There are costs associated with the sale of your home. You will need to account for these costs to determine what the net proceeds of your sale will be. The final sale price of your property, less the cost of selling.

YOUR MORTGAGE BALANCE AND ANY APPLICABLE MORTGAGE PENALTY

Estimates of mortgage-related costs can be obtained from your mortgage provider. Be sure to check in with them ahead of time so that you know what to expect.

PROPERTY TAX ADJUSTMENTS

Adjustments are typically handled by your lawyer. If you have prepaid your property tax you could be refunded a proportionate amount from the buyer.

LEGAL FEES

You will need to hire a lawyer or notary to help with the transferring of the property title, among other things. I have a list of trusted notaries and real estate lawyers who can assist you. They
typically charge $1000-$1200 dollars.

REAL ESTATE SERVICES FEES

The amount of the real estate fee, or commission, will have been set out in the initial listing contract. Our broker fee is 7% on the first 100k and 3% on the balance out of which both the Listing agent and the Buyer’s Agent are to be paid. This amount includes marketing fees.

CAPITAL GAINS TAX ON INVESTMENT PROPERTIES

Sellers should be aware of Capital Gains Tax, a Federal tax that must be paid on capital gains on investment properties. Capital gains are taxed at lower rates than other income such as interest and foreign dividends.