When it comes to selling a Home, most people would believe that closing cost is something that is payable by a Buyer of a home and not by the Seller, you may not realize this you receive the final cheque and the statement of adjustments for the sale.
Typically the closing costs would include some or all of the following:
- Real estate commission plus HST.
- Lawyer’s charges.
- Property taxes portion due till the date of the closing.
- Mortgage discharge fees for any mortgage on your property.
- Penalty (if any as charged by your lender) for discharging your mortgage earlier.
- Interim financing costs if you are also purchasing a home and the closing dates are different.
- Costs of discharging any judgements, builders' liens against your home.
- All utilities will have to be paid up to the date of possession or closing.