After all subject conditions have been removed (i.e. "subject to financing" "subject to inspection") and a deposit has been paid, your Contract of Purchase and Sale is "firm". At this point you will be asked for the name of the legal representative (lawyer or notary public) who will be handling the transfer of Title and funds. The real estate office then sends instructions to the legal representative and the final stage of closing commences.
Costs of Selling Your Home
Your Realtor, lender and/or legal representative can help you estimate your net proceeds. Listed here are the basic closing costs associated with most home sales in British Columbia:
- Balance of mortgage loan, if applicable, in accordance with a payout statement issue by the Mortgagor, which may include prepayment penalties and interest.
- Other lender fees (appraisal fees, application fees, etc.).
- Any Property taxes outstanding.
- Real estate commission
- Legal fees.
- GST on professional fees.