Traditional closing costs for Real Estate Buyers in Quebec include:
Notary fees, Welcome tax, Municipal and School Tax adjustments, Condo fee adjustments, Moving costs, etc.
Real Estate Sellers have fees as well! If you are selling your home or even just thinking about it, before accepting an offer, and before determining the selling price, the following costs should be factored into the price you are negotiating:
1. One of the costs, if selling with a real estate broker, is the commission plus taxes (In Quebec, GST plus QST)
2. Notary fees to cover the costs of paying off the existing loans or mortgages on your property. You should verify those costs in advance. Each loan is attributed a cost and can run from $300-$700 per loan to be paid back. Verify with the notary the costs she or he will charge you so that there will be no surprises.
3. Bank fees related to closing your mortgage or loan. In addition to the notary charges to close the mortgages or loans, the bank may charge you as well. If you are locked into a mortgage and sell your property without purchasing a new one, you may incur fees. You should check with your financial institution to determine what those costs will be. Always try to negotiate a reduction in those fees.
4. Ordering a New Certificate of Location. You would only have to order a new Certificate of Location if you don’t have one or if the one you have is not valid anymore. The notary will be able to assess the validity of your certificate of location. This fee can run from $500 to $1000 depending on the property and land surveyor company used.
For additional tips on selling your property in Montreal and surrounding areas, contact us, with no further obligation!