How do I calculate total closing costs?
Want the Exact Total Closing Costs? Calculate What You’ll Pay When Selling in Georgetown — Fast, Simple, Accurate
Stop guessing. Calculate your total closing costs in 5 clear steps.
Selling a home in Georgetown, ON costs more than the sale price suggests. If you don’t calculate closing costs correctly, you can lose thousands at the last minute. This guide walks you through every cost a Georgetown home seller can expect, with local specifics for Halton Hills and an easy sample calculation you can use right now.
Why this matters
- You need a realistic net proceeds number before you list.
- Lenders, lawyers, and buyers will all demand figures on closing day.
- Small missed items create big surprises — and slow the deal.
If you want certainty, read this and use the sample calculator below.
The short checklist: what sellers commonly pay
- Realtor commission (negotiable) — usually a percentage of sale.
- Mortgage payoff (balance + possible prepayment penalty).
- Legal fees and disbursements (lawyer or notary costs to close).
- Adjustments to buyer for taxes, utilities, condo fees (prorated).
- Moving and storage costs.
- Repair or renovation costs agreed in negotiation.
- Other closing costs: title changes, transfer/registration fees, discharge/admin fees.
Note: In Ontario, the Land Transfer Tax is almost always paid by the buyer, not the seller. Sellers in Georgetown (Halton Hills) rarely pay the provincial land transfer tax.
Step-by-step: how to calculate total closing costs (simple formula)
Total Closing Costs = Realtor Commission + Mortgage Payoff & Penalties + Legal Fees & HST + Adjustments Owed + Moving & Prep Costs + Misc Fees
Breakdown with real steps:
1) Get your expected sale price. Use a firm listing price or the purchase agreement number.
2) Estimate your realtor commission.
- Common range: 3%–6% of sale price combined (example: 5% = 0.05 × sale price).
- Commission is negotiable. Ask for a written split and any HST expectations.
3) Request a mortgage payoff statement.
- Contact your lender and get a payoff quote valid through the expected closing date.
- Include any prepayment penalty and discharge admin fee.
4) Get a legal (closing) cost quote.
- Seller legal fees typically range from $700 to $1,800 plus disbursements and HST. Confirm exact numbers with a Halton Hills real estate lawyer.
- Disbursements: title search, courier, registration fees. Expect 13% HST on most legal services.
5) Calculate adjustments.
- Property taxes: prorated between seller and buyer based on closing date.
- Condo fees: prorated; seller may pay arrears or certain special assessments.
- Utilities and water/sewer: prorated or final bills assigned.
6) Add moving, staging, and repair costs.
- Local movers, truck rentals, storage. See local cost examples below.
7) Add any extras.
- Mortgage default insurance, final utility bills, or required certificates.
Local details for Georgetown and Halton Hills sellers (what differs here)
- Land Transfer Tax: Paid by buyers in Ontario; sellers in Georgetown generally do not pay it.
- Municipal fees: Halton Region water and sewer billing practices may create final adjustments. Expect a pro-rated amount on closing.
- Condo buildings in Georgetown may charge elevator or move-out fees and require a move booking. Factor those in if you sell a condo.
- Home staging and pre-list repairs: Georgetown buyers expect move-in-ready. Budget for targeted repairs — curb appeal and mechanical fixes yield the best ROI.
Example calculation — real numbers you can model
Scenario: Sale price = $800,000
- Realtor commission: 4% = $32,000
- Mortgage payoff: outstanding balance $400,000; prepayment penalty $2,500; discharge admin $350 → Mortgage total = $402,850
- Legal fees & disbursements: $1,200 + HST (13%) = $1,356
- Adjustments owed to buyer (property taxes, utilities): $1,200
- Repairs and staging: $3,000
- Moving and storage: $1,000
- Misc registration/discharge fees: $350
Total Closing Costs = 32,000 + 402,850 + 1,356 + 1,200 + 3,000 + 1,000 + 350 = $441,756
Net Proceeds = Sale Price — Total Closing Costs = 800,000 — 441,756 = $358,244
That’s the number you need before you decide to list or accept an offer. Change the commission or mortgage numbers to see how the net shifts.
