BROKERAGE FEES (APPLICABLE TAXES) :
In the event that another broker participates in the sale of your property, the selling broker will share his compensation with the buying broker. This will not result in any additional disbursement on your part.
2. THREE OPTIONS ARE AVAILABLE TO YOU
Generally, an amount equal to 3 months of interest or the differential between the effective interest rate of your mortgage and the rate of a mortgage with a term equal to the remaining term of your mortgage. Note that it is however possible to negotiate the penalty with your financial institution or even avoid it, if you finance your new acquisition with your financial institution or if your buyer finances himself with your financial institution for an amount and an interest rate equal or superior to the existing mortgage.
3. NOTARY FEES FOR CANCELLATION OF THE MORTGAGE AND DISCHARGE :
Normally, these fees do not exceed $750 per mortgage, plus GST & PST. These are the legal fees for the notary and the publication of the mortgage cancellation at the office of publication of rights and obtaining a release from your mortgage lender. It is also possible that you may have minimal fees for managing the notary’s trust account.
4. COSTS RELATING TO THE SELLER’S OBLIGATIONS :
If applicable, as stipulated in the brokerage contract or promise to purchase, you may have to pay other fees. To give you some concrete examples, this could be a special assessment imposed by your syndicate of co-ownership or a penalty due for the cancellation of an equipment rental contract.
5. CERTIFICATE OF LOCATION :
Normally, fees vary between $550 and $900 plus GST & PST depending on the complexity of the work required by the land surveyor. A new certificate of location will be required by the notary if the one you have does not reflect the current state of the premises. It will be requested without exception if the one you have is more than 10 years old.
The keys will be given to the buyer at the signing of the deed of sale or on the date agreed upon in the promise to purchase for taking possession of the property.
6. DELIVERY OF THE PROCEEDS OF THE SALE BY THE NOTARY :
No funds will be released by the Notary Public before the transfer of title is registered at the office of publication of rights, which can take up to 3 business days. The proceeds of the sale will be released to you as soon as the notary has confirmation from the registry office that the sale has been registered. During this period, no interest will be calculated.
