REAL ESTATE - WHEN YOU ARE SELLING...
When representing you as a Seller of a property, we will review your contract and all closing documents prepared by the Buyer’s notary or lawyer. The adjusted proceeds of your sale will be received by us “in trust” from which we will attend to the payment of any financial charges such as a Mortgage or liens so that your title can be cleared. Once debts against the property are fully paid, we will release the net proceeds to you.
Lender/Mortgage Discharges
We will search the title to the Property to see who the registered charge holders are. All financial charges, even if it is a line of credit, secured against real estate is known as a Mortgage. A title search may also reveal old charges, although fully paid out but have not been released from the title. All such charges must be released in order to deliver a clear title to the buyer.
We will request payout statements from your Lender(s) and pay funds in accordance with the written statements received. If your Lender provides an incorrect payout statement or refuses to provide a discharge after payment of the amount requested has been made, you will be notified and called upon to take further action to obtain the discharge, at your cost. Any undertaking given by us with respect to a discharge will be limited to “commercially reasonable efforts” to obtain a discharge.
It is your responsibility to inquire directly with the Lender as to any prepayment charge/penalty payable for repaying your mortgage prior to maturity. Your Lender will be able to calculate and inform you of the penalty amount, if applicable.
Prepaid Accounts
You are responsible for paying all accounts up to and including the date of completion.
Expenses will be prorated and you will be credited with the buyer’s share of the current year’s property taxes and current month’s strata fees paid by you. You may be asked to provide receipts and confirmation of payments you have made.
Pre-Authorized Payments
Please ensure that all pre-authorized payments for property taxes or strata fees are cancelled in a timely manner to avoid further debits to your account after completion. Some plans require 30 day’s notice. Since property tax accounts are associated with the property and not the homeowner, any accumulated balance will be assumed by the buyer. The buyer will credit you with the amount of the credit balance up to the completion date of the sale.
Holdbacks
When a financial matter cannot be fully resolved prior to completion, funds are held back to put aside as per an agreement in writing between the parties. If your contract provides for a holdback of funds beyond the completion date, please note that an administrative charge will apply which amount is dependent upon the particulars of the agreement. Should there later be a dispute regarding the release of the holdback that cannot be resolved by mutual consent of the parties, additional costs or charges may be levied.
Goods & Services Tax (GST) Obligations
Pursuant to Section 194 of the Excise Tax Act, please advise us if the subject Property is newly built or has recently been substantially renovated, or is being used for a commercial activity. We recommend that you consult with a tax accountant or an agent of the Canada Revenue Agency for advice and clarification of issues such as calculation, collection, remittance and rebates relating to the Goods and Services Tax (GST) as applicable to this sale.
Non-Resident Seller
If you are a Non-Resident Seller as defined by Section 116 of the Excise Tax Act, we will be retaining 25% (“Withholding Amount”) of the sale price in our general trust account. Within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) pursuant to the Act to obtain a certificate of compliance prescribed therein. Upon review of the application, CRA will issue a notice of assessment if there is any tax payable. At that time, we will release sufficient funds to CRA to pay the assessed tax (if applicable) in exchange for the compliance certificate and release the balance of the Withholding Amount to you.
Prior to selling your property, it is recommended that you:
1. Consider or seek professional advice regarding tax implications potentially arising from the sale of your property. Tax laws are complex and ever-changing. You should seek specialized advice from a tax accountant or a lawyer if you are concerned about Goods & Services Tax, income tax, non-resident tax, capital gains/loss, the Vancouver Empty Homes Tax, the provincial Speculation Tax, or any tax that may affect you or others with respect to this transaction.
2. Ensure the accuracy of any representations or warranties made by you under the Contract. It is assumed that the Contract represents the entire agreement between you and the Buyer with respect to the sale of the Property.
3. Determine of which parking stall(s), storage locker(s) or any other common or limited common property of the strata which you are able to assign to the Buyer – Ensure that you have made all necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such common or limited common property.
4. Confirm your entitlement to the exclusive, or other use, of any PARKING STALLS associated with the strata lot and the location of such parking stalls. Records regarding parking stalls are often inaccurate and we confirm that you are not relying on us to verify your entitlement.
