In the transfer of ownership, there will be many financial adjustments between the seller and the buyer. Some of the costs you can expect to see deducted from the purchase price are:
- Any prepayment penalty levied by the financial institution for early pay out of an existing mortgage
- The legal fees to discharge any existing mortgage whether or not you engage your own lawyer
- The commission you agreed to pay to Royal LePage Coast Capital Realty
- The Goods & Services Tax on the real estate commission and on your legal fees
- Your share of the property taxes for the year if the current years taxes have not yet been paid, plus any penalties due for late payment of unpaid taxes
- GST applies to New Homes, Land, and Substantially Renovated Properties etc. If you are not sure whether or not GST applies to your property it would be a good idea to get a letter from the GST Office.
The Properties in Victoria Professionals™ Team will remind you of all the various things to remember before you leave your present home such as changing doctors and dentists or of address changes to hydro, telephone and cable companies, insurance, and discontinued services such as the newspaper, milk delivery, ordering the movers, etc.