Seller Closing Costs

Seller should also consider:

If property taxes are not paid for the current year, then the seller will
be responsible for the period he/she owned the property during
that year. Pre-paid taxes will be adjusted back to the Seller at the time of completion.

Any penalties on prepayment of the mortgage.
May be 3 months interest or IRD "Interest Rate Differential" (which ever is greater). Plus other charges as per mortgage agreement. Contact your lender.

Utilities while seller owned/occupied the home.

Any passed/assessed Strata Corp special levies.
(proposed assessment amounts may be subject to a "hold back")
Any unpaid Strata Corp monthly maintenance fees.

**With-holding tax (hold back). Non-resident seller Clearance certificate req’d prior to release of the full proceeds of sale to the Seller. (can take approx 90+ days from sale date). Contact your accountant.
see: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/dsp/menu-eng.html

Rental properties - Seller may need to provide 2 (full calendar) months notice to tenant and may be responsible for 1 months rent to tenant and exposure to a “10 day tenant notice” period.
Contact residential tenancy office:  604-660-3456 and see: www.rto.gov.bc.ca

Any applicable "Assignment fees" as outlined by Developer.
(assignment contracts only).

*Above information is subject to change and approximate. Provider of the above information not responsible for its accuracy. Additional cost may be incurred by the seller