When representing you as a Seller of a property, we will review your contract and all closing documents prepared by the Buyer’s notary or lawyer. The adjusted proceeds of your sale will be received by us “in trust” from which we will attend to the payment of any financial charges such as a Mortgage or liens so that your title can be cleared. Once debts against the property are fully paid, we will release the net proceeds to you.
Lender/Mortgage Discharges
We will search the title to the Property to see who the registered charge holders are. All financial charges, even if it is a line of credit, secured against real estate is known as a Mortgage. A title search may also reveal old charges, although fully paid out but have not been released from the title. All such charges must be released in order to deliver a clear title to the buyer.
We will request payout statements from your Lender(s) and pay funds in accordance with the written statements received. If your Lender provides an incorrect payout statement or refuses to provide a discharge after payment of the amount requested has been made, you will be notified and called upon to take further action to obtain the discharge, at your cost. Any undertaking given by us with respect to a discharge will be limited to “commercially reasonable efforts” to obtain a discharge.
It is your responsibility to inquire directly with the Lender as to any prepayment charge/penalty payable for repaying your mortgage prior to maturity. Your Lender will be able to calculate and inform you of the penalty amount, if applicable.
Prepaid Accounts
You are responsible for paying all accounts up to and including the date of completion.
Expenses will be prorated and you will be credited with the buyer’s share of the current year’s property taxes and current month’s strata fees paid by you. You may be asked to provide receipts and confirmation of payments you have made.
Pre-Authorized Payments
Please ensure that all pre-authorized payments for property taxes or strata fees are cancelled in a timely manner to avoid further debits to your account after completion. Some plans require 30 day’s notice. Since property tax accounts are associated with the property and not the homeowner, any accumulated balance will be assumed by the buyer. The buyer will credit you with the amount of the credit balance up to the completion date of the sale.
Holdbacks
When a financial matter cannot be fully resolved prior to completion, funds are held back to put aside as per an agreement in writing between the parties. If your contract provides for a holdback of funds beyond the completion date, please note that an administrative charge will apply which amount is dependent upon the particulars of the agreement. Should there later be a dispute regarding the release of the holdback that cannot be resolved by mutual consent of the parties, additional costs or charges may be levied.
Goods & Services Tax (GST) Obligations
Pursuant to Section 194 of the Excise Tax Act, please advise us if the subject Property is newly built or has recently been substantially renovated, or is being used for a commercial activity. We recommend that you consult with a tax accountant or an agent of the Canada Revenue Agency for advice and clarification of issues such as calculation, collection, remittance and rebates relating to the Goods and Services Tax (GST) as applicable to this sale.
Non-Resident Seller
If you are a Non-Resident Seller as defined by Section 116 of the Excise Tax Act, we will be retaining 25% (“Withholding Amount”) of the sale price in our general trust account. Within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) pursuant to the Act to obtain a certificate of compliance prescribed therein. Upon review of the application, CRA will issue a notice of assessment if there is any tax payable. At that time, we will release sufficient funds to CRA to pay the assessed tax (if applicable) in exchange for the compliance certificate and release the balance of the Withholding Amount to you.
Prior to selling your property, it is recommended that you:
1. Consider or seek professional advice regarding tax implications potentially arising from the sale of your property. Tax laws are complex and ever-changing. You should seek specialized advice from a tax accountant or a lawyer if you are concerned about Goods & Services Tax, income tax, non-resident tax, capital gains/loss, the Vancouver Empty Homes Tax, the provincial Speculation Tax, or any tax that may affect you or others with respect to this transaction.
2. Ensure the accuracy of any representations or warranties made by you under the Contract. It is assumed that the Contract represents the entire agreement between you and the Buyer with respect to the sale of the Property.
3. Determine of which parking stall(s), storage locker(s) or any other common or limited common property of the strata which you are able to assign to the Buyer – Ensure that you have made all necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such common or limited common property.
4. Confirm your entitlement to the exclusive, or other use, of any PARKING STALLS associated with the strata lot and the location of such parking stalls. Records regarding parking stalls are often inaccurate and we confirm that you are not relying on us to verify your entitlement.
