SELLING COSTS

When selling a property, it is important to bear in mind that you may be responsible for the following costs:

 

  • Real Estate Commission: This is usually based on the sale price of the property and can vary from one real estate agency to another. Be sure to ask your agent what their company charges.
  • Legal Fees: These can range from $ 500 to $ 1,200 depending on the firm and amount of legal work that is necessary.
  • Discharge of Mortgage: These will be specified in the mortgage document or as negotiated with the mortgagee. Costs to discharge the mortgage will include a legal fee and, if applicable, a penalty, which is sometimes equal to three months interest on the mortgage or based on an interest differential calculation.
  • Moving Costs: These can vary quite a bit, depending on the company you use and the distances involved. For a three-bedroom house, allow between $700 to $1,400.
  • Survey: Often you can improve your chances of selling your house promptly by providing a survey. This can cost between $600 to $1,000.

The costs given above are approximations only. For a more accurate assessment of your potential selling costs and for any other real estate information about the Greater Toronto Area, contact us at Royal LePage Signature Realty.
 

 

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