Selling Costs

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There are 3 main expenses when selling your home.

  1. The Real Estate Commission which is determined by you and your broker
  2. Taxes on commission, Both GST (5%) and QST (9.975%) is payable on the commission.
  3. Notary fees and expenses for attending to the execution of documents
    ** These costs will be deducted from the proceeds of the sale.

Other potential Costs

Certificate of Location

If your Certificate of Location is out-dated, your buyer’s notary may request that you provide a new one, which will cost
you about $1,000.

Repairs

Consider any repairs to be done following an inspection report and by the recommendation of an inspector. A lot of the times getting the work done is a far better choice , rather than putting the property back on the market.

Tests

Regarding less visible problems, a doubting buyer may also request that test and analyses be carried out. Ex. Pyrite test, Asbestos etc.

Penalties

Find out if your mortgage contract has a penalty for selling before end of term.

Title Insurance

Protection against any legal questions or loop holes on the title of the real estate or of legal priority of the mortgage.

Moving Costs

Sellers should consider the costs of supplies, transportation and professional moving services, or if applicable, storage costs.

Unpaid property Taxes

Sellers are legally required to pay off any outstanding property taxes from the proceeds of the sale.