Hidden fees when selling your home are understandably a surprise no homeseller wants after committing to a sale.
As a homeseller, the first place you’ll want to look for hidden costs and taxes is the title document for your home. You can download a copy from BC’s Land Title and Survey Authority. Your title documents will show any registered. Charges against your property include your mortgage, loans, unpaid taxes, payments due for legal matters(litigation) or builders liens.
But this isn’t the only place you’ll need to search for hidden fees when selling your home. Other organizations may keep records independently. If you live in a strata(condo, townhouse, or bareland), the strata needs your account brought up to date when selling; you would contact them directly for your statement of accounts. In addition to this, government agencies may have applicable taxes to your sale if you don’t meet the exemption requirements.
When selling the home you live in, residents qualify for tax exemptions such as the Capital Gains tax exemption(otherwise applicable). However, you may be responsible for Speculation and Vacancy, Underused Housing, and Empty Homes taxes if you don’t live in your home or are not a local resident. Remember that the purchaser pays other applicable taxes, such as the property transfer and GST, but be aware that if you’re selling a property that qualified for a tax deferral when you bought it, you may also have to repay these taxes.
