The seller of a property in BC may be responsible for the following costs:
- Lawyer or Notary Fees and Expenses
- Pre-Payment Penalties levied by the financial institution for early pay-out of an existing mortgage. This may be avoided if mortgage can be assigned to buyer or transferred to your new property. (consult your mortgage specialist)
- Adjustments for Ownership
This may include taxes, late penalties and/or strata fees.
- Capital Gains Tax
The Capital Gain tax is the ‘gain’ on investment properties. (consult your accountant)
- Commission you agreed to pay your brokerage
*Other costs may be associated.