When representing you as a Seller of a property, we will review your contract and all closing documents prepared by the Buyer’s notary or lawyer. The adjusted proceeds of your sale will be received by us “in trust” from which we will attend to the payment of any financial charges such as a Mortgage or liens so that your title can be cleared. Once debts against the property are fully paid, we will release the net proceeds to you.
Lender/Mortgage Discharges
We will search the title to the Property to see who the registered charge holders are. All financial charges, even if it is a line of credit, secured against real estate is known as a Mortgage. A title search may also reveal old charges, although fully paid out but have not been released from the title. All such charges must be released in order to deliver a clear title to the buyer.
We will request payout statements from your Lender(s) and pay funds in accordance with the written statements received. If your Lender provides an incorrect payout statement or refuses to provide a discharge after payment of the amount requested has been made, you will be notified and called upon to take further action to obtain the discharge, at your cost. Any undertaking given by us with respect to a discharge will be limited to “commercially reasonable efforts” to obtain a discharge.
It is your responsibility to inquire directly with the Lender as to any prepayment charge/penalty payable for repaying your mortgage prior to maturity. Your Lender will be able to calculate and inform you of the penalty amount, if applicable.
Prepaid Accounts
You are responsible for paying all accounts up to and including the date of completion.
Expenses will be prorated and you will be credited with the buyer’s share of the current year’s property taxes and current month’s strata fees paid by you. You may be asked to provide receipts and confirmation of payments you have made.
Pre-Authorized Payments
Please ensure that all pre-authorized payments for property taxes or strata fees are cancelled in a timely manner to avoid further debits to your account after completion. Some plans require 30 day’s notice. Since property tax accounts are associated with the property and not the homeowner, any accumulated balance will be assumed by the buyer. The buyer will credit you with the amount of the credit balance up to the completion date of the sale.
Holdbacks
When a financial matter cannot be fully resolved prior to completion, funds are held back to put aside as per an agreement in writing between the parties. If your contract provides for a holdback of funds beyond the completion date, please note that an administrative charge will apply which amount is dependent upon the particulars of the agreement. Should there later be a dispute regarding the release of the holdback that cannot be resolved by mutual consent of the parties, additional costs or charges may be levied.
Goods & Services Tax (GST) Obligations
Pursuant to Section 194 of the Excise Tax Act, please advise us if the subject Property is newly built or has recently been substantially renovated, or is being used for a commercial activity. We recommend that you consult with a tax accountant or an agent of the Canada Revenue Agency for advice and clarification of issues such as calculation, collection, remittance and rebates relating to the Goods and Services Tax (GST) as applicable to this sale.
Non-Resident Seller
If you are a Non-Resident Seller as defined by Section 116 of the Excise Tax Act, we will be retaining 25% (“Withholding Amount”) of the sale price in our general trust account. Within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) pursuant to the Act to obtain a certificate of compliance prescribed therein. Upon review of the application, CRA will issue a notice of assessment if there is any tax payable. At that time, we will release sufficient funds to CRA to pay the assessed tax (if applicable) in exchange for the compliance certificate and release the balance of the Withholding Amount to you.
Prior to selling your property, it is recommended that you:
1. Consider or seek professional advice regarding tax implications potentially arising from the sale of your property. Tax laws are complex and ever-changing. You should seek specialized advice from a tax accountant or a lawyer if you are concerned about Goods & Services Tax, income tax, non-resident tax, capital gains/loss, the Vancouver Empty Homes Tax, the provincial Speculation Tax, or any tax that may affect you or others with respect to this transaction.
2. Ensure the accuracy of any representations or warranties made by you under the Contract. It is assumed that the Contract represents the entire agreement between you and the Buyer with respect to the sale of the Property.
3. Determine of which parking stall(s), storage locker(s) or any other common or limited common property of the strata which you are able to assign to the Buyer – Ensure that you have made all necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such common or limited common property.
4. Confirm your entitlement to the exclusive, or other use, of any PARKING STALLS associated with the strata lot and the location of such parking stalls. Records regarding parking stalls are often inaccurate and we confirm that you are not relying on us to verify your entitlement.
