Costs For Sellers
The list below is by no means exhaustive, but it will give you an idea of some of the additional costs associated with a Real Estate transaction:
Realtor Commissions
Realtor commissions are paid by the Seller, and are shared between the listing agent and the Buyer’s agent. The commission (plus GST) will be deducted from the sale proceeds by your legal representative at the time of completion, and paid directly to the agents’ brokerages on your behalf.
Legal fees
You will require a lawyer or notary public in order to transact your sale. The legal fees include:
· Lawyers’ fees for attending to the documentation
· Cost for clearing title including:
a) Discharge fees charged by encumbrance holders (If applicable);
b) Mortgage prepayment penalties (if applicable).
Legal costs usually range from $1,000 to $1,500 plus disbursements plus GST, depending on the nature of the transaction.