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The Hidden Costs of Buying and Selling Your Home
10 Best Home Upgrades for Resale
House-Hunting: Find Your Dream Home - A Buyer's Guide
10 Secrets from a Real Estate Professional for Buyers and Sellers
10 Inexpensive Home Selling Tips
Renovate or Relocate?
21 Tips for an Easy Move
Buyers: Know your Credit Rating and Provincial Property Tax Information
Update Your Kitchen for Under $100
First-Time Homebuyer Opportunities
10 Quick Tips to Flip Your Home
25 Insider Condo Buying Tips
Home Staging Made Easy
Top 10 Homebuyer Turn-offs
Your First New Home
Curb Appeal Boot Camp
Top 10 Tips for Downsizing

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Buyers Completion Cost Guide

Prepaid property taxes or utility bills - You will have to reimburse the sellers for any prepaid property taxes or utilities.

Mortgage loan insurance and application fee - If you get a high-ratio mortgage (a mortgage where you pay less than a 20% down payment) you will have to buy mortgage loan insurance from CMHC or a private company. The insurance premium usually gets added to your mortgage.

Appraisal - Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $150 to $350.

Survey fee - Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.

Home Inspection fee - I recommend that you get a home inspection by a certified home inspector. It will cost you approximately $350 .

Legal fees - Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will probably be at least $400.

Disbursements to Land Titles Office - These fees are approximately $300. Your lawyer/notary will arrange this payment.

Sellers Information Guide

Offers to Purchase

An interested buyer will prepare a written offer, usually on a standard form called the Contract of Purchase and Sale. Your Realtor must present you with all written offers and if you receive several at one time, you are under no obligation to accept one over the other.

When you receive an offer, you can accept it, refuse it, or make a counter-offer to the buyers, with the changes you want.

An offer usually contains subject clauses that the buyer needs to remove by a specific date. A subject clause is a special condition that must be met before the sale can take place. For example, a buyer may want to have a certified home inspection done before they commit to the sale. Once the subjects are removed and you've signed the offer, it becomes legally binding.


The Contract of Purchase and Sale will specify a completion day for the sale. On this day, legal ownership of the home will transfer from you to the buyer.

Before the completion day you should hire a lawyer or notary public to handle the completion procedures. Your Realtor will be able to recommend some lawyers or notaries. The lawyer/notary will:

Ensure that your mortgage has been properly discharged.
Arrange for you to sign papers transferring title.
Confirm that all payments you are responsible for have been made.
Give you a cheque for the balance .

Completion Costs

Although you will receive a payment upon the sale of your home, there are still some costs you need to be prepared to pay. They include:

The Realtor's commission.
Legal fees.
Any penalties for paying off your mortgage early.
GST on the commission and legal fees.
Your portion of the property taxes.

While reasonable efforts have been made to ensure the Information is accurate and reliable when it was posted on this site, THE INFORMATION MAY NOT BE ACCURATE, COMPLETE OR CURRENT. You use the Information at your own risk and you should not rely on the Information in situations where that reliance might result in any loss or damage to persons or property.


Royal LePage - Comox Valley    121-750 Comox Road, Courtenay, BC V9N 3P6   Cell: 250.334.SOLD (7653)   Office:250.334.3124   Toll Free:1-800.638.4226