Your sale price and your net proceeds are two different numbers — commission, legal fees, and a few other costs come out first. Here's exactly what to budget for.
Real estate commission
The single largest cost, typically split between the listing and buyer's agent brokerages, plus HST — and it's fully negotiable, not set by law or by any board.
Legal fees
A real estate lawyer is required to close the sale — reviewing the agreement, handling the mortgage discharge, and transferring title.
Mortgage discharge costs
A lender discharge fee applies to every payout, and a prepayment penalty may apply too if you're paying off your mortgage before the end of its term.
Closing adjustments
Property tax, condo fees, and any prepaid utilities are prorated between you and the buyer as of closing day — plus your own moving costs on top.
Usually the largest single cost — commonly discussed as roughly 4–5% combined, split between both brokerages, plus HST. It's negotiable and set out in your listing agreement, not fixed by law.
Budget roughly $800–$1,500 for a real estate lawyer to handle the closing, mortgage discharge, and title transfer.
A discharge fee (commonly $200–$400) applies to every payout. A prepayment penalty may also apply if you're breaking your mortgage term early — ask your lender for a payout statement.
Property tax and condo fees are prorated between you and the buyer as of closing day, on top of your own moving and any agreed-upon repair costs.
Book a free home evaluation with Narges for a realistic number based on your actual mortgage payout and closing costs, not a rough guess.
