The Competition Act is federal legislation that states there is no set or standard commission rate that is charged by a Real Estate Company. Our Brokerage, Sutton West Coast Realty, prides itself on being a full service brokerage and recommends that we charge appropriately for the high level of prfessinal service that we provide to our clients. In exchange for a level of service that we believe is second to none in our industry, we charge 7% on the 1st $100,000 and 2.5% on the balance of the sale price. For example if you were to sell your property for $500,000, the commission would be $17,000. Since this is a service, 12% HST is also applicable (+ $2,040). So the total commission +12% HST that is payable by the Seller on a sale of $500,000.00 would be $19,040.
The legal fees charged by most Lawyers and Notary's to transfer or sell a property are in the range of $850 - $1,000 + 12% HST. Please refer to my Resourses page.
Also talk to your bank baout your mortgage there can be a penalty to pay it out or sometime you can port it over if you are buying another home.