When the house sells Susanne will send a copy of the agreement to both your lawyer and your lender. The deposit is held in Chestnut Park's trust account until closing.
1. Legal Fees. The average cost for legal fees plus disbursements for the sale of a property is approximately $2000, more if it includes the cost of also buying a property. Shop around if you do not have a lawyer who specializes in real estate. Susanne will be able to suggest names of lawyers.
2. Disbursements. This includes obtaining a City Tax Certificate, City Zoning reports, City Engineering Report, Sheriff's Certificate, Registry Office searches, registering the deed, registering the mortgage, copies, postage, long distance calls etc.
3. Adjustments. This could be money owing to the Vendor for prepaid taxes, hydro, gas, fuel oil etc. The lawyer will do these adjustments.
4. Real Estate Commission. This is 5% of the sale price of the property which is a combination of 2.5% for the Buyer agent and their broker and 2.5% for the Seller agent and their broker. If the client is selling and then buying another property, Susanne reduces the commission from 5% to 4.5% for the sale of their property.
5. H.S.T. A harmonized sales tax of 13% has replaced the 5% GST on commission *.
6. Discharge of Mortgage. There may be a penalty of three month's interest if you are not 'porting' your mortgage to the new property. If you are transferring your mortgage but increasing the mortgage, the new rate will be a blend of the old and new rates. Check with your lending institution for specific details.
7. The Move. Costs can vary greatly depending on whether you use a big moving company or a small local company, whether you pack yourself or have the company move you. Or whether you rent a truck (1st timers!) and do it yourself. The average cost for a small home or apartment is approx. $1000 to $2000, a larger home, $5000.
CHESTNUT PARK REAL ESTATE LIMITEDg
Tel: 416-925-9191 Fax: 416-925-3935