Closing Costs - Real Estate Sale

  • Monique Assouline
  • 08/6/20


Closing costs in real estate are not reserved for buyers.

Traditional closing costs for buyers of residential properties in Quebec include:

Notary fees, transfer tax (welcome), municipal and school tax adjustments, co-ownership fee adjustments, moving costs, etc.

But sellers of residential properties also have costs! If you are selling your home or even thinking about it, the following costs should be considered:

1. Notary fees: the notary reimburses existing loans and publishes the receipt. There will be a charge for each loan / mortgage to be repaid. Check with the notary the fees he will charge you so that there are no surprises. Each notary does not charge the same amount.

2. Bank charges for paying off your mortgage or loan. In addition to the notary fees to close mortgages or loans, there may be bank fees or penalties. If you have a fixed rate and sell before the mortgage expires, you can incur penalties and fees. You should check with your financial institution to determine what these costs will be. Nothing prevents you from negotiating a reduction in these fees.

3. Order a new certificate of location. You will have to order a new certificate of location if you don't have one, if the one you have is over 10 years old and if you have made any changes to your property, such as adding a swimming pool. The notary can validate if your certificate of location is correct or if you need to order a new one.

4. If you are selling a condo, we often see the co-ownership charge the notary for administrative fees and the seller pays.
 
For any other questions, please send them to me by email.




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