Price Tag

It is important to be aware of the costs involved in selling a home so you can prepare yourself:

Real Property Report (RPR) – A RPR is needed when you sell a home or Bareland condominium. It is described as “a legal document that clearly illustrates the location of significant visible improvements relative to property boundaries.” When you purchased your home, you would have received the RPR in the documents from your lawyer. If during the time you have lived in the home you have 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 stamped it. 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 buyer’s lawyer. An updated RPR is approx. $350 and anew RPR is approx. $700.

Commissions - As the seller, you are responsible to pay the commission of both the buyer’s agent and the seller’s agent. The standard commission in Calgary is 7% on the first $100,000, and 3% of the remaining balance of sale price + GST. My commission is negotiable; however, we do have to offer the buyer’s agent the standard commission of 3.5% on the first 100K, 1.5% on the balance of sale price + GST. 

Mortgage Payment Penalties – Make sure you talk to your bank or mortgage broker if you are thinking of selling before your mortgage hits maturity, as most lenders charge an early payoff penalty on closed mortgages if debt is paid prior to maturity of the term. The most common penalty is: The greater of three months interest penalty OR the interest rate differential, so whichever amount is the larger of these two figures will be your penalty.

Legal Fees, Disbursements and Tax Adjustments – Your real estate lawyer will handle all the closing costs associated with the sale of your home including tax adjustments and disbursements. The cost can range from $700 - $1500 depending on what your home is worth.

Home Staging – It is imperative that a home shows its absolute best during the selling process. Sometimes homes are in need of a little “lipstick” to appeal to the highest number of potential buyers. Home stagers create an ambience in the home that appeals to the buyer’s emotions and senses; thus creating value to the buyer and in turn helping you get the most money in your pocket. Staging ranges in price depending on the size of the home and the number of rooms that will need to be staged. Usually a flat fee is charged for bringing in the furniture and setting up and then a monthly fee for “renting” the furniture is charged.

If you are selling a Condominium:
Condo Documents - Condo Documents have to be purchased from your Management Company – we are required to provide a FULL set of documents to the Buyer upon acceptance of an offer. The cost will range, depending if you have some of the documents already. Prepare to pay anywhere from $50 - $350.