Closing Costs

If you are selling a property, you should know of all the closing costs you can expect to pay.

  1. Legal Fees plus Goods and Services Tax (GST) and disbursements. My advice: You should use the services of a lawyer who specializes in real estate.
  2. Real Estate Commission. In Canada, it is 5% of the selling price + 7% GST.
  3. Discharge of Mortgage. It can be a penalty of three months' interest, the interest differential between an old and new mortgage or a combination of the above. You should check with your bank.
  4. Moving Costs. These can vary depending on if you're renting your own truck, packing yourself, or having professional movers do the whole move.

 

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