Make sure you don't skip this important step before you list your home for sale.
Understanding all the costs that come with selling a home is a crucial part of
ensuring your.
Goals and vision are being met. Today, I'm going to show you all the costs.
You can expect when you are selling your home in Calgary.
Alberta, Canada.
As Calgary Realtors.
We here at the LiveInnerCity real estate team work with many of our seller
clients and are always transparent,
but all the costs that are absolutely no surprises, are you ready?
Let's go.
Now the first cost is lawyer costs.
You'll need to hire a real estate lawyer to help you finalize your home sale.
They are also there to represent your best interests to ensure that all the
documents are in order and for you to consult them about anything related to
your transaction. There are two parts to this cost.
Number one is the fee that the lawyer charges and this varies quite a bit.
So it's good to shop around.
The second is disbursements things like pulling the registered documents,
the title, the courier of the hard copy of the documents.
And in Calgary, you'll need to budget around $1,500 for this.
And here's a tip for you.
Call a few lawyers,
ask them what their services and really it's about what you think is the best
fit for you. Now,
your real estate agent may have some recommendations for you as well.
So you can ask them too. At the end of the day,
it's important that you choose one based on who you think will best represent
you and your situation. If English is your second language,
some lawyers may be able to work with you in your mother, tongue,
or offer other translation services.
Next are mortgage costs. If you have a mortgage on your property,
be sure to call your lender and find out these two things.
Number one is the payout penalty.
The lender requires you to pay this on top of paying out your mortgage balance.
This is usually the greater three months of interest or interest rate
differential. The second thing is the mortgage discharge fee.
Some lenders will also charge a fee of about a $100 to $350 to
discharge your mortgage. And here's a tip for you.
If you're selling a home and then buying a new one,
you may want to ask your lender about porting your mortgage.
This means that you'll be continuing your existing mortgage terms,
interest rates amortization into your new home.
Sometimes it's worth it because banks will want to keep you as a client.
And they may even actually waive the need for a payout penalty.
Next is the real property report or RPR for short and RPR is a
property survey, which shows your land, lot, property
and exterior improvements such as a storage shed, air conditioning unit,
fences, decks, et cetera. You may need to order a new or updated one.
If you have changed anything since you bought the home,
the RPR is provided to the buyer of the home's lawyer so they can verify the
property.
The cost for this is around $850 for a new or four to $500 for
an updated one. And usually it takes about three to four weeks to complete.
The next cost is condo documents. If you're selling a condo, you will.
Need to provide some condo documents to the buyer after you have accepted their
offer.
There are some as a condo unit owner that you will have already received from
your property management company,
but there are also other documents that you will need to purchase from the
property management company. The cost could be up to $450,
depending on which documents you have and which ones you're missing.
The last cost you need to be aware of our realtor fees and the
seller normally pays for the fee for both selling and buying side
realtors.
A typical amount you'll see is 7% on the first a hundred thousand dollars
and 3% on the remaining balance of the sale price.
And this amount is split 50/50 between the listing agent and the
buying agent.
The realtor fees are usually distributed through the lawyers at the closing
of the transaction.
Hopefully you found this video valuable in understanding what the costs are
before you list your home for sale.
Show your support for our channel by hitting like and share.
And if you have any questions at all, put them in the comments section below.
Or engage our team through our contact us link.
Then we'll leave that in the description below.
And of course, subscribe to our channel. If you want to see more.
My name is Jasben Lai with the LiveInnerCity real estate team,
helping you keep real estate simple. See you again next time.
And thanks for watching.