Closing Costs when you are selling your home.
Here is a guide to some of the common closing costs (please seek independant legal advice from your lawyer or notary.)
Legal costs for selling a home with a mortgage are approximately $750 - $1000 regardless of whether the seller retains the services of a Lawyer or Notary Public.
It is important to understand what is or is not included in a fees and what might be added as additional charges. Costs that are usually included are professional fees, land title search and miscellaneous office disbursements plus GST and PST.
Adjustments / Disbursements
There a some closing adjustments which have to be calculated to cover items such as municipal property taxes, municipal water and sewer fees, strata maintenance fees, rent and security deposits.
Each of these items will be pro-rated by your lawyer or notary.
i.e. Municipal taxes Total for year/365 * # of days until the end of the year.
These commissions will be disbursed by the lawyer/notary to the pertinent parties.
There could also be other fees that will need to be paid such as Capital Gains Tax, Transfer of Title just to name a couple.
All of the above costs will be prepared into a Statement of Adjustment by your lawyer or notary.
Please seek independant legal advice on these items