604-224-5277 Toll Free: 1-855-760-6886
Presenting our clients' properties with greater detail and content than available on the MLS®.
Choose from tens of thousands of Lower Mainland homes with our unique MLS® search tool.
Get started with one of the predefined searches below:
Explore Luxury Real Estate Properties Worldwide. Our network includes over 140 Affiliated brokerages in more than 45 countries.
Photos, maps, videos, market statistics and more!Everything you need to know about these fantastic Vancouver area neighbourhoods.
Email your list of favourites and saved searches to your mobile device or share with friends!
Congratulations, you’ve successfully negotiated the sale of your home!
The only remaining items are the final steps to closing out the sale. This is where your lawyer and your REALTOR® will take care of all the time consuming details and legal issues on your behalf.
Assuming you have chosen your team of professionals wisely, you can now relax.
Here’s a final checklist to review before you close the sale:
Canada’s Money Laundering Requirements
As part of the listing process, you would have completed an identification form called FINTRAC and your REALTOR® would have asked for verifiable identification back in Step 6: Deciding When to Sell & Signing a Listing Agreement. This is a requirement of the federal government.
For more information, you can visit the FINTRAC web site at fintrac-canafe.gc.ca
Connect With Your Lawyer
If you plan to “discharge” or pay off your mortgage with proceeds of the sale, your lawyer will obtain a statement from your lender showing your outstanding balance on the mortgage, and any penalties you’ll have to pay to discharge the mortgage.
A few days before closing, your lawyer will ask you to sign the paperwork that enables the title to be transferred to the buyer.
On closing day, your lawyer will receive and distribute the proceeds from the sale, pay off your mortgage and other costs, and give you a cheque for the net proceeds.
Seller’s Closing Costs
We outlined many of the associated expenses in Step 5: Preparing Your Expenses. Your closing costs, as the seller, are the fees owed on or by closing day that must be paid for by you in order for the sale of your home to be complete.
Here are some of the most common expenses you can expect to incur upon closing your sale (approximate only):
REALTOR® Service Fee
This is the fee paid by you to the Real Estate Agency that was responsible for the marketing and sale of your home. In British Columbia, it is customary that the Listing Agent pays a cooperating brokerage a portion of the fee paid to them. Fees for service vary depending on which Agency you choose, and will correspond with the level of service and marketing that you receive. Ask your REALTOR® to clarify their service fees.
Taxes on Services
In British Columbia, GST and PST is applicable to legal and REALTOR® services.
Legal Fees and Disbursements
Your legal professional will ensure that you are protected. They will review your contract and ensure that the Buyer has complied with all the terms and conditions, and that you have met your legal obligations in order for the deal to close. Legal fees vary, and the total cost depends on the extent of services provided. You will also be responsible for disbursements (costs related to handling your file, such as long distance calls and travel).
Utility and Property Tax Adjustments
Your lawyer will prepare a “statement of adjustments”, which will adjust for things like taxes and utilities. As an example, a statement of adjustments is required if you have already paid your taxes through to the end of the year. On the statement of adjustments you will be credited for the period from possession date through to the end of the year on your side of the adjustment statement, and the buyer will be debited. If you didn’t pay this expense in advance, it will be you paying the buyer for the amount accrued prior to the possession date. The exact amount will be calculated by your lawyer.
Mortgage Prepayment or Discharge Fees
If you pay off your mortgage with the proceeds of your sale, you may be charged a fee from your bank. As outlined in Step 5: Preparing Your Expenses, it is prudent to check on any prepayment penalties or discharge fees early on as part of initial steps in preparing to sell your home. This will ensure that that you are completely apprised of what the final costs of closing out the sale of your home will be.
Remember, if you are moving to a new home, there will be associated costs for transportation, furniture delivery, as well as utility hookup fees.
That’s it – you’ve sold your home!
by Faith Wilson
Please Like our facebook page
Fawn Bluff,Bute Inlet
2606 – 2610 Marine Crescent,Vancouver West
1098 Wolfe Avenue,Vancouver West
5476 Angus Drive,Vancouver West
4176 Crown Crescent,Vancouver West
6335 Elm Street,Vancouver West
1075 Douglas Crescent,Vancouver West
3690 East Boulevard,Vancouver West
4335 Rockridge Road,West Vancouver
9911 Bates Road,Richmond
3535 West 15th Avenue,Vancouver West
611 Shaw Avenue,Coquitlam
481 West 17th Avenue,Vancouver West
3696 West 2nd Avenue,Vancouver West
4114 West 12th Avenue,Vancouver West
621 Shaw Avenue,Coquitlam
15180 Columbia Avenue,South Surrey White Rock
2025 West 14th Avenue,Vancouver West
601 Shaw Avenue,Coquitlam
605 Shaw Avenue,Coquitlam
615 Shaw Avenue,Coquitlam
32 West 14th Avenue,Vancouver West
2832 153A Street,South Surrey White Rock
1294 Lansdowne Drive,Coquitlam
113 – 9299 Tomicki Avenue,Richmond
140-15230 Guildford Drive,Surrey
303 – 930 West 16th Avenue,Vancouver West
102-2130 West 12th Avenue,Vancouver West
205 – 9388 Tomicki Avenue,Richmond
205-930 West 16th Avenue,Vancouver West
509-360 East 36th Avenue,Vancouver East
851-855 Terminal Avenue,Vancouver East
Our Real Estate Listings
Our Real Estate Blog
Head Office: 1838 West 1st Avenue Vancouver, B.C V6J 1G5 Fax: 604-224-5279 Email: firstname.lastname@example.org
Marketing Services: 101 - 2930 Arbutus Street, Vancouver, BC V6J 3Y9
Our Real Estate Affiliates
Copyright © 2018 Faith Wilson Realty Group Inc.