WHAT COSTS ARE INVOLVED?
As you make your decision to sell and establish a fair asking price, there are some notable selling costs to consider ahead of time.
Home Inspection / Repair Costs:
The buyer often requests -at thier own expense - that satisfactory Home Inspection Report be a condition on the Contract of Purchase and Sale. Sometimes deficiencies in your home or property are discovered as a result. This may impose additional costs to remedy or repair.
My best advise is that if something needs fixed that you are aware of, be sure to disclose the nature of the problem on the Property Condition Disclosure Statement that you will be required to fill out when we list your home.
Lawyer Fees – including a review of the Contract of Purchase and Sale, preparation of transfer of title documents, time to respond to inquiries from the purchaser’s lawyer, drawing up any mortgage transfer documents, payng out all financial encumbrances on the title, calculation of utilities and taxes, and execution of all closing details.
Title Insurance – protection against any legal questions or loop holes on the title of the Real Estate or of legal priority of the mortgage(s).
Unpaid Property Taxes, municipal levies, judgments – sellers are required to pay any outstanding encumbrances from the proceeds of the sale. Be sure that you are ware of any financial encumbrance on the title so we can accurately calculate your anticipated net from the sale.
Mortgage Fees – Your bank / lending institution may levy a prepayment penalty and/or discharge fees at the time that the mortgage is paid out. You should know what this amount is. It is also a good time to obtain the outstanding balance of your mortgage.
Real Estate Services – The agreed real estate fees, commission plus GST payable on this service will be deducted from the proceeds of the sale at the time your sale completes.
Moving / Storage Costs:
Sellers should consider the cost of supplies, transportation and professional moving services or alternatively, storage costs. Calculations of final utility bills and fees that are mare be associated with the cancellation of insurance and any other services provided to the home – Security Alarm Company, landscapers, water, postal services…