If you are planning on buying a montreal real estate, then you know that you will have to take care of the closing costs. However, you should be informed that not all costs are upon you and there are some which the seller should meet. This is important as it will help you save some money, especially in cases where the transactions may drain you financially. Here are some of the closing costs for the seller:
The commission
The seller should be the one to pay any commissions if there was a real estate agent involved in the transaction. It is not the duty of the buyer to pay commissions to agents as they were working on behalf of the seller.
Notary fees
Sellers also have an obligation to meet all the notary fees for covering the costs of paying existing mortgages or loans on the property. It is important that these costs be verified in advance so that you are not in for any surprises as the seller, since sometimes they may run into thousands of dollars.
The bank fees associated with the closing
If there are any bank fees related to the closing of the loan or mortgage, then it is the duty of the seller to take care of them as well. Again, it is important to know in advance about the fees applicable and the amount that will be required. Also remember that as a seller, if you are still locked into a mortgage and you go ahead and sell your property before you buy a new one, you could incur some fees and penalties. Learn about these and know how they will play out at the time of closing the transaction.
New Certificate of Location
In Canada, you will need a new Certificate of Location if the current certificate you have is over ten years old, if you have made modifications to your property or if you don’t have one. The fees can be anywhere from $600 to $1000, and it is up to the seller to cover these before closing.