CLOSING COSTS & LEGAL FEES FOR SELLERS
Closing Costs & Legal Fees for Sellers
Understand the difference between your sale price and net proceeds. We account for the legal closing items relevant to your sale.
Amounts affecting proceeds
Mortgage payouts, legal fees, disbursements, adjustments, and other obligations can affect the final amount. Estimates may change when payout statements and closing figures are confirmed.
Request a clear breakdown
Provide current mortgage and tax details. Ask our office to explain the statement of adjustments and trust accounting before the closing funds are distributed.
What reduces the gross sale price
Your net proceeds are calculated after the amounts payable on completion are considered. These may include mortgage principal, accrued interest, lender discharge or prepayment charges, legal fees, disbursements, and commission where applicable.
Obtain lender figures early
An estimated mortgage balance may differ from the lender’s final payout. Ask about restrictions or charges before relying on a particular amount of sale proceeds.
Adjustments and additional requirements
Property taxes and other agreed expenses may be apportioned between seller and buyer. Title issues, extra secured borrowing, or unusual document requirements can also affect the work and cost.
Condominium and non-resident matters
Common expenses, certificate costs, tax compliance, or holdback arrangements may need separate consideration. Tell us about these circumstances when requesting an estimate.
Review the closing account
We explain the relevant payouts, adjustments, legal account, and expected distribution of funds. Request clarification if a figure differs from your expectations.
Plan for related transactions
If the sale funds will finance a new purchase, identify the dates and required amount. A clear picture of proceeds helps you discuss any funding gap with your lender before closing.
Prepare to understand net proceeds
Net proceeds depend on figures supplied by several parties. Keep the estimate updated as lender information and adjustments become available. If a related purchase depends on the sale, tell us the amount required and the dates so that you can assess funding needs with your financial advisor.
Documents to prepare
- Agreement and expected closing date
- Mortgage payout and penalty information available
- Property-tax payment records
- Commission directions and any additional secured debt
Let’s discuss your next step
Contact Maki Law for practical guidance on your property transaction or construction matter.
416-991-4775 · contact@maki.law
136A Avenue Rd, Toronto, Ontario M5R 2H6
MAKI LAW
Address
136A Avenue Rd
Toronto, Ontario M5R 2H6
Contact
416-991-4775
Fax: 416-981-3420
contact@maki.law
Service Areas
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General information only. Contact our office for advice about your circumstances.