Legal Fees and Disbursements
When you’re involved in a Real Estate transaction you will require a lawyer to help with the money and title transfer. A Real Estate lawyer will ensure that the buyer has successfully met all terms and conditions outlined in the offer to purchase. A lawyer will also ensure that you (the seller) have successfully met your legal obligations in order to close the deal. Legal fees vary from lawyer to lawyer, and the total cost depends on the seller’s needs.
The Saskatoon Home Team is a full service team and with our full service package we believe we can get you top dollar for your home and we work hard to achieve your goal price. Commissions in Real Estate are not set in stone depending on the services you require. However as a full service team, with our complete marketing package we can ensure that we will earn our commission. Also it should be noted that comparing the average commission split in Saskatoon to other cities in Canada, our commission structure is lower than most other Canadian cities.
Capital Gains Tax
As long as the property is your principal residence you will not have to pay any capital gains tax. If the property is used for revenue purposes, you may have to pay the government and claim your net gain.
For a seller, there are many costs associated in the closing of the sale of your home. Once your house sells, you will still be living in it until the day it closes. You must still pay property taxes, utilities, condominium maintenance fees and possibly prepaid municipal assessment. These fees associated with living expenses continue until you move, so if your closing date is the end of the month, you will pay until that time. If you have your utilities on prepaid payments, its possible you can ask your buyer to reimburse you for the unused amount for the month.
You may also have to pay to have your utilities disconnected, or transferred to your new residence prior to moving. These can include telephone, heating, cable TV, plus electrical and water services.
You must factor in the cost of moving to your new home as well. Many home sellers forget to add this expense to their budget and may find themselves in a bind. Remember to add the cost of a moving company (if you use one), buying boxes or renting them, moving insurance, any storage costs and insurance, and if you choose to have a company help you pack, you must pay them too.