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Costs of Buying and Selling Your Home
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House-Hunting: Find Your Dream Home - A Buyer's
from a Real Estate Professional for Buyers and
Inexpensive Home Selling Tips
21 Tips for
an Easy Move
Know your Credit Rating and Provincial Property Tax
Kitchen for Under $100
Tips to Flip Your Home
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Staging Made Easy
Top 10 Tips
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Buyers Completion Cost Guide
property taxes or utility bills
- You will have to reimburse the sellers for any prepaid
property taxes or utilities.
Mortgage loan insurance and application fee - If you get a
high-ratio mortgage (a mortgage where you pay less than a
20% down payment) you will have to buy mortgage loan
insurance from CMHC or a private company. The insurance
premium usually gets added to your mortgage.
your lender approves your mortgage, you may be required to
have an appraisal done. Sometimes your lender covers this
cost otherwise you are responsible for covering this cost.
The fee ranges from $150 to $350.
Your lender may require an up-to-date survey of the
property. If the seller did not provide you with one, you
will have to pay to have one done. The fee ranges from $150
- I recommend
that you get a home inspection by a certified home
inspector. It will cost you approximately $350 .
Lawyers/Notaries fees for closing the sale range according
to the complexity of the deal but they will probably be at
Disbursements to Land Titles Office
- These fees are
approximately $300. Your lawyer/notary will arrange this
An interested buyer will prepare a written offer, usually on
a standard form called the Contract of Purchase and Sale.
Your Realtor must present you with all written offers and if
you receive several at one time, you are under no obligation
to accept one over the other.
When you receive an offer, you can accept it, refuse it, or
make a counter-offer to the buyers, with the changes you
An offer usually contains subject clauses that the buyer
needs to remove by a specific date. A subject clause is a
special condition that must be met before the sale can take
place. For example, a buyer may want to have a certified
home inspection done before they commit to the sale. Once
the subjects are removed and you've signed the offer, it
becomes legally binding.
The Contract of Purchase and Sale will specify a completion
day for the sale. On this day, legal ownership of the home
will transfer from you to the buyer.
Before the completion day you should hire a lawyer or notary
public to handle the completion procedures. Your Realtor
will be able to recommend some lawyers or notaries. The
Ensure that your mortgage has been properly discharged.
Arrange for you to sign papers transferring title.
Confirm that all payments you are responsible for have been
Give you a cheque for the balance .
Although you will receive a payment upon the sale of your
home, there are still some costs you need to be prepared to
pay. They include:
The Realtor's commission.
Any penalties for paying off your mortgage early.
GST on the commission and legal fees.
Your portion of the property taxes.
While reasonable efforts have been made to
ensure the Information is accurate and reliable when it was
posted on this site, THE INFORMATION MAY NOT BE ACCURATE,
COMPLETE OR CURRENT. You use the Information at your own
risk and you should not rely on the Information in
situations where that reliance might result in any loss or
damage to persons or property.