Closing costs for Seller’s:
It is important when considering selling your home to be able to calculate what you will net from the sale once paying all of the expenses associated with selling real estate.
There are many costs involved with selling a home that you must be aware of. One of the most expensive fees can be the penalty to discharge your mortgage if you have one. It is a very good idea to touch base with your lender to discuss your options prior to listing your home for sale. One option that may be available to you is to port your mortgage; in other words, transfer it over to your new property if you are planning on purchasing another home fairly soon and you will still require a mortgage.
Other costs associated with selling a home are:
- Legal fees plus GST
- Outstanding property taxes
- Outstanding strata fees (if applicable)
- Real estate commission fees plus GST
- Moving costs
To make things easier, click this link that will take you to a seller’s statement of adjustments calculator and input your figures to find out what your net proceeds will be. You can copy out your calculation and potentially work with several projected selling prices to give you a range of what your equity will net out at.
With any calculator, it is only as reliable as the numbers you input. Check with your lender, lawyer and real estate agent to confirm what the selling expenses associated with your home sale are to be as realistic as possible.