Whether you’re buying or selling a home, you will likely have questions about how much the transaction will cost — and in the case of selling, what you’re likely to make. The following tables will help you calculate the answers.
For Buyers
How much do you need?
Purchase price ……..$
Subtract: Deposit(s)
……..$
Mortgage
……..$
Add: Mortgage appraisal/fees
……..$
Land transfer tax
……..$
Legal fees and disbursements
……..$
Survey (if applicable)
……..$
Add/subtract: Adjustments
……..$
Add: Moving costs
……..$
Other costs
……..$
AMOUNT REQUIRED ……..$
Land transfer costs
Purchase price
X
Less
=
0 – 55,000
x .005
$ 0
Land
55,001 – 250,000
x .010
– 275
Transfer
250,000 +
x .015
-1,525
Tax
400,000 +
see your lawyer
see your lawyer
For Sellers
What sellers can expect to make
Subtract Realtor’s commission……..$
Selling price ……..$
Add/subtract: Adjustments
……..$
Legal fees and costs
……..$
Mortgage payout(s)
……..$
Moving costs
……..$
Other costs
……..$
NET PROCEEDS ……..$
This article is provided for information purposes only. It is not intended as, nor should it be taken as, legal advice. Contact us if you require legal advice on this or any other topic.