In particular circumstances there may be additional costs, but the following costs are applicable in most
Cost to be Borne by The Sellers
- Lawyer or Notary fees and expenses
This cost includes attending and execution of all related documents to the sale. Such as clearing title which is investigating title: discharge fees charged by encumbrance holders and prepayment penalties.
- Real estate Commission (Plus GST)
In most cases The Seller is responsible for the full commission payment assigned by the Contract signed between the representative Brokerage and the Seller.
- Any outstanding taxes and penalties
The Seller’s lawyer will also investigate on all outstanding or credit remaining on taxes due payable or paid before.
- Other side
costs like moving, cleaning, small repairs agreed in contract of purchase and sale with the buyers offer.
Cost to be borne by The Buyers:
- Lawyer and Notary expenses and fees
This cost includes, researching and reviewing title, drafting all documents and retrieving any required document from the city, municipality, or land title office and CRD
- Land Title registration fees
- Obtaining survey certificate if required and not available from the seller.
- Cost of financial institution and mortgage
This cost includes the cost of mortgage company lawyer or notary, appraisal fees if applicable, and Land Title registration fees.
- Fire Insurance premium
This fee applies for any properties with wood burning fire whether as heating source or other purposes.
- Sales Tax if applicable.
This tax mostly applies for commercial purchases or brand new developments.
- Provincial Property Tax Transfer Fees
This fee is Provincial Property Transfer Tax of 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% on the portion of the fair market value greater than $2,000,000 is payable by the Buyer, calculated on the fair market value of the Property; unless the Buyer qualifies for an exemption.
- Goods and Service taxes if applicable.
Property annual taxes are calculated by the lawyer and any taxes due payable or credits will be applied to the closing cost.
It is the Buyer’s responsibility to inspect the real estate property they are purchasing in Victoria C. The cost varies for each inspection company. I work with reputable and most recommended inspection company which I’d be happy to provide you with their referral.
- Moving and preparing the real estate property purchased.
Keep in mind in many cases for Condo and strata units, the buyer is responsible to inform the property manager and pay a moving fee and reserve an elevator fee. I always review the Rules and Bylaws of the strata units in detail for my clienst and inform them in advance for any additional charges.
I work with a reliable, reputable and professional team of lawyers, mortgage specialists, inspection companies, Real Estate Property management, and other needed professional that I’d be happy to provide their reference.
Call me direct 250-885-8908 or email me for any additional questions.