How do I calculate how much I will receive on closing?
To determine the amount of the proceeds of sale, use our closing costs calculator here: https://closing.lexpand.ca
When calculating your closing funds on a sale, you should calculate the amount that your lawyer will receive on closing and determine the various closing disbursements that will be deducted from that. The estimated amount that your lawyer will receive on closing is the purchase price less the deposit. As the deposit is paid by the buyer to the listing brokerage, your lawyer (the seller’s lawyer) will not have access to the deposit. From the funds that your lawyer receives, typically the following will need to be paid out:
- Existing mortgage
- Outstanding taxes
- Balance on the commission (if any)
- Legal fees
Once the above are paid out, the balance will be paid to you on closing.
