Closing on the Sale of Your Home

Your Net Proceeds

You're happy with the selling price you've negotiated. But how much of that money will end up in your pocket?

To determine your net proceeds, you and your real estate agent, mortgage specialists or account manager will need to calculate your closing costs.

As the seller, you'll generally be responsible for paying the following costs, which are deducted from the selling price to determine your net proceeds:

• Real estate commissions and applicable taxes on the commission
• The cost for the certificate of location, or survey, if required (depending on jurisdiction and terms of the offer to purchase)
• Legal and mortgage discharge fees (depending on your jurisdiction and/or preference)
• Outstanding adjustments owed to the buyer
• Outstanding municipal/school taxes or public service assessments
• Outstanding mortgage balance along with any associated prepayment charge for retiring your mortgage early (if you're not taking your mortgage with you and your buyer doesn't assume it)

Sellers' financial obligations can vary by province, so ask your mortgage specialists, account manager, lawyer or notary for help with your calculations.

Your buyer will be responsible for their own closing costs, including:

• Legal/notarial fees for handling the sales transaction (depending on jurisdiction)
• Any disbursements or out-of-pocket expenses incurred by the lawyer or notary
• Land transfer or "welcome" taxes