Seller Closing Costs

Professional Full Service Fee (commission)

7%/1st $100k & 2.85% on Balance


(Listing agent - 54%  & selling agent - 46% of total)

 


Legal fees for closing & conveyance. (disbursements & taxes extra)
(costs could be higher for Non-Resident seller & discharge of financing etc.)

$700+


** GST and/or PST may apply on some items.

 



Seller should also consider:

If property taxes are not paid for the current year, then the seller will be responsible for the period he/she owned the property during that year. Pre-paid taxes will be adjusted back to the Seller at the time of completion.

Any penalties on prepayment of the mortgage.
May be 3 months interest or IRD "Interest Rate Differential" (which ever is greater). Plus other charges as per mortgage agreement. Contact your lender.

Utilities while seller owned/occupied the home.

Any passed/assessed Strata Corp special levies. (proposed assessment amounts may be subject to a "hold back")
Any unpaid Strata Corp monthly maintenance fees.

**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 must provide "2 (full calendar) months notice" to month-month tenants upon receipt of a firm/binding sale.  Seller is subject to a "10 day notice period" from tenant after serving tenant 2 month notice. Seller may be responsible to re-pay any/all pre-paid rents back to tenant. More details: Residential Tenancy Office (RT0):  TEL: 604-660-3456 & WEB: www.rto.gov.bc.ca

Any applicable "Assignment fees" as outlined by Developer.
(assignment contracts only).

*Above information is subject to change and approximate. Provider of the above information not responsible for its accuracy. Additional cost may be incurred by the seller

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