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Closing Costs

Real Estate Commission - The commission you agreed to pay to your brokerage when you signed the Listing Contract.

Legal Fees - You will probably want to engage a lawyer or notary public to act on your behalf during the completion of your sale.  The transfer of home ownership must be recorded and any existing mortgage will need to be discharged.  The lawyer or notary public will charge a fee for these services.

Goods and Services Tax (GST) - Tax of 5% will be applied on the real estate commission and on your legal fees.

Mortgage Prepayment Penalty - Any prepayment penalty levied by the financial institution for early payout of an existing mortgage.

Property Tax - if you have not paid for the current year's property taxes, you will need to pay your share of the taxes.