Costs Associated with Selling
There are a lot of fees associated with selling a house. They are normal with ALL real estate transactions and are not linked to the One Percent commission model. Here are some typical fees associated with selling:
- Lawyer or notary fees and expenses: This amount varies but it is good to budget anywhere from $400 to $1000.
- Closing costs of clearing title: This includes paying off any liens and money owing on mortgages to your property. Remember as well, if you are selling your home with a mortgage owing, you may also have to pay a penalty for paying off your balance early. Speak with your bank or lender to figure out exactly what the penalty will be for cashing out early. (Amount can vary based upon how much you owe and the penalty your lender will charge – you will need to make some phone calls to find out this amount)
- Commission: If you have sold your house using a real estate professional, you will have agreed to pay a commission structure for the sale. This fee is taken out of the sale proceeds of your home. (Amount can vary. There is no set commission fee structure in BC. To sell your home with One Percent, see the commission structure information.)
- Taxes: Some properties, especially if they are investments places, may require you to pay GST or capital gains. For an exact accounting, speak with your financial advisor or your accountant.
Other costs to consider:
- Moving expenses
- Costs to prepare home for selling (repairs, staging, storage for excess belongings, obtaining copies of documents etc)
- Costs to buy a new home/ costs to rent a new home