There’s a lot to think about when you’re moving, so many of us forget to investigate the various costs associated with closing a deal.
Following is a summary, which was prepared with the assistance of a legal expert, that will give you a guideline for some of the costs you may incur when you are selling your condominium.
Generally, the closing costs associated with a sale are substantially less than those involved in a purchase.
Here’s The List...
Real Estate Commissions plus HST
Real estate commissions for agents working in the Toronto area are typically in the range of 4% to 5.5% of the sale price of the property, plus HST.
Legal Fees plus HST
Generally, legal fees will range from $1,000 to $1,400 plus disbursements. The fee may be different if there are one or more mortgages being discharged on the sale.
Mortgage Discharge Fees
Most mortgage companies require a discharge fee ranging between $100 and $250 to reimburse them for their administrative costs.
Additionally, if the mortgage is being discharged prior to its maturity, a lot of mortgages provide that there will be a three-month interest penalty for early discharge, or an interest differential, whichever is greater.
However, in the case of a main-line bank lender, typically mortgages provide a “portability” feature, which means, in effect, that the three-month interest penalty will be waived if the seller transfers their existing mortgage from the home that the seller is selling to the home being purchased.
Status Certificate Costs (applicable to condo owners)
Your condo corporation will charge between $100 to $150 (depending on if you order it directly from the Corporation or get it online) to issue a Status Certificate.
Organize Final Billing Readings
Also remember to tell utility companies, such as your electricity and gas suppliers, the Toronto realty tax department, and your cable/internet provider the date of closing so that all final billings are made and you are no longer responsible for any utility or tax charges after the transaction closes.
How To Estimate Your “Cash In Hand” After You Sell
Here’s an easy way to figure out how much money you will likely have in your hand after you sell your home and the deal closes.
After the listing is signed, we will create an Excel ‘Net Cash In Hand’ spreadsheet for you showing what your net would be for a range of selling prices.
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If you are going to sell your suite in the next 1 to 9 months, what you do right now can make a difference of thousands of dollars in your sale price, and there are some simple things you can do forthwith to make sure you get "Top-Dollar" when you do sell.
HERE ARE 3 FREE SERVICES YOU MAY WANT TO TAKE ADVANTAGE OF RIGHT NOW
First, is our FREE "Pin-Point Price" Analysis, where I can take a closer in-person look at your condo and prepare a very specific price for your suite. This price will be much more precise than the general range that you can get automatically from the site - and we guarantee in writing to sell your condo at the "Pin-Point Price" or higher in less than 32-days.
Second, is our FREE "Room-By-Room Review", where I do a 20-minute walk-thru and make specific recommendations about which fix-ups or improvements you should (and should not) do to prepare your suite for sale. I will point out the lowest cost, highest return improvements you can make to help sell your condominium quickly and for more money.
Third, if you would like, I will include your condo in our "Silent Market" of condominiums that are not yet on the market. Because we generate so much buyer interest from our website, Facebook and Google advertising and other proactive marketing, we may be able to find a buyer for your condo without even putting it on the market… saving you both time and money.
These 3 services are FREE. The Room-By-Room Review takes about an 20 minutes, and we can arrange a time during the day or evening, whenever is most convenient for you.