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Call Tanya
(604) 807-6039

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Additional expenses when selling real estate

Additional expenses when selling properties vary quite a lot, and that will be a very important topic to talk about when we meet to discuss selling of your home. Speaking in general, most sales are subject to the following expenses:
1. Mortgage penalties. Before you list your property for sale, you need to have a very clear picture of what is going to happen to the financial charges on your title. Are you going to transfer your mortgage to a new property? Are you going to collapse the mortgage? How much will the penalty be? The best way is to talk to the mortgage specialist who helped you to get mortgage initially, but if for some reason you would like to talk to others working in the industry, please feel free to ask me for recommendations, which I will give you according to your specific situation.
2. Paying off secured lines of credit. If you have a secured line of credit, collateral of which is your property, most likely, you will need to pay it off at the sale of the property. Please make sure you know the balance you are owing to be able to pay it off when the property is sold.
3. Legal fees. Expect to pay about $800 if you do not have any financial charges on your home (mortgage, secured line of credit etc), and about $1,000 if there ones.
4. Realtor's commission. Rates are flexible and we will talk about it when we meet to discuss the sale of your home. Please note, that  realtor's commission is subject to 12% HST.
5. Capital Gain Tax. Generally speaking if for the whole period of ownership the property was your primary residence assuming you are resident of Canada in terms defined by income tax law (note: not immigration law, but income tax law), the gain in price you receive after the sale of the property is not taxable. Still, qualifications for this exempt are not absolutely straight forward,  and I highly recommend you talking about taxation of your sale to your accountant. If you do not have one, I will gladly recommend an accountant proficient in aspects of real estate. If you ever derived any income from your property or for any period it has not been your primary residence, if you are non-resident,  if you are selling the property during the first year of ownership, or if you have sold several properties in the past, you definitely need to talk to an accountant before you put up your property for sale.
6. Harmonized Sales Tax (12%). This tax is very rare if you sell your property and you are not a developer. Still, it happens, and you definitely need to talk to an accountant, for example, in cases if you are selling a property that has never been occupied before, if you used the property for a short-term rentals, if you are selling the property during the first year of the ownership and some other cases.
7. Property tax and utilities for the current year in proportion to the time of your ownership in the current year.  
8. Move-out fees. Most condominium buildings practice these fees. They usually are  $50 - $200.
There might be more expenses associated with your sale and we will talk about them and estimate their extent when we meet to discuss the sale of your property.
To talk about expenses associated with the sale of your property, please call me at your convenience on my cell (604)807-6039 or fill out the form below and I will be in touch with you at my first opportunity.
I would like to discuss additional expenses in respect to a possible sale of my property
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