STEP 7
Calculating Your Net Proceeds The cheque is in! Now how much do you get to keep? There are a number of closing costs to consider. Legal Fees. Lawyer’s fees vary, but often have structured fees for the purchase and sale of homes posted on their websites. Sellers pay in the area of $1000.00 for a lawyer to look after the legal details necessary to close their home. Mortgage Fees. Check with your mortgage lender to determine if any costs will occur when transferring or releasing your mortgage. There is sometimes what is referred to as a discharge fee to remove the mortgage from title that can range from $100 to $250. Disbursements. These fees cover additional legal expenses such as travel, copies, couriers, registration fees and preparing document transfers. Disbursements can range upwards of $500, but can sometimes be built into your legal fees. Adjustments. It’s difficult for a home seller to calculate exactly how much money is owed to which utilities on closing day. Your lawyer will ensure that any overpayments or deficiencies on rents, mortgage interest, property tax and utility charges will be corrected, and the buyer and seller will be credited or charged accordingly. Moving Costs. Moving costs vary based on location and the amount of possessions being moved. If you’re moving yourself, you should factor gas, rental vehicles and moving supplies.
To estimate your net proceeds, see the worksheet at tached .
PINDER SINGH | ROYAL LEPAGE MEADOWTOWNE REALTY t 416.357.4999 | e pinder@pindersingh.com
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