What costs are involved with the sale of your home?
You have made the decision to sell your home for its fair value. Good idea! In addition to the costs associated with making your property attractive to buyers, these few important costs are to be expected.
1. The inspection and repairs
The buyer, at their expense, frequently obtains an inspection report on your property, and the sale is often conditional on the outcome of that report. The conditions written in this report can sometimes result in additional costs to the seller. So plan to correct some faults in your home before the sale.
How to choose your building inspector?
2. The Pyrite test and others
It is up to the seller to provide the necessary papers concerning the compliance of these installations (sanitary facilities, wells, pyrite, etc.). The conditions written in these reports can sometimes result in additional costs to the seller.
3. The certificate of location
The certificate of location is a document showing the current state of the property which must be prepared by a land surveyor. In the majority of cases, this certificate is paid for by the seller. It must be recent (no more than 10 years old).
The certificate of location for a real estate transaction
4. The notary's fees
The fees for the transaction are in the vast majority of cases borne by the buyer. However, the discharge fee to write off your mortgage is yours.
5. The unpaid property taxes
Sellers are legally obligated to pay any unpaid property taxes up to the time of sale.
6. The mortgage fees
Some lenders may charge penalties (interest charges) if you pay off your mortgage before it matures.
7. The real estate broker's commission
The real estate broker's commission will be deducted from the amount of the sale to the notary. The real estate broker works at no cost until you are successful in your sale. In addition, he invests considerable amounts in advertising in order to reach the right buyer. A real ally that saves you a lot of time.
8. The moving and storage costs
Sellers should consider the costs of supplies, transportation and professional moving services, or if applicable, storage costs.
