Description of the Costs associated with the Sale of your home
In the transfer of ownership, there will be many financial adjustments between the seller and the buyer. Some of the costs you can expect to see deducted from the purchase price are:
• The commission you agreed to pay the Listing Agent.
• The legal fees to discharge any existing mortgage whether or not you engage your own lawyer.
• The Goods & Services Tax on the real estate commission and on your legal fees.
• Any prepayment penalty levied by the financial institution for early pay out of an existing mortgage.
• Your share of the property taxes for the year if the current year’s taxes have not yet been paid, plus any penalties due for late payment of unpaid taxes.