The usual costs
- Brokerage commission. Agreed in writing in your listing agreement. Commission is negotiable in Ontario.
- Legal fees for your lawyer to close the sale and discharge your mortgage.
- Mortgage payout. Ask your lender for a payout statement. Breaking a mortgage early can trigger a prepayment charge.
- Prep and staging. Paint, repairs, cleaning, staging and photos.
- Moving and any overlap if your next home closes on a different day.
Costs people forget
- Utility and tax adjustments on closing day.
- Rental equipment buyouts, such as a water heater rental contract.
- Tax on a property that was not your principal residence. Ask your accountant.
Get a net proceeds estimate
Roger will put together a net proceeds estimate with your home value report, so you know roughly what you walk away with before you sign anything.
This guide is general information, not legal, tax or financial advice. Rules change, so confirm details with the right professional.