British Columbia Real Estate Terms:

These Real Estate Terms are specific to Real Estate Transactions in British Columbia (BC).

Most of the Real Estate Terms set out in the Alberta Real Estate section are also applicable to British Columbia real estate transactions.

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Buyer's Statement of Adjustments - is the statement of adjustments specific to the Buyer and sets out the applicable Debits and Credits of the Buyer respecting the Property.  See Buyer's Statement of Adjustments.

Form A - is the name for Transfer of Land and is the only form BC will allow to be used at the Land Title Office to transfer Property. See Form A.

Form B - is the name for a Mortgage and is the only form BC will allow to be used at the Land Title Office to mortgage a Property.  See Form B.

Form C - is the name for the form that is used to register all other interests in land in BC such as leases, options to purchase and easements. See Form C

PST - Provincial Sales Tax is a tax created by the British Columbia Government in the amount of 7.5%.  This tax is not payable by an Alberta Purchaser if an Alberta Lawyer, who is licensed to practice in BC, acts for you.

PTT - see Property Transfer Tax

Property Transfer Tax - is a tax created by the British Columbia Government charged on the sale of every piece of real estate in British Columbia, with a few exception.  This can be a significant sum of money. The tax is equal to 1% of the first $200,000 of the Purchase Price and 2% on the balance.  Therefore, the property transfer tax on a $500,000 Property would be $8,000. (($200,000 x 1%) + ($300,000 x 2%)). This amount must be paid at the time Title is registered at the Land Title Office.

Seller's Statement of Adjustments - is the Statement of Adjustments specific to the Seller and sets out the applicable Debits and Credits of the Seller respecting the Property.  See Seller's Statement of Adjustments.

Standard Mortgage Terms - is the name given to the mortgage terms that are filed by each Lender and given a specific number by the Land Title Office.  When preparing a Form B, reference is made to the specific number which automatically includes those terms as part of your Mortgage.

Survey Certificate - is a certificate prepared by a BC Land Surveyor that locates the position of the House in relationship to the Lot lines.  This is used in BC sometimes to satisfy the Lender that the property they are loaning against does not have any issues respecting encroachments into the adjoining property and is similar to a Real Property Report.