Closing Costs For Sellers
Balance of Mortgage
–.Unless your house is fully paid off, you will have to pay a fee of as much as $270 to discharge your mortgage. (Major banks' discharge fees are listed
here.) If you have a closed mortgage, your bank may also ding you for prepayment charges -- equaling several months' worth of mortgage payments, depending on the number of years outstanding and the interest rate. If you are buying another property, you may be able to transfer your mortgage
– The seller is responsible for paying the commission when selling the home. If another sales representative introduces the buyer to the home, then a portion of the commission is given to them for their work.It is usually around %5.Legal Costs
– Fees vary based on lawyers used and type of property sold. You're looking at at least $500 in legal fees. There is also the cost of disbursements, such as registration fees and related expenses, which can add up to a few hundred more. Here
you can check your closing cost.
Status / Estoppel Certificate Fee – This fee applies only if you are selling a condominium unit and could cost up to $100. A prudent buyer’s Sales Representative will work in your best interests, and negotiate for the buyer to pay this fee. The certificate can be ordered from your property manager. By law, they have to provide you with this certificate within 10 days of the request.
Survey – The mortgage lender may ask for an up-to-date survey prior to finalizing the mortgage from the buyer. If the seller does not have one the buyer’s representative may negotiate and have the seller pay for one. It can cost in the $1,000 to $2,000 range. It is usually negotiated during the offer to be included in the purchase price.