Canary District Living: Home
25 January 2019
Canary District Living

Photo: Wallace Station Loft

The cost of selling your Toronto condo is not just based on the purchase price on the offer. If you are selling, you would want to get a snapshot of all the related closing fees to work out your net proceeds from the sale. 

SELLING COSTS:

MORTGAGE DISCHARGE

If you are selling and has a mortgage on your property, you will be subject to a mortgage discharge fee. The fee charged by each lender can vary. If you will be making pre-payments before the mortgage term matures, you could be subject to the a mortgage penalty. Ask your mortgage broker or your mortgagee for details before you list your property.

LEGAL FEES AND DISBURSEMENTS

The legal fees for a property is again based on the selling price of the property. It can range from $800-$1500 plus HST and disbursements. 

REAL ESTATE COMMISSION

When you sell a condo in Toronto, the typical commission is 5% of the selling price+HST for the services of the buying and selling brokerages. This cost will come from the proceeds of the sale at closing processed by your lawyer.

UTILITIES

You will still have the final month utility bill to clear after closing. You should notify your utility company and arrange for the a meter reading on closing day.

Anne Lok is a Toronto Real Estate Broker with over 14 years of experience. She specializes in all aspect of residential real estate from modern houses, infill development, condos, lofts and rental properties in urban Toronto neighbourhoods. Anne aims to provide not only the best client service, but also a genuine authentic experience that will match your expectations. You can learn more about Anne at  linkedin.

 

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