Closing Costs Are Not Just for Buyers: What Montreal Sellers Need to Know
When selling a property in Montreal, many homeowners assume that closing costs are mainly for buyers. While buyers do pay for transfer taxes, notary fees, and adjustments, sellers also have important costs that can affect their net proceeds.
If you’re preparing to sell your condo or house in neighborhoods like Westmount, Griffintown, Old Montreal, or Hampstead, here are the key seller closing costs to plan for.
1. Notary Fees for Mortgage Discharge
In Montreal, sellers are responsible for notary fees related to paying off existing mortgages or loans.
The notary will handle:
-
Reimbursing your lender
-
Publishing the mortgage discharge
Each mortgage or line of credit comes with its own fee. Fees vary depending on your lender and the number of loans. It’s best to confirm these costs upfront to avoid surprises at closing.
2. Mortgage Payout and Bank Penalties
If you’re selling before your mortgage term ends, especially with a fixed-rate mortgage, your bank may charge early repayment penalties and administrative fees.
To plan properly:
-
Request a payout statement from your lender early
-
Ask if any penalties can be negotiated
This step ensures you know exactly what your net proceeds will be before listing your Montreal home.
3. Certificate of Location
A valid certificate of location is required in Montreal to complete a sale.
You may need a new certificate if:
-
Your current one is over 10 years old
-
You’ve added features like a pool, deck, garage, or fence
-
Modifications haven’t been officially updated
Your notary can confirm whether your existing certificate is acceptable. Ordering a new certificate can take time, so plan ahead.
4. Condo-Specific Fees in Montreal
For Montreal condos, sellers often face additional costs. The syndicate of co-ownership may charge:
-
Document preparation fees
-
Transfer or administrative fees
-
Coordination costs for the notary
These are typically the seller’s responsibility. Checking the building’s fee schedule in advance ensures a smooth closing.
Plan Ahead for a Smooth Sale in Montreal
Understanding Montreal seller closing costs lets you:
-
Accurately estimate your net proceeds
-
Avoid last-minute surprises
-
Ensure a seamless sale in neighborhoods like Westmount, Griffintown, Old Montreal, Hampstead, and beyond
Understanding Montreal seller closing costs allows you to plan ahead, avoid surprises, and ensure your home sale is as smooth as possible. Whether you’re selling a historic Westmount mansion, a sleek Griffintown condo, or a charming home in Hampstead, careful preparation makes all the difference.
Selling in Montreal? I’m here to guide you through every step of the process.
Monique Assouline – Real Estate Broker serving the high-end residential market in Montréal
