Realtor Commissions
As the seller, you are in the drivers set when it comes to negotiating the Commission rate with your Realtor. There are no set commission rates because of the Non-Competition Act of Canada. You will find that the average commission for a licensed Realtor offering a complete range of services will be 7% on the first $100,000 of the sale price and 3% on the balance.
Yes, you can find brokerages that offer a variety of different structures, but it is a buyer beware scenario and it is important to ask the right questions. What will your Realtor be doing for you, what additional fees will you need to pay, who will handle drafting the legal documents and so on? I am always happy to have a conversation with prospective clients and find a solution that meets your needs.
These fees will vary slightly between lawyers and on how you handle the payment of your property taxes. On average you can expect between $400- $1000. The lawyer will assist with the closing of the sale and ensuring the title is transferred and all monies are paid out to the appropriate parties.
Mortgage discharge fees can be your biggest expense if you are early on in your mortgage term. The longer period you have left on your term the larger the penalty will be. It is important to discuss this with your lender as early in the process as possible, so you know what you are dealing with. Lenders may have options to assist you in avoiding high costs - such a porting your mortgage if you plan to purchase again very soon.
