SELLER CLOSING COSTS
For sellers, closing day means payday!
Before you receive the proceeds of your sale, there are a few closing costs to consider. These costs will be subtracted from the proceeds before you receive them.
It is always good to be aware of these before selling so you can estimate how much of the proceeds are yours to keep.
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Legal fees for property transactions can vary depending on the lawyer you choose.
It's wise to explore different options to find the best fit for you.
On average, you can expect legal fees to range from approximately $800 to $1000. Keep in mind that this estimate does not cover disbursements, which typically range from $200 to $400.
Disbursements cover various expenses such as courier fees, photocopying, title searches, and registration costs.
To get a clearer understanding of the total costs involved, it's recommended to discuss these details with your chosen lawyer.
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An estoppel certificate is an important document issued by the condominium corporation intended to give potential purchasers of a condominium unit information so that they can make an educated decision about their purchase. The certificate provides information about the specific condo unit, the condominium corporation, names of the board of directors, property management company and if there are any special assessments outstanding or proposed.
The buyer will request this either upfront or before closing. The cost is between $300 - $500, depending on the property management company and is paid for by the seller.
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When you work with a Real Estate Agent to sell your home, you pay your agent a commission for their services, due at closing.
The Real Estate Commission in Nova Scotia is typically 5%, which ends up being split between the buyer’s agent and your agent. You as the seller are responsible for the 5%, which is deducted from the proceeds of the sale.
Please note: The commission is plus HST.
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When selling your property, many sellers use the sales proceeds to pay off their mortgage and keep the remaining amount.
Before selling, it's important to speak with your mortgage broker or bank to understand the terms of your mortgage. Some mortgages may have penalties for early repayment, and there could be additional fees for ending the mortgage.
Being aware of these factors will help you make informed decisions and avoid any surprises. Make sure to clarify these details with your mortgage provider for a smooth selling process.