Once you have a firm deal (both you and the buyer have agreed on price and agreement terms, you’ve received a deposit and there are no more conditions to waive), the closing process starts. This will require you to be in close contact with your lender and your lawyer – they’ll need lots of information and only you can provide it.
Costs of Selling Your Home
As you go through the process of selling your home, you’ll naturally want to know how much money you’ll have when it’s all over and done. Your lawyer, accountant or Realtor can help you estimate your net proceeds. Some of the things you can expect to pay are:
Balance of mortgage loan (if applicable)
Interest on mortgage since last payment
Mortgage prepayment penalty (if any)
Other lender fees (appraisal fees, application fees, etc.)
Any taxes owing
Real estate commission
Legal fees
HST on professional fees
closing costs associated with home sales in BCAfter 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.