Tips to lower closing costs and protect your net proceeds
- Negotiate commission and request a clear breakdown of HST on invoices.
- Shop for a lawyer with transparent flat fees and local closing experience in Halton Hills.
- Get a mortgage payoff early. If the penalty is large, consider switching lenders or negotiating the date.
- Limit expensive pre-list renovations. Do high-ROI fixes: paint, curb appeal, minor kitchen/bath refresh.
- Offer flexible closing dates to reduce adjustment exposure on property taxes.
- Use a local Realtor who understands Georgetown buyer expectations to reduce days on market.
Moving cost guide — Georgetown-specific numbers
Local move within Georgetown (2–3 bedroom): $500–$1,500
Regional move within GTA (short distance): $800–$2,500
DIY truck rental for local move: $80–$200/day + fuel
Storage unit (Georgetown): $100–$300/month depending on size
Special items (piano, hot tub): $200–$800 extra
Note: Moving companies and storage providers charge HST (13%) in Ontario.
How to work with your lawyer and Realtor on closing day
- Review the final statement from your lawyer at least 48 hours before closing.
- Confirm mortgage payout amount and ensure funds will be ready.
- Confirm adjustments and net proceeds calculation.
- Prepare keys, garage openers, and any occupancy documents required by the buyer.
- Make sure utilities are transferred or final reads are scheduled.
Local tip: Use a Halton Hills real estate lawyer who handles closings at Land Registry offices frequently. They will anticipate municipal quirks like tax adjustments and local registration practices.
Why hiring a local expert matters
Local realtors and lawyers know how Halton Region and Georgetown handle tax prorations, condo move fees, and municipal adjustments. That saves time and prevents surprises that cost money.
If you want a closing cost estimate customized to your home in Georgetown, I’ll run the numbers for you — exact, no guesswork.
Contact: Tony Sousa — tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
FAQ — Closing costs and moving for Georgetown sellers
Q: Who pays the Land Transfer Tax in Ontario?
A: Buyers typically pay the provincial Land Transfer Tax. Sellers rarely pay this in Georgetown.
Q: What percentage is a typical realtor commission here?
A: Commissions vary; commonly 3%–6% total. Negotiate and ask for the complete invoice including any HST.
Q: Will I pay HST on realtor commissions and legal fees?
A: HST (13%) usually applies to services like legal fees and moving companies. Realtor commission may have HST depending on the brokerage — confirm on invoices.
Q: How do property tax adjustments work at closing?
A: Taxes are prorated. If you prepaid taxes for the year, you’ll refund the buyer for the unused portion. If taxes are outstanding, the buyer may reimburse the seller at closing.
Q: What if I still owe a mortgage?
A: Your lawyer will request a payoff statement from the lender, include the mortgage discharge and any penalty in the closing statement, and pay it out on closing.
Q: Are there special fees for selling a condo in Georgetown?
A: Expect move-out fees, elevator booking fees, potential fines for late move scheduling, and prorated condo fees or special assessment adjustments.
Q: Do I need title insurance as a seller?
A: Title insurance primarily protects buyers and their lenders. Sellers usually don’t need to buy title insurance, but your lawyer will advise if any title issues exist.
Q: Will capital gains tax apply?
A: Primary residences are generally exempt. If the property is not your principal residence, consult an accountant for exact tax liability.
Q: How can I get an exact closing cost number for my property?
A: Contact a local Realtor for a sale price estimate and request a mortgage payoff from your lender. Then get a closing quote from a Halton Hills lawyer. If you want, I can coordinate those for you.
Closing is not the time for surprises. Calculate, confirm, and control the numbers before you sign. If you want a precise closing cost estimate tailored to your Georgetown property, reach out now.
Contact: Tony Sousa — tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
