I'm trying to find a guide for 'typical' costs of selling a house such as real estate fees, legal costs, bank costs (new mortgage), etc. Does anyone have a link to some good info or can comment?
The market would be Toronto.
May 23rd, 2006 10:47 AM #1
Cost of Selling House
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May 23rd, 2006 12:54 PM #2
- Join Date
- Nov 29th, 2004
Mortgage cost would be different depending on a number of factors. Mainly, how many years/months/weeks you have left with your current lender. They typically will make you pay a penalty close to what they would've made in interest on your remaining terms.
If you were selling through an agent, you typically would pay the 2.5% to your selling agent and the buying agent would get 2.5%. That varies.
Lawyers cost are typically around $500 to $1000.
The cost of repairs or renovations if the deal has conditions that need to be met. Example, fixing something or upgrading to meet current standards if the house is old.
May 23rd, 2006 03:38 PM #3
Originally Posted by alkaseltzer01
- Join Date
- Dec 10th, 2003
And clearly if he sells to a buyer who approaches him thru the internet (ie without an agent) he gets to pocket the 5% total himself unless you have specified something else in the contract. While few do it, it would be good when you pick a realtor to get in writing that he will drop his commission to xx percent if there is no separate buyers realtor involved.
Of course many times a realtor will not agree to this, but they will become amenable "at the last minute" to dropping their commission (by providing a kickback to the seller (usually) or to the buyer in order to reach an agreed sale.
And while 5% is the norm for sales in Toronto these days, some will still hold out for the full 6% allowed by MLS and some will drop to 4% Anything less than 4% (unless you DIY) I would steer clear because you wont get the visits from buyers realtors and you may be dealing with a very small or new realtor..