Important RealtiWeb-BC Updates

RealtiWeb has been updated to reflect BC Land Title & Survey Authority (LTSA) changes and the transition from HST to GST. Please read on for details. 

A. LTSA Forms

The new versions of the LTSA Electronic Land Titles Forms are now live in RealtiWeb. 

B. HST Transition Back to GST

RealtiWeb has been updated so that files closing as of April 1, 2013 will reflect the transition back to GST. Areas that have been affected by this are the contract price and consideration amount as well as fees and disbursements on the Statement of Account. 

Contract Price and Consideration calculation In calculating the consideration, the system defaults so that files closing on or after April 1, 2013 automatically default to calculations using GST at 5%. However, to add flexibility to reflect instances in which HST is still required (or even earlier versions of the GST), the system allows you to make those choices and then calculate them for you, as in the screen shot below. You can select how you wish to backout from the purchase price to arrive at the consideration using the Overwrite Backout Rate indicator, and then you can also choose to change the rate by which to calculate GST using the Overwrite GST Rate indicator. 
 

03-18-2013.jpg

Fees and Disbursements on the Statement of Account Based on the closing date of April 1, 2013 or later, RealtiWeb will automatically assume that the fees and the taxable disbursements on the Statement of Account are GST taxable.

C. LTSA Customer Service Fee Increases

In accordance with LTSA's announcement of customer service fee increases effective April 1, files in RealtiWeb with closing dates of April 1, 2013 or later will be charged in alignment with their bulletin which can be found at www.ltsa.ca/fees.

In summary, the fee increases that affect RealtiWeb are:

For electronic registrations:

  • Indefeasible Title search fees and Registry fees were $72.50 and will go to $73.50
  • Cancellation fees were $28.75 and will go to $29.10
  • Certificate Request fees were $10.25 and will go to $10.40
  • Computer Assisted Title Search fees were $7.45 and will go to $7.55

For non-electronic registrations:

  • Title Search and Registry charges were $74 and will go to $75
  • Cancellation fees were $30.25 and will go to $30.60
  • Certificate Request fees were $10.25 and will go to $10.40
Real EstateIrene WardRealtiWeb, BC, UpdatesComment