Seller Closing Costs:
Real Estate Commission:
7% on the first $100,000 plus 2.5% on the Balance. Plus 12% H.S.T. (Harmonized Sales Tax) on commission.
(Listing agent retains 53.5% of gross commission and the cooperating/ selling agent (Buyer's representative)retains 46.5% of gross commission)Plus 12% H.S.T. (Harmonized Sales Tax) on commission
Lawyer/Notary Fees:
(Legal fees for closing & conveyance):
$600 - $1500 Plus 12% H.S.T. (Harmonized Sales Tax)
(costs could be higher for Non-Resident sellers, discharge of financing, etc.)
Additional costs:
Property Taxes:
if property taxes are not paid for the current year, then the seller will be responsible for their proportional share of amount owing. If the yearly taxes have been paid then the Buyer will owe their proportional share to the Seller at the time of completion.
Prepayment of Mortgage:
Any penalties may be 3 months interest or IRD "Interest Rate Differential" (which ever is greater). Plus other charges as per mortgage agreement. Contact your lender.
Strata Properties:
Any unpaid Strata Corporation monthly maintenance fees.
Any passed/assessed Strata Corp special levies.
Proposed assessment amounts may be subject to a "hold back" (dependant on contract of purchase and Sale).
Any outstanding amounts on the Form B (issued by Strat Corporation).
Non-resident sellers:
With-holding tax (hold back). Non-resident seller Clearance certificate req’d prior to release of the full proceeds of sale to the Seller. (can take approx 90+ days from sale date). Contact your accountant.
see: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/dsp/menu-eng.html
Rental properties:
Seller may need to provide 2 full calendar months notice to tenant and may be responsible for 1 months rent to tenant and exposure to a “10 day tenant notice” period.
Contact residential tenancy office: www.rto.gov.bc.ca
Assignment Contracts:
Any applicable "Assignment fees" as outlined by Developer.
Above information is approximate and subject to change. Provider of the above information not responsible for its accuracy. Additional cost may be incurred by the seller.