It"s a good idea to anticipate what the Net Proceeds will be from the Sale Price of your home. This list will help you to calculate what costs need to be paid out first. It is wise to contact your Mortgage Lender now to determine what the payout amount is, and if there are any penalties to be paid.
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1. Property Costs |
Amount |
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- Cost of removing liens on property |
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- Unpaid condominium maintenance costs |
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- Cost of underpaid property taxes |
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2. Legal Costs |
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- Lawyer's conveyance costs |
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- GST on legal fees |
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3. Mortgage Financing Costs |
- |
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- Balance of mortgage payable |
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- Interest on mortgage since last payment |
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- Mortgage prepaid penalty |
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- Mortgage lender discharge fee |
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- Mortgage assumption fee on credit to buyer |
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- Other |
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4. Real Estate Commission |
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GST on real estate commission |
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- Other |
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5. Closing Adjustments/Income |
-- |
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- Property taxes |
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- Heating (oil/gas, etc) |
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- Homeowners insurance |
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- Prepaid realty taxes |
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- Prepaid utilities |
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- Prepaid condominium maintenance fees |
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- Prepaid municipal assessment |
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- Other |
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6. Moving Costs |
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- Movers costs |
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- Box purchases or rentals |
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- Moving insurance |
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- Storage charges |
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-Miscellaneous |
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7. Utility Disconnection Costs |
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- Telephone disconnection |
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- Cable disconnection |
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- Gas disconnection |
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- Electrical disconnection |
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- Water service disconnection |
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- Other |
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Total Cost - - > |
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