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Who Pays for What When Buying a Home?

Buying a piece of property is not a simple transaction, and buyers are often surprised by the number of parties involved, who of course, all need to be paid.

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Who Pays for What When Buying a Home?

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  1. WHO PAYS FOR WHAT WHEN BUYING A HOME?

  2. Buying a piece of property is not a simple transaction, and buyers are often surprised by the number of parties involved, who of course, all need to be paid. 

  3. Inspections and Reports It is generally up to the buyer to pay for a general home inspection and any other more specialized inspections such a roof, plumbing, or electrical inspection. If there is a well or septic system on the property it is generally up to the buyer to have those systems inspected and and to do a water test.  On a large property the buyer may also want a survey that marks the corners of the lot.  This may or may not be paid by the seller.  The allocation of costs for inspections and reports does not determine who will pay for any repairs that might be necessary as a result of those inspections.  That is negotiated between buyer and seller.

  4. Provincial Requirements  The seller is responsible for the correct permits in the house and that the mechanical equipment such as the water heater are installed to code.  If there are otheKamloops Title Insurancer minimum safety standards that must be met, the seller is generally responsible for those expenses.

  5. Title Insurance  Title insurance is designed to protect both the owner and lender from financial loss due to title defects, liens, or other title related issues. The buyer pays for a title insurance policy to protect the lender. Sources: https://artesiantitle.com/ http://www.kamloopspropertyforsale.com/blog/who- pays-for-what-when-buying-a-home.html

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