What charges can I expect when paying out my mortgage?
The payout includes the principal amount outstanding, any interest accrued since the last payment date to the completion date, the prepayment penalty if one is applicable, any credit for a property tax account if one was in existence, the standard $75 discharge fee, possibly a “reinvestment fee” or “cashback reimbursement” and then a per diem interest rate. Before agreeing to sell your property, you should be careful to confirm what your prepayment penalty may be, as it could be significantly higher than you think if the interest rate differential penalty applies.
- What is a Property Condition Disclosure Statement?
- What is the difference between the completion date, possession date and the adjustment date and how does this affect me as a seller?
- I have a mortgage to pay out on closing – how do I get this done?
- What charges can I expect when paying out my mortgage?
- Why is my prepayment penalty higher than I thought?
- What are my closing costs?
- Paying the realtor – how does this occur?
- How are the property taxes, utilities, pad rent, strata fees or other adjustments dealt with when selling a property?
- What happens if I can’t afford to clear title to the property?
- What must I do if I am not a resident of Canada and I want to sell my property?