Now on the Other End, What are Your Costs to Selling Your Home?
- Realtor Fees
- Realtor fees are typically paid by the seller of a real estate transaction in Canada and will be based on the terms you and your realtor set forth.
- Legal fees
- Just like when buying your new home, your legal team (lawyer or notary), will be responsible for legalizing your real estate transaction. This estimated cost is between $1,500 & $2,500.
- Mortgage Penalty Fees
- This penalty is the number one cost when moving from one home to the next and takes place when you are selling a home that has an existing mortgage in place.
- Depending on the mortgage product you are in, this penalty can range from 0.5% to upwards of 8%-10% of your mortgage balance. To minimize this cost, we always recommend taking advantage of your pre-payment privileges that otherwise reduce your overall penalty.
- For this reason alone, we ensure all our clients are set up with the maximum amount of mortgage flexibility from day one of your mortgage. This helps protect your greatest asset so that you have the tools and resources to succeed given any changes that come along in life.
- Other typical costs may include bridge financing fees, moving costs, taxes, staging fees, & disbursement fees.