The Cost Of Selling
Selling fees and other costs are important factors, because obviously one of the goals of Sellers is to maximize the amount they will “net” from the sale. Instead of asking “How much are your fees”, perhaps a better question is “How do you propose to ….
A wise consumer knows the difference between cheapest price and best value. Even with certain commodities such as a Home Theatre System, simply paying the cheapest price might not be the best value – what about delivery, setup, warranty, return policy, etc. What’s the best value – the lowest price, requiring you to pickup the unit, install it your self, a limited warranty and if there is a problem you can’t return it to the store where you bought it or perhaps the full service store that does it all for you.
Obviously one solution doesn’t fit all in retail sales and certainly not in something as important as a major asset like real estate in choosing your service suppliers.
As A Seller You Will Be Paying Some Or All Of The Following:
- Existing mortgage and any other financial charges against the property, including mortgage pre-payment penalties - check with your financial institution prior to listing
- Real Estate Fees
- Any costs you have agreed to in your Contract for Purchase and Sale, such as repairing / replacing certain items.
- Adjustment for property taxes, utilities, strata fees (where appropriate) and rent. These are pro-rated and calculated on the statement of adjustments at your conveyancer's office.
- Legal fees on the sale of the property usually include professional fees, mortgage discharge, Land Title search, registration fees, and miscellaneous office disbursements such as courier charges. HST is usually added to fees and disbursements as with other services and products. Call your lawyer / notary for a specific quote.
- Capital Gains Tax on any profits from the sale of a non-principal residence. Discuss this with your accountant prior to listing.