There are costs associated with selling your home that you might have not considered.
RPR – Real Property Report
An RPR is always required when selling your home or bare land condominium; it is not needed when selling apartment style condos. It can be describes as a “legal document that clearly illustrates the location of significant visible improvements relative to property boundaries”. You may need to update your RPR if you made upgrades to your home such as a new garage, shed, hot tub, deck, fencing or built an addition. If your RPR does not show all the structures on your property you will have to update it. If you are unable to find your RPR, you will need to order a new one. Updating your RPR through the original Land Surveying Company will be more cost effective than obtaining a RPR from a new surveying company.
Starting at $600
If you are selling a condo, you will need to provide condo documents relating to your unit as most buyers will request them prior to writing an offer or before removing the condition of Condo Document Review in the purchase contract.
Lawyers are required for the transaction paper work.
You will need to reimburse the previous owner for any utility payments or property taxes that were paid for beyond the closing date.
Estoppel Certificate Fee
When selling a condo or starta unit, this certificate contains information in respect of common expenses, status of condo fees, special assessments etc.
Moving expenses vary substantially from one situation to the other. It’s a good idea to figure out your specific moving expenses from renting a U-Haul to hiring a professional moving company.
Pre-Sale Home Inspection
Having a pre-home inspection is optional, but many sellers choose to complete one prior to the buyer’s home inspection. Why? Because it protects you from any unpleasant surprises uncovered during the buyer’s inspection that could jeopardize the sale.
If you are selling your home before your mortgage matures, be prepared to pay a early payout penalty on closed mortgages. The most commonly assessed penalty is: the greater of three months interest penalty OR the interest rate differential; whichever is larger.
Repairs & Renovations
Part of preparing your home to sell is addressing any necessary repairs or updates. Some renovations can have a return on investment through the value they add in the selling price. Other renovations are expenses that you just have to absorb in order to make your home attractive to buyers.
Costs will vary.
Don't miss out on a thing
to my monthly newsletter to keep informed of our dynamic real estate market, what’s new and happening in Calgary and the opportunity to win exciting prizes!