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Selling a Home: Legal Costs
July 23rd, 2014 by SNJ
Fees Lawyers fees with respect to the sale of a typical home are usually less than half a percent of the sale price, and sometimes less than a quarter of a percent of the sale price. At Smith Neufeld Jodoin LLP, our lawyers typically adhere to general policies regarding fees which are based upon the sale price of the property and upon the complexity of… Read More »
Selling a Home: GST
July 23rd, 2014 by SNJ
The issue of GST, as it applies to the sale of a home is a complex issue which should be discussed with your lawyer at an early stage to determine whether it must be charged and collected from the buyer of your home. It is the responsibility of a seller to determine whether a particular transaction should have GST applied to it. The GST applies… Read More »
Selling a Home: Interest
July 23rd, 2014 by SNJ
When you sell a home, a typical offer to purchase provides that the purchaser is entitled to pay for part of the purchase price through proceeds of a new mortgage. If so, payment of the sale proceeds to you may be delayed by the time required to register the purchaser’s transfer of land and a new mortgage at the Land Titles Office. In that regard,… Read More »
Selling a Home: Transferring Clear Title
July 23rd, 2014 by SNJ
It will be a requirement of most Offers to Purchase that the seller transfers to the buyer title to the land, clear of all registered encumbrances, mortgages, liens, etc., with a few exceptions. As a result, your lawyer will conduct a search of the title upon opening their file to determine which registrations will remain on title and which must be discharged as a requirement… Read More »
Selling a Home: Property Tax Adjustment
July 23rd, 2014 by SNJ
Property taxes must be paid on all residential real property as charged by the city, town or municipality in which the property is located. The tax period for all properties is the calendar year, despite the fact that the due dates for the payments of taxes will differ depending on the city, town or municipality rendering the tax bill. It is the usual practice that… Read More »
Selling a Home: Real Estate Commission
July 23rd, 2014 by SNJ
If you have hired a real estate agent to help you with the sale of your home, you will be required as a term of your agreement with the agent, to pay real estate commission for their services. The real estate commission is usually payable as a percentage of the purchase price obtained for the property being sold. It is the usual practice of the… Read More »
