Leon Martin
Phone: (519) 669-5426 Ext 

Mobile: (519) 503-2753

Additional Costs for Sellers

Here are a few of the additional costs you may encounter when selling your home. You should consider each of these carefully before making the decision to sell. If you are unclear about the following information, please contact me directly and I can walk you through the details.

Under most circumstances, you will not be required to pay tax on any capital gain when you sell your primary place of residence. I recommend that you contact your lawyer or accountant for more information on taxes and your home.

When selling, you may want to use the proceeds to pay off your mortgage. This is referred to as “discharging your mortgage.” If you have a fully open mortgage, you may discharge it at any time, without penalty. However, if you have a fully closed mortgage, you may be required to pay substantial penalties. This can be very costly.

You can avoid these penalties by asking the buyer to assume your mortgage, or by taking your mortgage with you when you sell your current home. It will then be applied to your new home. If you’re lucky, you may even be able to time the sale of your home with the completion of your mortgage term.

For more information on mortgages, visit my Dominion Lending website or contact me directly at 519-503-2753.

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RE/MAX Solid Gold Realty (II) Ltd., Brokerage
3 ARTHUR STREET SOUTH
ELMIRA ON  N3B-2M4
(519) 669-5426
Real Estate License # 4714589