CLOSING COSTS FOR CONDO SELLERS
Closing Costs for Condo Sellers
Your condominium sale proceeds depend on confirmed financial items and closing adjustments.
Prepare a complete picture
Provide mortgage payout information, property tax records, and relevant condominium charges or notices.
Understand the closing statement
We explain the legal fees, disbursements, and adjustments in your transaction. Ask for an estimate early and a final breakdown when the figures are confirmed.
The expenses associated with a condo sale
Net proceeds depend on secured debt payouts, lender charges, legal fees, disbursements, commission where applicable, and the adjustments required by the agreement. A mortgage balance alone is not a final payout figure.
Condominium-specific items
Status certificate charges, common-expense arrears, special assessments, or other corporation amounts may need attention. Their treatment depends on the documents and the sale terms.
Review adjustments and outstanding amounts
Common expenses and property taxes may be adjusted between the parties. Provide payment records and corporation notices so the relevant figures can be established.
Ask about unusual work
Additional mortgages, parking-title questions, non-resident tax compliance, or disputed charges can affect the scope and estimate. Describe these circumstances when opening the file.
Understand the closing account
We explain the payouts, adjustments, legal account, and distribution arrangements as the information becomes available. Raise any difference from your expectations before completion where possible.
Using proceeds for another purchase
Tell us about a linked transaction and the funds required. A clear estimate of proceeds helps you plan any additional financing and the timing of transfers.
Identify the corporation’s closing figures
The final proceeds calculation should reflect the amounts required by the agreement and the available records. Raise a disputed corporation charge early. We explain the closing statement and discuss whether clarification, further documentation, or an agreed arrangement is needed before completion.
Documents to prepare
- Current common-expense and property-tax information
- Assessment and arrears notices
- Status certificate costs and other relevant charges
- Mortgage payout and commission information
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.