Costs When Selling a Home

Selling Costs

Real Estate Commission - GST is payable on real estate commissions.

 

Property Taxes

Before the tax due date (in most Lower Mainland areas taxes are due on the first business day in July) you will be required to pay a portion of the estimated taxes for the coming yar. This also applies to utilities (water, sewer & garbage) if they are billed separately from the property taxes.

 

Mortgages

Check with your lender about prepayment privileges and penalties. Some mortgages do not allow any prepayment prior to the maturity date and if prepayment is allowed, penalties can be substantial. If you have the right to prepay a portion of your mortgage without penalty and have not exercised that right for the year of the sale, you should ask your lender if they will take that prepayment privilege into account when calculating your penalty for early prepayment.

 

Strata Title Homes

You may be required to pay a move out fee. This is charged by the Strata Corporation and will be deducted from the sale proceeds.

 

Legal Costs

Legal costs do vary. When requesting a quote ask that it include fees, all disbursements (the cost of searches, registration fees, couriers, photocopies, faxes, land title agent's fees, etc) and taxes (GST & PST) to be charged.

* This information is to be used as a guideline only, costs are approximate and there may be other additional costs.

Buy and Sell Smarter with Kelly Whitehouse