Closing costs are fees that must be paid for your home sale to be complete.

There is some of the most common expenses are listed below. These expenses are approximations only, may vary by region and to frequent changes that may not be mentioned here.

The Real Estate Agent's Commission

This fee covers all the paper work, documentation, marketing and advice provided by your agent, as well as commission to the buyer's real estate agent. You can expect commission fees to be around 3% of the home's sale price. I will disclose the commission that covers by the seller.

Legal Fees & Disbursements

When you're involved in a financial transaction, you want to be sure you're protected. Your legal professional will ensure that the buyer has made good on all terms outlined in the Offer to Purchase, and that you have met your legal obligations so the deal may close. Legal fees vary, and the total cost depends on the extent of services provided. You will also be responsible for disbursements involved in the closing of the transaction.

Utility & Property Tax Adjustments

This might not be a cost for you, depending on how your property tax and utility bill payments are scheduled. The exact amount will be calculated by your lawyer and reflected on the statement of the adjustment. If you prepay these expenses then you can expect the buyer to refund you the difference by closing day. If, however, you don't pay these expenses in advance, it will be you paying the buyer for the amount accrued prior to the possession date. 

Mortgage Prepayment or Discharge Fees

Be aware that if you plan to pay off your mortgage with the proceeds, your bank may charge a fee for closing your account, and a penalty fee if you've paid it off early.

Other Costs

You'll want to be sure to budget extra funds for expenses related to your move.

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.