Closing Costs for Selling a Home
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.
Phone: 604-720-0783 Fax: 604-925-3002 Email: email@example.com