Selling your property can be a very exciting time. There will be costs involved in the process and being prepared ahead of time will help relieve the stress and shock. Here are the typical costs involved in closing the sale of your property. This is not a complete list, there could be others, this list covers the typical expenses.
1: Mortgage Balance
- On closing you are required to pay any outstanding amount remaining on the mortgage, which is deducted from the funds received by your lawyer from the buyer’s lawyer.
2: Mortgage Penalties and Charges
- You could have a fee to port your mortgage, a fee to break your mortgage early and other possible fees include paying for an appraisal or to discharge your mortgage. Check with your mortgage provider to find out your fees before you sell so you won’t have any surprises.
3: Status Certificate (Condo)
- The status certificate is a legal document you need to provide to the buyer during the sale of your condo. A status certificate costs $100 and is generally at the seller’s expense. If you have hired me as your REALTOR®, I pay for the status certificate.
- You have to pay off any unpaid property taxes.
5: Real Estate Commission
- If you have chosen to work with a REALTOR, you have real estate fees, read this for more information about commission.
6: Legal Fees
- You will need a lawyer to close the transaction, I cannot speak for lawyers and what they charge, depending on the services required, you should budget between $800 to $1500.
7: Moving/ Cleaning.
- You are responsible for moving out of the property, you might need to hire movers, also depending on your agreement of purchase and sale, you might need to have the property professionally cleaned.
- HST is applicable on all professional services you require, including real estate fees, legal fees, movers and cleaners.
Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage