Cost of Selling
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:
- Home Inspection / Repair Costs
The buyer or seller is often required to commission a Home Inspection Report as a condition of the Contract to Purchase and Sale. Conditions within this contract may impose additional costs on the seller.
- Closing Costs
- Lawyer Fees - including a legal review of the Offer to Purchase, preparation of transfer of title documents, time to respond to inquiries from the purchaser's lawyer, drawing up any mortgage transfer documents, and execution of all other 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
- Unpaid Property Taxes - sellers are legally required to pay off any outstanding property taxes from the proceeds of the sale
- Mortgage Fees - lenders my levy prepayment penalties or mortgage discharge fees
- Real Estate Services - the real estate commission will be deducted from the proceeds of the sale
- Moving / Storage Costs
Sellers should consider the costs of supplies, transportation and professional moving services, or alternatively, storage costs.