When buying or selling a home, please remember that there will be additional costs associated with the closing of the
transaction.
As a Seller
The following is a list of some of the typical closing costs when selling a home:
- real estate commission plus GST
- lawyer’s fee (discuss this with your lawyer)
- miscellaneous charges incurred by your lawyer; e.g., courier services, title search, ordering copies of encumbrances, photocopying, fax charges, etc.
- your portion of any property taxes
- mortgage discharge fees for any mortgage on your property (your bank and Land Titles both will have discharge fees);
- any penalty for discharging your mortgage earlier if you have a closed mortgage
- interim financing costs if you are also purchasing a home
- costs of discharging any judgments, builders’ liens against your home
- all utilities will have to be paid up to the date of possession
As a Buyer
The following is a list of some of the typical closing costs when buying a home:
- lawyer’s fee (discuss this with your lawyer)
- miscellaneous charges incurred by your lawyer such as for title searches, tax searches, attending at Land Titles to register documents such as transfer of title or mortgage, photocopying, courier services, etc.
- buyer’s portion of property taxes
- the fee to verify zoning and obtain zoning memorandum if necessary
- interest on your mortgage between the possession date and when the Land Titles office registers the transfer
- Land Transfer Tax
- cost of the new survey if not available from the seller
- fee for title insurance if required
This has been a short summary of some of the issues you should consider in the purchase or sale of residential real estate. For more information on real estate issues please visit realestatemanitoba.com.
Copyright (C) 2014 MREA – Manitoba Real Estate Association
