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Jun 24, 2022 · There are a few additional fees associated with selling a home, from closing costs to real estate commission. In 2021, the average home sale price in BC rose to $927,877 (that’s up 18.7% from the previous year!). It’s a seller’s market, but you’ll still need to cover a few costs before you can transfer ownership of your property.
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Many variables and considerations affect the final amount of British Columbia real estate closing costs; however, you can generally expect between 2% to 4% of your property value. For example, if the purchase price of your new BC home is $750,000, the calculation of 2% to 4% will be $15,000 to $30,000 in closing costs.
The time to budget for these “end” expenses is now. Legal fees – Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will probably be around $1200. They include: Survey Certificate – Your lender may require an up-to-date survey of the property.
Costs can add up. Don’t let your finances be a surprise – make sure to factor in these common adjustments and closing costs. (Note: this list does not cover moving costs like hiring moving companies and packers; instead this article is focused on closing costs associated with expenses related to legal title changes).
Mar 4, 2024 · Finder.com states that closing costs are additional costs that the buyer and seller of real estate incur, on top of the selling price of the property. In British Columbia, if the average home sale price is between $675,000 to $700,000 and the average closing costs are $21,000 with a range between $14,000 and $28,000.
Jun 29, 2022 · Closing costs refer to the various fees charged to finalize and “close” a real estate transaction. They are paid by both the buyer and seller at the end of the home buying process. For buyers, closing costs typically range from 2-5% of the home’s purchase price. That means on a $500,000 home, you may pay $10,000 to $25,000 in closing fees ...
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You must be a BC Resident, and have lived in BC for a minimum of one year prior to your purchase date. The FTHB PTT Exemption applies to Purchase Prices Below $835K. The maximum exemption is $8000, which is full PTT on on a $500K Purchase Price. PTT is still due on the portion of purchase price between $500K and $835K.
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