Congratulations! You've sold your home. Now, how much will you net? There are a number of closing costs to consider.
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Legal Fees. Lawyer’s and notary’s fees vary, but often have structured fees for the purchase and sale of homes posted on their websites. Sellers often pay in the area of $1000 for a lawyer or notary to look after the legal details necessary to close their home.
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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. You may also need to pay early cancellation fees. These can sometimes be substantial. In some cases, it may be best to talk to your bank or mortgage broker before listing your home to understand what these fees may be.
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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.
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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.
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Commission. This amount reflects what you and I as your Realtor® agreed to when you reviewed and signed your listing agreement.
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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.