Selling Expenses

When selling real estate it is important to keep in mind the various costs that will be incurred when the deal closes. Below is a summary of costs that should be considered when budgeting for your sale of real estate.

Adjustment Costs: If the property taxes and water rates have yet to be paid to the municipality, you will have to reimburse the buyer for your share of these expenses.

Mortgage Fees: Cost of discharging your mortgage. In some cases there are penalties for discharging the mortgage before the term is up.

Legal Fees: The lawyer/notary fees generally include attending to the execution of documents and costs related to clearing of the title. I advise the hiring of a lawyer or notary public to act on your behalf during the completion of purchase.

Real Estate Fees: This includes all of my services.

Various Taxes: The sale of real estate often has signifcant tax implication. I highly recommend contacting your accountant before selling property especially if you are selling an investment property, estate, or are a nonresident.

Other Misc. Expenses: Preparing home for sale, moving costs, G.S.T. where applicable etc.