Property Transactions
Frequently Asked Questions about Residential Property Sales - Page 3
What will your sale cost you?
Currently the real estate agents' commission typically involves a fee of $500.00 plus a percentage, which usuall ranges between 2% to 4% of the first $250,000.00 of the sale price and 2% on the balance of the total sale price plus GST. We often negotiate the agency agreement for clients and achieve a better rate. The commission is based on the sale price and varies from company to company. The commission to be paid by you should be negotiated at the time you discuss the marketing of your property with the real estate agent. Lawyers' fees for acting in the sale of your property are currently estimated in the region of $2,000.00 plus GST and disbursements. Other payments you may have to make in respect of the sale will include:
The purchaser is entitled to inspect the property prior to settlement to ensure all fixtures present at the time of signing the agreement are still in place. If any fixture has been removed a question may arise as to whether the purchaser has been substantially deprived of a benefit under the contract. The vendor cannot remove items included in the sale or replace them with similar items of lower value.
What are some of the common difficulties which arise on entering into a sale agreement?
Vendors of cross lease properties are currently experiencing some difficulties if they have made alterations to the house or built any external structure. If this work has been built without a local authority building consent difficulties may be encountered with the local authority. Also, if these structures are not evidenced on the cross lease plan a purchaser is entitled to requisition the title to ensure a new plan is deposited in the Land Titles Office and a new cross lease plan is drawn to reflect the changed position. This can be an expensive process.
Unit Title Properties
Vendors need to ensure that a Pre-Contract Disclosure Statement has been prepared by the vendor and given to the purchaser before the purchaser signs any agreement. The Unit Titles Act requires owners to comply with certain procedures on sale. We can assist you with these compliance requirements.
What should I do if the contract goes wrong?
Contact JDLO immediately you receive any notification that any part of the agreement which you have signed is not being honoured by the other party to the contract.
As @ 01-11-24
Currently the real estate agents' commission typically involves a fee of $500.00 plus a percentage, which usuall ranges between 2% to 4% of the first $250,000.00 of the sale price and 2% on the balance of the total sale price plus GST. We often negotiate the agency agreement for clients and achieve a better rate. The commission is based on the sale price and varies from company to company. The commission to be paid by you should be negotiated at the time you discuss the marketing of your property with the real estate agent. Lawyers' fees for acting in the sale of your property are currently estimated in the region of $2,000.00 plus GST and disbursements. Other payments you may have to make in respect of the sale will include:
- Title search fees $6.00;
- Discharge of Mortgage (per document) $80.00
The purchaser is entitled to inspect the property prior to settlement to ensure all fixtures present at the time of signing the agreement are still in place. If any fixture has been removed a question may arise as to whether the purchaser has been substantially deprived of a benefit under the contract. The vendor cannot remove items included in the sale or replace them with similar items of lower value.
What are some of the common difficulties which arise on entering into a sale agreement?
Vendors of cross lease properties are currently experiencing some difficulties if they have made alterations to the house or built any external structure. If this work has been built without a local authority building consent difficulties may be encountered with the local authority. Also, if these structures are not evidenced on the cross lease plan a purchaser is entitled to requisition the title to ensure a new plan is deposited in the Land Titles Office and a new cross lease plan is drawn to reflect the changed position. This can be an expensive process.
Unit Title Properties
Vendors need to ensure that a Pre-Contract Disclosure Statement has been prepared by the vendor and given to the purchaser before the purchaser signs any agreement. The Unit Titles Act requires owners to comply with certain procedures on sale. We can assist you with these compliance requirements.
What should I do if the contract goes wrong?
Contact JDLO immediately you receive any notification that any part of the agreement which you have signed is not being honoured by the other party to the contract.
As @ 01-11-24