As part of the selling process, it is important to determine your net proceeds. There are a number of closing costs to consider.

Legal Fees: Lawyers’ fees will vary, but they often have structured fees for the purchase and sale of homes. Please ensure to ask the lawyer about disbursements.

Disbursements: These fees cover additional costs legal expenses such as travel, photocopies, couriers, registration fees, preparing document transfers and title insurance cost. Disbursements are sometimes included in the legal fees. (Ask your lawyer)

Closing Adjustments: Your lawyer will ensure that over payments or  deficiencies on rents, mortgage interest, property tax and utility charge will be corrected, and the buyer and seller will be credited or charged accordingly depending on the closing day.

Mortgage Fees: Check with your lender to determine the costs, if any, for transferring of releasing your mortgage. This is referred to as a discharge fee to remove the mortgage from title or a penalty if it is an early termination of a mortgage.

Moving Costs: Moving costs vary based on location and destination. If you are moving yourself, take into account, gas, rental vehicles and moving supplies.

Land Transfer Tax – Applies to a Purchase Only: There may be provincial and municipal land transfer tax depending on where you are moving to. The Buyer pays for the land transfer tax on the purchase of your property.