What costs are involved with the sale of your home?
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
Conditions within this contrac 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.
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.
Lenders may levy prepayment penalties or mortgage discharge fees.
Real Estate Services
The real estate commission will be deducted from the proceeds of the sale.
Sellers should consider the costs of supplies, transportation and professional moving services, or if applicable, storage costs.