Closing Basics for Sellers

The Closing Process 
 
Once you have a firm deal (both you and the buyer have agreed on price and agreement terms, you've received a deposit and there are no more conditions to waive), the closing process starts. This will require you to be in close contact with your lender and your lawyer - they'll need lots of information and only you can provide it.



Costs of Selling Your Home

As you go through the process of selling your home, you'll naturally want to know how much money you'll have when it's all over and done. Your lawyer, accountant or Realtor can help you estimate your net proceeds. Some of the things you can expect to pay are:

• Balance of mortgage loan (if applicable)
• Interest on mortgage since last payment
• Mortgage prepayment penalty (if any)
• Other lender fees (appraisal fees, application fees, etc.)
• Any taxes owing
• Real estate commission
• Legal fees
• HST on professional fees