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The sales tax in Ontario is 13% of the real estate commission fee, or $3,250. The legal fees are approximately $1,300, based on a typical range of $1,000 to $1,600. In total, Bobby will pay $29,550 in the cost of selling his home. Assuming he owns all of the equity in his home, he will receive $470,450 upon closing.
May 29, 2023 · On the lower end, the cost of selling a house in Ontario is approximately $4850 plus the 5% real estate agent commission on the selling price. On the upper end, it could cost you anywhere between $10,000 – $12,000 + 5% realtor commission to sell your house or condo in Ontario. Real estate agent commissions typically amount to 5% of the sale ...
Legal Fees. Legal fees to sell your home will depend on the law firm you choose and the price of your home. Generally in Toronto, you can expect to pay around $1,200 to sell a $600,000 home. Check out one of our favourite lawyer’s websites, Feld Kalia, for a quick online quote.
Realtor’s commissions are typically the most significant expense that comes with selling a home, considering your REALTOR® typically receives between 3% and 7% of the purchase price (taxed at a rate of 13% in Ontario). If you sell your home for $500,000 and your REALTOR®’s commission is 5%, you will owe your REALTOR® $25,000 plus tax.
Mar 12, 2024 · For condo sellers, a status certificate, which costs around $100, is necessary to outline the financial and legal health of the condo corporation. Cost Breakdown Example. Imagine you’re selling a $1 million home in Toronto. Your expenses might include: Real estate commission: 5% ($50,000) Legal fees: Approximately $1,200
Nov 22, 2020 · In Toronto, you generally should consider paying $1,500 to $2,000 for the legal fees. It varies slightly from firm to firm and depends on the property as well. Both seller and buyer need a lawyer to deal with the closing process and conduct a title search. Basically, title search means to ensure that the seller has the legal right to sell the ...
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Sep 4, 2021 · A full day of movers can cost anywhere between $800-$1200 depending on the amount of furniture you have, stairs into and out of each home etc. These are costs you need to factor in when calculating your profit from the sale of your home. There are quite a few costs associated with selling a house in Ontario but now you know and can be more ...
