Sellers may need to make repairs or improvements to their homes to make them more marketable. The cost of these can vary significantly depending on the condition of the property.
In many cases, sellers work with realtors to list and sell their homes. Standard commission in Ontario is around 5% of the sale price, and is shared between the buyer’s agent and the seller’s agent.
Sellers typically hire a real estate lawyer to handle the legal aspects of the sale. Legal fees very, but generally range between $800 – $1000 depending on the complexity of the sale.
4. Pre-Sale Home Inspection
Some sellers opt to have a pre-sale inspection to identify and address any issues before listing the property. This can range from $400 – $600.
5. Mortgage Penalties
If you have a fixed-rate mortgage, and you’re selling it before the term is up, you may incur penalties. The exact amount depends on your mortgage terms and the lender.
6. Closing Adjustments
Sellers may be required to reimburse the buyer for prepaid property taxes, utility bills, or other expenses that extend beyond the closing date.