???? Calculating your net proceeds

By: Matt Busch

???? Calculating your net proceeds

Tags: Calculating net proceeds after sale

 


 The cheque is in! 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 $1200.00 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. Their may also be penaties for terminating the term early. You will likely also have the option to port.

 

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.

 
Real estate fees: Depending on the Realtor and their service offerings, the cost usually ranges anywhere from 4% - 6% + HST.

 

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 below

 

Estimated Selling Price

$

Less:

$

Mortgage Balance:

$

Mortgage Penalty: (If Applicable)

$

Interest Per Diem: (Interest from last payment to date of closing)

$

Property Tax / Utilities Adjustments:

$

Real Estate Commission With HST:

$

Moving Costs:

$

Other:

$

Estimated Net Proceeds of Sale

$


***Talk to us about our buyers/ sellers promotion for rates 

 

 

 

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