What Closing Costs Should Sellers Budget For in Calgary?
Quick Answer: Sellers should budget for REALTOR commission, legal fees for the conveyance, any mortgage discharge or penalty fees, and adjustments for prepaid property taxes or condo fees. Optional costs like repairs, staging, or a lawyer-recommended survey can also apply depending on your situation.
Commission is typically the largest cost and is agreed upon upfront before you list, so there are no surprises at closing. Legal fees cover your real estate lawyer's work to transfer title and handle the mortgage discharge, and these are usually a few hundred to just over a thousand dollars depending on the complexity of the transaction.
If you are paying off your mortgage early, check whether your lender charges a discharge fee or prepayment penalty, especially if you are mid-term on a fixed-rate mortgage. This is worth confirming with your lender well before your closing date, since penalties can be significant depending on your mortgage type.
You will also see adjustments at closing for anything you have prepaid, like property taxes or condo fees, which get reconciled between you and the buyer based on the closing date.
During your free home evaluation, we walk through the numbers specific to your property, including estimated commission and typical legal costs in Calgary, so you know what to expect well before you get to the closing table.
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