COSTS TO BE BORNE BY THE SELLER - As you make the decision to sell, there are some notable selling costs to consider:
HOME INSPECTION/REPAIR COSTS
The buyer or seller is often required to commission a Home Inspector Report as a condition of the Contract to Purchase and Sale. Conditions within this contract may impose additional costs on the seller.
- Lawyer Fees - including a legal review ot the Offer to Purchase, preparation of title documents, time to respond to inquiries from the purchaser's lawyer, drawing up any mortgage transfer documents and execution of all other closing details.
- Title Insurance - protection against any legal questions or loop holes in the title of the real estate or of legal priority of the mortgage.
- Unpaid Property Taxes - sellers are legally required to pay off any outstanding property taxes from the proceeds of the sale.
- Mortgage Fees - lenders may levy prepayment penalties or mortgage discharge fees.
- Real Estate Services - the real estate commission will be deducted from the proceeds of the sale.
Sellers should consider the costs of supplies, transportation and professional moving services, or alternatively, storage costs.
The purchase of real estate represents a major transaction in one's life. The transfer of real estate is often accompanied by a mortgage, and the adjustment of the matters between the Seller and the Buyer involves a complex set of procedures. The property title and tax record must be reviewed to ensure that the Buyer does not inherit the Seller's liabilities. Deposits, holdbacks, surveys, appraisals, mortgage proceeds and discharges, property transfer tax, GST, must all be accurately taken care of. To complete these tasks, one needs to have an expert on whom they can rely. Both lawyers and notaries have the expertise and are empowered to prepare and register real estate documents including transfer and mortgages.
In the area of practice involving changes to the title of real estate, notaries and lawyers perform the same tasks. The expected duty of care is exactly the same. Unlike lawyers, however, notaries do not represent their clients in court, nor do they handle lawsuits on behalf of their clients.
When you have made a commitment to purchase a home, make sure you explore the opportunity of having your transaction completed with a Lawyer or your local Notary Public.
Visit our resource area for contact information on lawyers and notaries that Ray has done business with in the past.