In today’s Real Estate Market, there is an ever-increasing selection of service and commission options to choose from, with differing experience, expertise, inclusions, and products.
For most Sellers, the biggest expense to sell their home is the commission paid to the real estate agents.
The least expensive option is to sell your home yourself. The For-Sale-By-Owner (FSBO) option requires the Seller to the time, to have a good understanding of the value of their home, experience in marketing and negotiating and to have the legal skills for the paperwork. While many people do successfully sell their homes on their own, others spend many frustrating months trying and end up hiring a Realtor®. Case in Point; as stated in this article: FSBO Founder sells his property through a Realtor®
When you hire a real estate agent to sell your home, the commission you pay is usually split four ways:
- The listing Brokerage
- The listing Realtor ®
- The Buyer Brokerage
- The Buyer’s Realtor®
In Ontario, the fee can be anywhere from 1-6% to list a home for sale; the amount depends on experience, knowhow, services included and the percent of commission offered to the agent who brings the Buyer.
It’s important to remember that different real estate professionals and brokerages offer different skills and levels of service. Some may prefer to offer discounted commissions and take on a larger volume of sales, while others offer unique or tailored services that provide extra value to their clients.
The RealEstateGirlz services includes professional photography, videography, aerial photography, virtual tours, floor plans, online marketing, print marketing, social media marketing, staging and more) in order to get our Sellers the highest price!
Legal fees to sell your home will depend on the law firm you choose and the price of your home. Generally, you can expect to pay around $1,200 to sell a $600,000 home. Here’s an excellent source for an estimate for Legal Fees, Land Transfer Tax and Closing costs
If you have a mortgage on your home, your lender may charge you a penalty if you sell the home during the mortgage term period. Some lenders allow you to apply the remaining mortgage balance to the mortgage of a new property, but some mortgages have restrictions. Make sure to talk to your lender before you list your home for sale to understand fully the details of your mortgage.
Before closing, your lawyer will give you a full breakdown of any other selling costs, which may include outstanding property taxes and utilities. The Seller is responsible for these costs up until the date of closing.