What Costs Do Sellers Pay When Selling a House in Saskatchewan?

Selling a home feels like one big number: the price. In practice, the money you walk away with is the price minus a list of costs that arrive at different times. Some you pay up front, and others are taken from the proceeds on closing day.

This article walks through the usual costs for a Saskatchewan seller, who normally carries each one, and when it tends to appear. Your own contracts and mortgage terms decide the exact amounts, so treat this as a map and not a quote.

This article covers the law of Saskatchewan.

The big picture: price minus costs

Think of the sale in two parts. First there is the sale price in the accepted offer. Then there are deductions, which are paid out of the money the buyer's side provides. Your lawyer can explain how the final figures are worked out, and it helps to ask for an estimate early so you know roughly what to expect.

Some costs are fixed by a contract you signed, such as a listing agreement or a mortgage. Others depend on the date you close or on bills that run through that date. Asking for the likely figures early lets you plan around them.

Costs most sellers should expect

• Real estate commission: the amount is set in your listing agreement with the brokerage, so read that document for the rate and when it is earned.
• Your own legal fees: in a standard Law Society of Saskatchewan offer-to-purchase template, each party pays their own lawyer.
• Mortgage payout: the balance owing on your mortgage is repaid from the proceeds, and your lender's discharge or penalty terms are in your mortgage documents.
• Adjustments: how property taxes, utilities and similar charges are shared with the buyer depends on your offer, so read it and confirm the details with a lawyer.
• Moving, cleaning, repairs and any items you agreed to fix before closing.

Not every item will apply to you. A home with no mortgage has no payout, and a seller who agreed to no repairs will have no repair bill.

Costs that usually fall on the buyer

Sellers sometimes budget for costs that the buyer normally pays. In the standard Law Society template, the purchaser pays the Land Titles Registry fees to register the property in the purchaser's name and to register the purchaser's mortgage.

Saskatchewan does not list a land transfer tax in CMHC's provincial fact sheet. Instead there is a provincial fee to transfer property based on the property's value. The registry's fee schedule can change, so confirm the current rate with the registry before relying on any figure, and check your offer to see who is responsible for it.

When each cost comes out

Whether your lender charges a penalty for paying off the mortgage early depends on your mortgage terms, so it is worth confirming with your lender or a lawyer. Ask your lender for a written payout statement showing the exact amount to a specific closing date.

Condominium sellers and title surprises

If you are selling a condominium unit, the buyer can request an estoppel certificate from the corporation, which covers fee payment status, contribution amounts, insurance, and outstanding lawsuits or judgments against the corporation. On an owner's application the corporation must issue it, and the 2001 Regulations allow a fee of up to $200. Ask whether you or the buyer is expected to apply and pay for it.

It also helps to look at your title before you list. ISC Quick Search finds currently active titles and lets you view a title image. Mortgages and liens appear on a title as interests, and judgments are tracked separately in the Judgment Registry. Anything that must be cleared before closing can add to your costs or delay your payout.

What to do next

• Find your listing agreement and note the commission and when it is earned.
• Ask your lender for a written payout statement, including any penalty.
• Pull a copy of your title and look for mortgages, liens and other interests.
• Gather recent property tax and utility bills so adjustments can be calculated.
• If you own a condominium, ask the corporation about the estoppel certificate process.
• Ask your lawyer for an estimated statement of adjustments before you sign the offer.

A lawyer can confirm which costs apply to your situation and how your contracts treat them.

Frequently asked questions