The cheque is in! How much do you get to keep? There are a number of closing costs to consider. The following is a list of expenses normally incurred by a Seller when completing the sale of a Residential property within Toronto.

Legal Fees. The tariff rate for residential properties is between .25% and .5% of the purchase price, normally not to exceed $1,450.00. Lawyers may negotiate their fees and will provide individual quotes when requested. However, in general, the costs for Selling a home should be less than those for Buying, as the Seller's Lawyer mostly responds to the Buyer's requests.

Mortgage Fees. Check with your mortgage lender to determine if any costs will occur when transferring or releasing your mortgage. There is sometimes what is referred to as a discharge fee to remove the mortgage from title that can range from $100 to $250. Their may also be penaties for terminating the term early. You will likely also have the option to port. There may be a penalty and you should be aware of all costs associated by doing a Mortgage Verification. Don't be caught off guard and get it in writing from your Mortgagee before you list. The more flexible your existing financing is, the better it will be as a sales tool.

Disbursements. These fees cover additional legal expenses such as travel, copies, couriers, registration fees and preparing document transfers. Disbursements can range upwards of $500, but can sometimes be built into your legal fees. 

Adjustments. It’s difficult for a home seller to calculate exactly how much money is owed to which utilities on closing day. Your lawyer will ensure that any overpayments or deficiencies on rents, mortgage interest, property tax and utility charges will be corrected, and the buyer and seller will be credited or charged accordingly.
 

Real estate fees: Depending on the Realtor and their service offerings, the cost usually ranges anywhere from 4% - 6% + HST. A good agent is worth their weight in gold, or the money they're going to get you, not the money they're going to save you! Don’t get too caught up on the rate, we know from experience its easy to do. Before you do read this
 

Moving Costs. Moving costs vary based on location and the amount of possessions being moved. If you’re moving yourself, you should factor gas, rental vehicles and moving supplies.

To estimate your net proceeds, see the below

Dispursements:
-These should be minimal as no search is done by the Lawyer. However, if there is a Mortgage, there will be costs involved in transferring or discharging it.
-Adjustments - On a pro rata basis the lawyer will apportion the following expenses, as of the date of completion:
-Taxes;
-Water (only flat rate accounts in Toronto); 
-Common expense fees

Less common expenses:
Oil (usually topped-up by Seller and Buyer receives a full tank); 
Septic cleanout

NOTES: Building clearances City of Toronto will not comment on surveys. They give only zoning and work order information, front yard parking, committee of adjustment files, etc. Toronto Hydro - They give neither written nor verbal information. It is entirely up to the Seller and Buyer to call them.

All disbursements with the exception of registration costs are subject to applicable G.S.T. Please contact us directly at [email protected] and we would be happy to answer any further questions that you might have.