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  1. The closing cost calculator calculates the sales tax for the combined real estate commissions for both the buyer and seller agents.

  2. Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.

  3. How to use Home Sale Proceeds Calculator. Selling Price – Begin by entering the amount you have sold your property for. Outstanding Mortgage – Input the outstanding balance on your mortgage up until your closing date.

  4. Aug 15, 2022 · Closing costs are paid according to the terms of the purchase contract made between buyer and seller. Although buyers are typically responsible for most closing costs, it can sometimes involve the seller as well. Closing costs can include loan processing fees, lawyer fees, transfer taxes, title insurance costs, inspection fees and more.

    • Realtor’s Commissions. The seller is usually responsible for paying the commissions to realtors or real estate agents used by them and the buyer. These commissions can set you back between 3-7% of the selling price of the house.
    • Legal Fees. Your real estate lawyer will work with the buyer’s lawyer and other relevant parties (bank, etc.). They review all legal documentation, prepare a statement of adjustments for taxes or utilities owed or prepaid, review and discharge the title for the property and mortgage, deliver the closing packages and keys to the buyer’s lawyer, and much more.
    • Closing Adjustments. Your lawyer will prepare a statement of adjustments. Depending on how you pay your property taxes and utility bills (i.e. prepaid or accrued), you may have to pay what is owed up until the closing day or be due for a refund if you have paid these expenses in advance.
    • Bank Fees. If you have a mortgage and plan to pay it off with the proceeds of your sale before the term ends, you may be subject to prepayment penalties.
  5. Closing costs can run from 1% to 4% of your home purchase price — and they're are on top of your down payment. Calculate yours to avoid ‘mortgage-close shock' for a stress-free process. Here are the approximate amounts for your Closing Costs and how they're paid.

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  7. Find out how much money you'd need to keep aside upon closing your property purchase in Canada. Let RATESDOTCA’s Closing Cost Calculator do the math for you.

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