When representing you as a Seller of a property, we will review your contract and all closing documents prepared by the Buyer’s notary or lawyer. The adjusted proceeds of your sale will be received by us “in trust” from which we will attend to the payment of any financial charges such as a Mortgage or liens so that your title can be cleared. Once debts against the property are fully paid, we will release the net proceeds to you.
Lender/Mortgage Discharges
We will search the title to the Property to see who the registered charge holders are. All financial charges, even if it is a line of credit, secured against real estate is known as a Mortgage. A title search may also reveal old charges, although fully paid out but have not been released from the title. All such charges must be released in order to deliver a clear title to the buyer.
We will request payout statements from your Lender(s) and pay funds in accordance with the written statements received. If your Lender provides an incorrect payout statement or refuses to provide a discharge after payment of the amount requested has been made, you will be notified and called upon to take further action to obtain the discharge, at your cost. Any undertaking given by us with respect to a discharge will be limited to “commercially reasonable efforts” to obtain a discharge.
It is your responsibility to inquire directly with the Lender as to any prepayment charge/penalty payable for repaying your mortgage prior to maturity. Your Lender will be able to calculate and inform you of the penalty amount, if applicable.
Prepaid Accounts
You are responsible for paying all accounts up to and including the date of completion.
Expenses will be prorated and you will be credited with the buyer’s share of the current year’s property taxes and current month’s strata fees paid by you. You may be asked to provide receipts and confirmation of payments you have made.
Pre-Authorized Payments
Please ensure that all pre-authorized payments for property taxes or strata fees are cancelled in a timely manner to avoid further debits to your account after completion. Some plans require 30 day’s notice. Since property tax accounts are associated with the property and not the homeowner, any accumulated balance will be assumed by the buyer. The buyer will credit you with the amount of the credit balance up to the completion date of the sale.
Holdbacks
When a financial matter cannot be fully resolved prior to completion, funds are held back to put aside as per an agreement in writing between the parties. If your contract provides for a holdback of funds beyond the completion date, please note that an administrative charge will apply which amount is dependent upon the particulars of the agreement. Should there later be a dispute regarding the release of the holdback that cannot be resolved by mutual consent of the parties, additional costs or charges may be levied.
Goods & Services Tax (GST) Obligations
Pursuant to Section 194 of the Excise Tax Act, please advise us if the subject Property is newly built or has recently been substantially renovated, or is being used for a commercial activity. We recommend that you consult with a tax accountant or an agent of the Canada Revenue Agency for advice and clarification of issues such as calculation, collection, remittance and rebates relating to the Goods and Services Tax (GST) as applicable to this sale.
Non-Resident Seller
If you are a Non-Resident Seller as defined by Section 116 of the Excise Tax Act, we will be retaining 25% (“Withholding Amount”) of the sale price in our general trust account. Within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) pursuant to the Act to obtain a certificate of compliance prescribed therein. Upon review of the application, CRA will issue a notice of assessment if there is any tax payable. At that time, we will release sufficient funds to CRA to pay the assessed tax (if applicable) in exchange for the compliance certificate and release the balance of the Withholding Amount to you.
Prior to selling your property, it is recommended that you:
1. Consider or seek professional advice regarding tax implications potentially arising from the sale of your property. Tax laws are complex and ever-changing. You should seek specialized advice from a tax accountant or a lawyer if you are concerned about Goods & Services Tax, income tax, non-resident tax, capital gains/loss, the Vancouver Empty Homes Tax, the provincial Speculation Tax, or any tax that may affect you or others with respect to this transaction.
2. Ensure the accuracy of any representations or warranties made by you under the Contract. It is assumed that the Contract represents the entire agreement between you and the Buyer with respect to the sale of the Property.
3. Determine of which parking stall(s), storage locker(s) or any other common or limited common property of the strata which you are able to assign to the Buyer – Ensure that you have made all necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such common or limited common property.
4. Confirm your entitlement to the exclusive, or other use, of any PARKING STALLS associated with the strata lot and the location of such parking stalls. Records regarding parking stalls are often inaccurate and we confirm that you are not relying on us to verify your entitlement.