Seller Net Sheet: What Will You Walk Away With?
An estimate of your net proceeds from selling in London, St. Thomas or anywhere in Ontario: commission and HST, legal fees, your mortgage payout and closing adjustments, in one number. It updates as you type, and nothing is sent anywhere until you ask for the PDF.
Your estimate
Fill in the sale price and commission to see your estimate. Leave anything else blank and it counts as $0.
Ontario sellers don't pay land transfer tax. The buyer pays it.
Estimate only, not a formal appraisal. It uses the figures you enter and is not a promise of what you will receive at closing. Your lender confirms the mortgage payout, penalty and discharge fee; your lawyer's statement of adjustments has the final numbers.
What goes into the number
Commission and HST
Commission is set in your listing agreement, either as a rate or a flat fee. In Ontario, 13% HST is charged on top of it.
Legal fees
Your lawyer closes the sale, pays out your mortgage and prepares the statement of adjustments. Their fee and disbursements carry HST too. Budget roughly $1,200 to $2,000.
Your mortgage
The balance is paid out on closing, along with any prepayment penalty and the lender's discharge fee. Your lender's payout statement shows all three.
Closing adjustments
Property tax, utilities or condo fees you've prepaid past the closing date come back to you. Anything still unpaid is deducted from your proceeds.
What sellers don't pay
Sellers in Ontario do not pay land transfer tax; that falls to the buyer. There is no HST on the sale of a resale home used as your principal residence.
Capital gains
If the property was not your principal residence, such as a rental, capital gains tax can apply. It isn't in this estimate; your accountant can work it out.
Start with the sale price, then subtract commission plus 13% HST on the commission, legal fees, your mortgage payout including any prepayment penalty and discharge fee, and any other selling costs. Add back prepaid property tax or utilities past closing. The Seller Net Sheet does that arithmetic as you type, and your lawyer confirms the exact figure on the statement of adjustments.
No. Land Transfer Tax is paid by the buyer. Sellers pay commission and HST on it, legal fees, and whatever is owed to discharge the mortgage. There is no HST on the sale price of a resale home that was your principal residence.
On a closed variable-rate mortgage it is usually three months' interest. On a closed fixed-rate mortgage it is usually the greater of three months' interest or the interest rate differential, which can be much larger. Ask your lender for a payout statement with the closing date filled in; that is the number to use.
No. It is an estimate from the figures you enter. Your real net depends on the final sale price, the closing date, your lender's payout statement and your lawyer's adjustments. For a price that reflects your own street's sales, request a detailed valuation.