Selling A Property In Vancouver
The commission that my company & 97% of other local companies charge to sell a property in Vancouver is 7% on the 1st $100,000 and 2.5% on the balance of sale price. For example if you were to sell your property for $185,000, the commission would be $9,125.00. Since this is a service, GST of $638.75 is applicable on the $9,125.00 commission.
The legal fees charged by most Lawyers and Notary's to transfer or sell a property are in the range of $700.00 - $750.00 + GST. Please go to the Lawyers & Notary Public Link on my Web Site at httpNULL/www.6717000.com/ to get further details from any of the above professionals listed .
If the owner is a Non Resident, a Clearance Certificate from Revenue Canada (New Name - CCRA - Canada Customs & Revenue Agency) has to obtained. The process to get a Clearance Certificate can be outlined by your Lawyer or Notary Public. Depending on the circumstance, the normal fee that is charged to get this Clearance Certificate is approximately $500. It involves an accountant that the Lawyer or Notary selects to file an income tax return on behalf of the individual. The Clearance Certificate basically outlines to CCRA that there are no outstanding Tax issues with the property. This is especially important when there is a profit or Capitol Gain after the sale occurs. In the event the Clearance Certificate cannot be obtained by the closing date, the holdback by the Notary or Lawyer will be anywhere between 33% - 50% of the sale price. This holdback can cause a problem in the event there are not enough funds to do this holdback after paying off the mortgage. The normal time frame to process a Clearance Certificate is between 6-8 weeks. Please call Reg Chow of Jack Chow Ins & Notary Services at 604-669-7777 or email him at [email protected] for more information about Clearance Certificates. Reg has a really good system in place to process these certificates.