Calgary Real Estate closing costs

Closing & Other Costs of Selling Homes in Calgary

This page discusses Real Estate transaction costs other than commissions you are likely to run into.

Click here if you want to learn about our low commissions.

Non-commission costs you incur during the sale of your property can be considerable and are often overlooked. Below are some things that could cost you money in a Real Estate transaction. Any good Realtor will review your specific situation prior to listing so you will have a good estimate of all the costs involved.

Mortgage Closing Costs

Mortgage Buyout Penalties can in some cases be as much as commissions so it is important to know what to expect prior to listing your property for sale. Open mortgages and most Line of Credit type mortgages do not have penalties to pay them off early, but most traditional closed mortgages do. The most common penalty calculation here in Alberta is the greater of:

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Legal Closing Costs

Every Real Estate transaction will require a lawyer. Lawyer fees vary greatly as does the expertise of lawyers. We would always recommend you employ a lawyer who specializes in Real Estate transactions. Most Realtors have a list of good lawyers they recommend and will provide estimates of typical cost for each.

Additional legal costs could include:

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Other Real Estate Closing Costs

There are several ways you can reduce these costs. Start by using a quality Realtor that charges low commission fees, this alone can save you thousands of dollars. Lawyers fees also vary from firm to firm, choose one with reasonable rates. Save all your documents when you buy a house, and save any condominium documents you receive, they’ll save you money when you sell. If your mortgage is up for renewal and you suspect you may be selling soon, consider an open mortgage to avoid buyout penalties when you sell. If you have a traditional mortgage (as opposed to a Line of Credit mortgage) and you are purchasing another property, you may be able to port your mortgage and avoid the mortgage buyout penalties.

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