What you need to know
Plan two budgets and one timeline: what your sale will release, what the purchase will require, and when the money needs to be available.
Separate sale proceeds from purchase cash.
Your sale budget starts with the selling price and deducts commission, GST, the mortgage payout and other expenses. Your purchase budget starts with the new price and adds the cash needed to close. The deposit is part of the purchase price, not an extra cost, but it is usually needed earlier.
Keep a worksheet with an amount, a source and a due date for every item. This prevents a common problem: having enough equity overall but not enough accessible money when a deposit or closing payment is due.
The seller’s side of the worksheet.
- Don’s 2% combined commission and the GST on it.
- Mortgage balance, accrued interest and any prepayment or discharge charges.
- Legal fees, disbursements and tax or other closing adjustments.
- Preparation, cleaning, moving, storage and any agreed repairs.
At a $700,000 sale price, the commission and its GST total $14,700 under Don’s model. The rest of your estimate should come from your lender, lawyer and suppliers. Use the selling-cost example to put the figures together.
The buyer’s side of the worksheet.
- The deposit and remaining down payment.
- Legal fees, disbursements, applicable registration charges and title-related costs.
- Inspection and any condo-document review costs.
- Property-tax adjustments, insurance and utility setup.
- Moving expenses and a reserve for repairs or ownership costs.
Alberta has land-title registration charges rather than the percentage-based land transfer tax used in some other provinces. Ask your lawyer to calculate the current transfer and mortgage registration charges for the submission date. Do not carry a fee estimate from an old online calculator into a new transaction.
The size of the mortgage can also affect insurance and borrowing costs. Confirm the lender’s complete cash-to-close figure, including what is financed and what must come from your savings.
Plan the gap between the two possession dates.
If your purchase closes before your sale, discuss bridge financing before making the offer. Ask what the lender needs, when the sale must be firm, the maximum overlap and the interest or fees. If your sale closes first, budget for temporary accommodation and storage where needed.
Same-day closings can reduce overlap, but leave less room if funds or documents are delayed. Your lawyer and lender should explain how they expect funds to move. Choose dates that fit the transaction rather than assuming your moving truck can wait indefinitely.
Know who confirms each number.
| Question | Who confirms it |
|---|---|
| Expected selling range and commission | Don |
| Payout, penalty, portability and financing | Your lender or mortgage broker |
| Legal, registration, adjustments and closing funds | Your lawyer |
| Moving, storage and repair costs | Your chosen suppliers |
Ask for updated figures if the price or possession date changes. An estimate prepared months before closing can miss accrued interest, renewed tax information or a change in the scope of work.
Review the whole move before you list.
Bring Don the address of your current home, the type of home you want next and your preferred dates. He can assess the likely sale range, explain the 2% fee and discuss how the sale and purchase might fit together.
Don’s 650+ homes sold provide practical experience with negotiations, conditions and timing. The first useful step is a free home evaluation and a conversation about the cash and dates that matter to your household.
Sources and further reading
Research checked September 26, 2026. Market figures below use the periods identified in the article.