A Realtor’s Insight

Q: What are the costs associated with selling property in this Province?

A: Many people have this question; my answer will also include what costs Buyers are responsible for. The information I will be providing comes directly from the Contract of Purchase and Sale used in the Province of BC

COSTS TO BE BORNE BY THE SELLER

-Lawyer or Notary Fees and Expenses:

Attending to execution of documents.

-Costs of clearing title, including: -discharge fees charged by encumbrance holders, -prepayment penalties. -Real Estate Commission -Goods and Services Tax (where applicable)

COSTS TO BE BORNE BY THE BUYER

-Lawyer or Notary Fees and Expenses:

-searching title, -investigating title,

-drafting documents, -Land Title Registration fees -Survey Certificate (if required)

-Costs of Mortgage, including:

-mortgage company?s Lawyer/Notary,

-appraisal (if applicable),

-Land Title Registration fees

-Fire Insurance Premium

-Sales Tax (if applicable)

-Property Transfer Tax (New Legislation effective 2006)

-Goods and services Tax (where applicable)

Thank you for the question. I hope it helps, if anyone needs clarification on any of these points, please do not hesitate to give me a call 242-3266 or drop me an e-mail.

I look forward to your questions so feel free to ask. Submit questions to me in writing to Brenda Banham Dawson Creek Realty Ltd.: e-mail bbanham@neonet.bc.ca

fax: 250-242-3256 or

mail Box 1769

Tumbler Ridge, BC V0C 2W0.

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