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A fundamental aspect of the way I run and have built my business is my strong belief in business transparency. I strive to educate my clients on all aspects of their home sale transaction by providing open communication as well as full, accurate and timely disclosure of all aspects pertaining to the listing and sale process. It is important to be aware and to understand the costs involved in selling your home in order to ensure you’ve budgeted for all the expenses related to the sale of your home. Below are the most common costs associated with a home sale that you can expect to encounter.

Real Property Report (RPR)

A RPR is required when you sell a home or bareland condominium. A RPR is described as “a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries.” When you originally purchased your home, you would have received the RPR in the documents from your lawyer. If during the time you lived in the home you added anything to the property i.e. a garage, shed, hot tub, deck, and/or fence you will have to update your RPR by calling the surveying company that prepared the RPR. If you have lost or misplaced your RPR you will have to get a new one, as it is required for the sale of your home. Once you have a firm sale on your property you will give the RPR to your lawyer to send to the purchaser’s lawyer. The cost for an updated RPR is approximately $350 and for a new RPR is approximately $700. Apartment style condominiums do not require an RPR, however bareland condos do require an RPR. If you purchased a property using the standard Real Estate Purchase contract that is used by Real Estate Agents, then an RPR should have been provided to you by your lawyer at the time of the purchase. If there are any structures on the property that are not shown on the RPR, then an updated RPR is required. The cost for an updated RPR from the original Surveying Company who did an existing RPR for an update is less expensive than ordering a new RPR.

Home Inspection

Although a Pre-Home Inspection is entirely optional, many sellers choose to commission a professional house inspection before the purchaser’s inspection (sometimes before the house is listed for sale). A Home Inspection can protect you from unpleasant surprises uncovered by the purchaser’s Inspector that could jeopardize the sale. A little advance notice gives you time to repair any issues.

Legal Fees, Disbursements, and Legal Fees

Your real estate lawyer will handle all the closing costs associated with the sale of your home including tax adjustments and disbursements. The costs can range from $700 - $1100 depending on the sale price of your home.

Estoppel Certificate and Certificate of Insurance

Disbursement for an Estoppel Certificate and a Certificate of Insurance are required for condominiums only. An Estoppel Certificate contains information in respect of common expenses, status of condo fees, special assessments, etc. The Condominium Corporation will provide a Certificate of Insurance detailing the insurance of the building. Although, these costs can vary, they are each approximately $100-$400.

Mortgage Payment Penalties

Ensure you talk to your mortgage broker or bank if you are thinking of selling before your mortgage matures, as most lenders charge an early payout penalty on closed mortgages repayment of debt prior to end of the term. The most common penalty assessed is: The greater of three months interest penalty or the interest rate differential; whichever is larger.

Condo Documents

If you are selling a condominium, you will also need to provide documentation relating to your unit as potential buyers and investors will request them in advance of writing an offer or before removing the condition on a Contract of Purchase and Sale. These documents can be purchased from the Condominium Management Company. Costs will vary depending on the documents need to be updated. Costs for each document can range from $15 a document to approximately $500 for the entire set.

Repairs and Renovations

When the time comes to show your home to prospective buyers, you want your house to look its very best. Some renovations can actually return your investment in the value they add to your selling price. Other repairs/renovations are expenses that you’ll just have to absorb in order to make your house attractive to buyers. Too many serious issues left unfixed may make a home unsellable.

Moving Costs

After the sale of your home, you should budget for costs such as the moving company, utility hook-ups and all the incidentals involved in buying and moving into a new home.

Purchase Price of Your New Home

Obviously you aren’t going to forget about this one, but it is covered here for the sake of thoroughness. Unless you plan on renting or have other arrangements, you’ll need a new house once you’ve closed the deal on your current home. This will be your biggest expense by far, but hopefully the proceeds from selling your old house will cover the cost of the new home.

For more information on any of these services, contact Kaitlyn at 403-970-5397.

© 2014. Kaitlyn Gottlieb.
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