Here is a list of some typical cost associated with a home sale. Depending on your situation, there may be other expenses and the amounts may differ. As a rough guideline, expect your home selling costs to be about 5% of your homes value.
As the seller, you will also have some debts to discharge before you can access your funds including:
- property tax and utility adjustments
- real estate commissions
- building location certificate or survey
- legal and discharge fees
- outstanding adjustments owed to the buyer
- outstanding municipal/school taxes or public service
- outstanding mortgage balance and any charges associated with discharging your mortgage early (if you are not transferring your mortgage to your new home, or the buyer is not assuming it)
As fees and costs vary from province to province and city to city, your Real Estate Professional can advise you on the costs you are likely to face when selling your home. It is also a good idea to check with your financial advisor, your accountant and your lawyer prior to the sale.