Closing Costs for Selling a Home

Sellers should expect to pay certain closing costs associated with the completion of their home or condo sale. Here are some of the common costs (please seek independent legal advice from your lawyer or notary.)

Lawyer/Notary fees - $750 - $1000. Costs that are usually included are professional fees, land title search and miscellaneous office disbursements plus GST and PST.

Mortgage discharge penalty - most Canadian mortgages may be paid off early, but the seller will pay a penalty equal to the greater of (i) 3 months interest and (ii) the interest rate differential. For floating rate mortgages, the penalty is only 3 months interest. These can sometimes be reduced if the Seller has the right to prepay a portion of their mortgage.

Closing Adjustments - At the time of closing, the Seller's lawyer will prepare a Statement of Adjustments which sets out adjustments to the purchase price for items that are pro-rated between the buyer and the seller. The most common examples are property taxes, flat water bills and condominium monthly fees.

Commission. Please note that GST is added on top of the agreed commission.

Quick Contact

Like on Facebook Add on LinkedIn
Susanna Junnikkala Royal LePage Sussex  
2397 Marine Drive West Vancouver BC V7V 1K9 

Phone: 604-720-0783 Fax: 604-925-3002 Email: