Here’s another closing cost that you might have to prepare for when purchasing your next home. Today lenders want the assurance that the home you are buying is compliant with local bylaws, and there are three ways of accomplishing this.
- If the existing homeowner is still in possession of a Survey Certificate, chances are you will not have to pay extra to prove compliance.
- If vendor of the property does not have the certificate you will have to produce a Survey of the property done by a BC Land Surveyor. The costs of Survey start at about $350 and increase depending on the property.
- Alternatively, you can instruct your lawyer or notary to purchase title insurance at a cost of about $200.00. With other protections against title fraud and errors and omissions on title, this option is proving to be the more popular and prudent solution.