CLOSING COSTS FOR SELLER
*** Please note, these are the most commonly encountered closing costs for seller, but there may be other costs depending upon your specific transaction. Please contact your lawyer or accountant for complete details.
Legal fees and expenses (Lawyer or Notary) – Legal fees to sell your home will depend on the law firm you choose and the price of your home. Generally you can expect to pay around $1,200.
Legal fees include:
- Attending to execution of documents
- Costs of clearing Title, including:
- Investigating Title
- Discharge fees charged by encumbrance holders
- Prepayment penalties
Real Estate Commission (plus GST) – When you hire a real estate agent to sell your home, the commission you will pay is negotiable and it will be on your Listing Agreement.
GST – on the Real Estate Commission and Legal fees
Other costs – Property taxes, utilities or condo fees. Prior to closing, your lawyer will give you a full breakdown of any other selling costs, which may include outstanding property taxes, utilities or Strata fees. The Seller is responsible for these costs up until the date of closing, but if your date of closing doesn’t coincide with the date you normally pay these expenses, then you’ll be responsible for payment of the partial month’s costs. There might be additional taxes payable (eg. Empty Home Tax and Speculation Tax).
Staging and home preparation – You only get one chance to make a first impression, and most Sellers need to invest some time and money into home preparation and staging.