Options? Contact my Law Office for assistance in choosing the right options. The big five banks provide competitive rates along with Credit Unions. Mortgage Brokers can provide access to an array of Lenders. Private Mortgages are also an option for individuals who have a hard time qualifying.

Fire Insurance – Home Owners Insurance or Condo Insurance is vital. Lenders require a policy of fire insurance and must be noted on the policy as a loss payee on the Binder or Policy.

​Property Transfer Tax – Property Transfer tax is calculated according to the purchase price. See the Property Transfer Tax Calculator to determine your Property Transfer Tax that is payable on closing. First-Time Home Buyers are eligible for a rebate which is applied closing.

​Title Insurance – There are several Title Insurance companies that operate within Canada. All offer competitive rates and advantages. See the below information for more details on what title insurance is.

Adjustments at Closing – On closing adjustments will be made to variable items such as Property Tax, Utilities, Fuel Oil, Propane. These are adjusted as of the closing date.

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I'm Selling A Home

1.Provide my office with the following:

  • a. Executed Agreement of Purchase and Sale;
  • b. Existing Transfer/Deed – Ownership documents;
  • c. Details on any Existing Mortgage, Line of Credit or other Encumbrances (Mortgage Reference Number and Company); ​
  • d. Current year’s Realty Tax Bill and how much you have paid;
  • e. Any survey in your possession;
  • f. Forwarding Address;

2. Attendance at Law Office:

  • a. You will be required to sign closing documents prior to the completion;
  • b. You will be required to provide two pieces of valid government identification;
  • c. On-site signing at a specified location can be arranged;

2. Sale Proceeds:

  • a. Net Proceeds are payable by Solicitor Trust Cheque or Wired to a specified Account;
  • b. Net Proceeds are only made payable to the Title Holders (Owner(s));

2. Purchaser’s Deposit:

  • a. In most cases the Realtor’s Brokerage will hold the Purchaser Deposit proceeds in trust;
  • b. Any Excess deposit proceeds are sent by mail to your new forwarding address;
  • c. If the deposit amount does not cover the Realtor’s Commission, the required amount will be advanced to the Brokerage from the Sale proceeds;

2. Fire Insurance:

  • a. It is advisable to make arrangements to cancel the Fire Insurance Policy after the transaction has been completed;

2. Utility Companies:

  • a. Water, Hydro, Gas, Oil, Cable, etc – You are responsible for arranging for a final meter reading and providing a forwarding address. Maio Law does not contact utility providers. Please advise Maio Law if you have any flat rate services that you prepay so appropriate adjustments can be made on closing;

2. Monthly Payments/Fees:

  • a. Any payments due prior to the closing date will be your responsibility. Adjustments can be made on the Statement of Adjustments to balance any overpayment.

BC Land Transfer Tax Calculator »


I'm Buying A Home

You have been shopping the real estate market to find your perfect home and you've made an offer and the Seller has accepted it. NOW, what do you do?

1. CALL MY OFFICE

2. Agreement of Purchase and Sale: Provide my office with the Agreement of Purchase and Sale as soon as possible. If you used a real estate agent, you can direct him/her to email it or fax it to our office.

3. Financing: Likely prior to making any offer you will have met with a mortgage agent and determined the price range within your budget. You likely have already satisfied any outstanding conditions or lender requirements, if you are unsure, please confirm with your mortgage agent. You will then want to provide our law office contact information to your mortgage agent so that the necessary instructions can be sent to our office by the lender. Once the required instructions are received our office will be in a position to prepare the required mortgage closing documents.

4. Fire and Contents Insurance: Purchasers of a house will be required to provide our law office with an Insurance Binder/Policy prior to the closing of your purchase. You will want to provide our law office contact information to your Insurance Agent and request that they provide our office with the required documents. If you are purchasing a condominium, it is necessary for the unit owner to obtain content insurance for the individual unit and as well for public liability. The condominium corporation will have separate insurance in place for the building and common areas.

5. Land Transfer Tax: At the time of closing you will likely be required to pay Land Transfer Tax on the amount of the purchase price. The total Land Transfer Tax payable can be calculated below. First time home buyers are entitled to a rebate. Land Transfer Tax payable is in addition to the purchase price and will be required on closing.

6. Closing Adjustments: Prior to the scheduled closing date, the lawyer for the Seller will provide our office with a Statement of Adjustments. The purpose of this is to credit the Seller or in some cases the Purchaser, for any items prepaid by the Seller beyond the closing date. Such items can include: Property Tax; Fuel Oil; Hydro; Water; Condominium Fees. Upon closing, our office will provide the local tax department with a Notice of Change of Ownership for property tax purposes.

7. Closing Funds: You will be required to provide my office with a Certified Cheque or Bank Draft. My office will provide you with the required closing funds that will be due upon closing. Funds will be made payable to our office in Trust.

8. Attendance at Law Office: You will be notified when all the required closing documents are ready for your signing. If there is more than one individual going on title, both individuals must attend to sign the required documents. Two pieces of identification will be required at the time of signing, one being a valid photo card (excluding health card). Should you require on-site signing at a particular location, please inform our office ahead of time so appropriate arrangements can be made.

9. Utility companies (water, hydro, gas, oil, cable, etc.): It is your responsibility to contact the utilities companies and set up the necessary accounts or provide the necessary information to effect any transfers.

BC Land Transfer Tax Calculator

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