Your sale
Start with a price. Rough numbers are fine; you can refine as you go.
You'd walk away with
Enter a sale price and commission to see your number.
$0
The sale price isn't the number that matters. The cheque at closing is. Enter a price and see what's left after commission, HST, your mortgage, any penalty, legal fees and the move.
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Start with a price. Rough numbers are fine; you can refine as you go.
Enter a sale price and commission to see your number.
None of these should be a shock on closing day. Here's what to know now.
In Ontario, 13% HST is added to the commission. On a $1.15M sale at 4%, that's almost $6,000 on its own.
The buyer's deposit is held in trust and counts toward the price. It reaches you at closing, through your lawyer, with everything else.
Your mortgage, a line of credit secured on the home, and any second mortgage are all paid off before the balance reaches you.
If you've lived in the home as your principal residence the whole time, the gain is generally exempt. Rentals, cottages and investment properties are different, so talk to your accountant.
Breaking a fixed mortgage early can cost far more than three months' interest. Run the mortgage penalty check before you set a closing date.
Funds move on closing day and your lawyer releases them once the deal registers. If you're buying too, plan the timing so the money is there when you need it.
We'll run it with a real valuation, your actual mortgage details and a closing date that works for you, so the cheque you plan around is the one you get.