What are Closing Costs/Process?

Buying or selling a home can be a stressful job, but it doesn't have to be. We are here to make things simpler for you.

Typical closing costs are as followed in Alberta:

• Legal fees for Lawyers: $650 - $1,200

• Home Inspection $300 - $1,000 (depending on size of home) there can be various add on costs if you want a more in-depth inspection.

• Home Insurance $500 - $2,000

• Property Appraisal if required by the lender - $200 - $400

• Land title charges and various other disbursements paid through your lawyer $250 - $600

• RPR & Compliance / Title Insurance documents - $300 - $1,000

• Realtor fees 7% on the 1st $100,000 & 3% on remaining + GST (usually paid by the seller)

Things to consider:

• Moving costs $500 - $2,000 depending on the size of the home/acreage

• Mortgage penalty costs: If you are breaking your mortgage to sell and don’t plan to port your mortgage to another property you need to talk to your mortgage broker about penalties that come with doing so. They vary on the type of mortgage you have.

Below is the closing process for buying or selling a home!

Buying/Selling Process:

Once all conditions are removed, your realtor's office will forward your purchase contract to the lawyer. If you're obtaining financing to complete your purchase, your mortgage lender will send over financing instructions.

Your Lawyer will review the purchase contract, certificate of title, property tax details, financing instructions, and insurance requirements. You will need to sign with your lawyer 2-7 business days before you take possession.

On your possession date, your Lawyer will pay the required funds, and the keys will be released to the buyer through your Realtor. Your Lawyer will send you a reporting package with a breakdown of all the funds that were exchanged during the transaction.

Our goal is to make your home buying and selling journey as seamless and stress-free as possible. So, don't wait; just complete the form now and start the buying or selling process!