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!
There are financial aspects to selling a home that go beyond the fact that you may be able to reap a tidy profit from the actual sale. Prior to signing a listing agreement with your REALTOR®, it is prudent to look at all associated costs as part of your due diligence.
If you have a mortgage on your home, you will have to decide how to manage it.
Here are a few examples of items you may be discussing with your mortgage lender:
When selling your home, there are a number of associated expenses that you may or may not have thought of. Keep in mind that every home selling experience is different, so please consider all potential associated costs. Don’t worry, your REALTOR® will guide you along the way.
Legal Fees, Disbursements and Statement of Adjustment
You will require a Lawyer or Notary Public to act on your behalf to convey your property to the new owner and to ensure that the money is transferred on the completion date. They will also ensure that the Buyer has performed on all the terms of the contract, and that you have met your legal obligations. Legal fees vary widely, partly due to the extent of the services that are required for each individual transaction. You will also be responsible for associated disbursements. When deciding who you want to act on your behalf be sure to make inquiries into the associated costs of your particular transaction. That will ensure there are no surprises when you get to the lawyer’s or notary’s office.
Property Transfer Tax
In British Columbia, property transfer tax is applicable on almost all transactions and is calculated as 1% on the first $200,000 and 2% on the balance. So speak with your REALTOR® to find out how they apply to you.
Property Tax Adjustments
If you have not pre-paid your property taxes, you should expect that the statement of adjustments (provided to you at the time you meet with your lawyer to sign the legal papers to transfer title) will include any outstanding taxes that are due up to the possession date, and this will be noted as a debit. If you have already pre-paid your property tax, it will be noted as a credit on your statement of adjustments. Your lawyer, or notary will calculate these amounts for you.
You may decide to conduct a pre-inspection of your home. Even so, expect that the Buyer will likely order and conduct his/her own home inspection (to be paid for by the Buyer). The justification for a pre-inspection of your home, prior to selling, is to ensure that there aren’t any surprises that may impede a smooth home inspection by an interested Buyer. If any surprises do occur, note that anything discovered and not repaired may be considered a material latent defect. In that case, it may need to be pointed out to a Buyer.
Oil Tank Inspection
In Vancouver, British Columbia, oil tanks are commonly found older homes that come to market. An oil tank could be located on your property, buried underground or located above ground, or within the house (for example, in the basement). If you are unsure — or if no tank is visually evident, you may wish to have your property surveyed for an oil tank prior to an offer presentation from interested Buyers. This is very important in Vancouver, as oil tanks are the responsibility of the property owner. A prudent Seller will inform a potential Buyer of the status of oil tanks on the property. If a tank is found on your property, remove it prior to new owner occupying the property. Most major lending institutions will not mortgage a property with an oil tank; therefore it may need to be removed prior to completion.
Knob & Tube Wiring
Another issue with older homes in Vancouver is knob and tube electrical wiring. Some insurers will require that any knob and tube wiring be completely removed and replaced with modern wiring, or will require that a qualified electrician review the system and ensure that everything is safe for occupants.
Repairs & Renovations
As discussed in Step 2: Preparing Your Home for the Market, there may be items that should be repaired or renovated prior to placing your home on the market. This will ensure that your home is show-ready and able to attract prospective Buyers in a timely manner. It may even garner you a better price. Repairing items prior to a home inspection will remove the red flags that could crop up and create issues. At the very least, ensuring that your home is safe for potential Buyers to inhabit is important.
Associated moving costs will include the packing and moving your household items to another location. In addition to moving costs, utility transfers and other incidentals involved in process of selling your home will likely arise.
Capital Gains Tax
In most cases, Capital Gains Tax is not applicable on the sale of your primary residence; however, if a portion of your home was rented (e.g. a basement rental suite), Capital Gains Tax is applicable on the profits of the portion percentage of your home that was rented. Speak with your accountant to ensure that you are aware of any tax implications associated with the sale of your home.
GST for Professional Services
Don’t forget, GST is an applicable tax on legal fees and the professional services provided by your REALTOR®.
Estimating Your Net Proceeds
Now that you have a good idea of the market value of your home and the associated expenses you should expect, you can start to establish a rough expectation of what will go into your pocket when you have completed on the sale of your home.
To estimate your net proceeds, subtract Estimated Associated Costs from your estimated Sales Price:
This is step 5 of a 10 Part series. Go to Step 6: Deciding when to Sell & Signing a Listing Agreement
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.