Seller's Costs

seller's costs.jpgIf you’ve decided to sell your home, it’s important you understand all of the costs involved.

Here’s an overview.

REALTORS® fees

You and your REALTOR® will agree to this beforehand. There is no set fee or commission rate in the real estate profession. A fee or commission depends on the services your REALTOR® provides, which can vary significantly depending on your needs as a client or the business model used by the REALTOR®.

When is a commission or fee payable?

The Standard Multiple Listing Contract states the fee or commission is payable on the earlier of the following:

Contractors

Home owners typically want to spruce up their home to get it ready for sale. This can involve hiring landscapers, home stagers and even Feng Shui experts.

Home inspection fee

A seller may want to hire a home inspector to report on the condition of the home, including structural and moisture problems, and the electrical, plumbing, roofing and insulation. The fee ranges from $500 - $700 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with secondary suite, a crawlspace or a laneway home.

Goods and Services Tax (GST)

The GST applies to REALTOR® fees, and the fees of various contractors and home inspectors.

Adjustments (see details in the contract of purchase and sale)

Legal or Notary Public fees

Buyers typically hire a lawyer or Notary Public to assist with drafting documents and ensuring the title of the home is properly transferred.

Final utility payments

Sellers are responsible for utility payments until the date of possession,

Moving fees

Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary.

Costs of clearing the property title

If you have questions about selling costs, contact us.