Every real estate transaction in BC requires legal representation. Your lawyer or notary will help finalize the sale, draft the Statement of Adjustments, and handle the closing paperwork. The cost for legal representation can vary depending on the complexity of your transaction, typically ranging from $1,500 to $3,100.
If you’re still carrying a mortgage on your home, you may need to pay a penalty to discharge it early. Depending on your lender and the terms of your mortgage, this fee can add up to thousands of dollars. It’s a good idea to talk to your mortgage lender or broker ahead of time to understand your options—especially if you’re planning to buy another property and may be able to port your mortgage.
While the above are the major expenses involved in selling your home, there are some additional costs to budget for:
- Move-In/Move-Out Fees: If you’re in a strata property, there could be fees for moving, usually $100 to $300.
- Moving Costs: Hiring a moving truck or moving company will add to your expenses.
- Pet Boarding: If you have pets, you may need to board them temporarily during open houses or showings.
- Keys and Fobs: Extra sets of keys or building fobs for your real estate agent or for new owners.
Okay, Anthony, what does this all mean? Give me a number! I like to say budget anywhere from 3-5% of the selling price as the cost of selling your home.
Note: This breakdown does not take into consideration any capital gains or income taxes if this is an investment property.