As you make your decision to sell and establish a fair asking price, there are some notable selling costs to consider:
1. Lawyer Fees: This generally includes a legal review of the Offer to Purchase, preparation of transfer of title documents, time to respond to inquiries from the purchaser's lawyer, drawing up any mortgage transfer documents, and execution of all other closing details.
2. Title Insurance: Protection against any legal questions or loop holes on the title of the real estate or of legal priority of the mortgage.
3. Unpaid Property Taxes: Sellers are legally required to pay off any outstanding property taxes from the proceeds of the sale.
4. Mortgage Fees: Lenders may levy prepayment penalties or mortgage discharge fees.
5. Real Estate Services Costs: The real estate commission, plus Harmonized Sales Taxes (HST), will be deducted from the proceeds of the sale.
6. Moving / Storage Costs: Sellers should consider the costs of transportation and professional moving services, or alternatively, storage costs.