Cost to Sellers:
REAL ESTATE COMMISSION – GST is payable on real estate commission.
Before the tax due date (in most lower mainland areas taxes are due on the 1st business day in July) you
will be required to pay a portion of the estimated taxes for the coming year. This also applies to
utilities(water, sewer & garbage) if they are billed separately from the property taxes.
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 – CONDOMINIUMS & TOWNHOUSES
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 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.