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How much should you pay in commission fees when selling a home?

A breakdown of costs when selling a home or condo in the GTA

Commission fees
Staging costs
Photography and virtual tours
Storage rental
Lawyer fees
Unpaid property taxes
Lawyer fees
Moving costs

Above list should pretty much cover all your cost for selling a home. These are typical fees and charges a home owner incurs when selling a property in Ontario.

The biggest expense obviously is the Realtor fees or commission charges. Commission fees are usually calculated as a percentage of the final sale price. Commission rates average about 5% in Toronto.

When you sign a listing contract with your agent you promise to pay a 5% fee from the proceeds of the sale. Your lawyer will calculate the final amount payble to the real estate company and will cut a cheque upon successful completion of the sale transaction.

After paying any due property tax, mortgage balance to lender and deducting lawyer fees your lawyer will write you a cheque for the remainder of the funds.

The 5% commission or whatever that number might be is then split between your real estate agent and the agent who brought the buyer. Typically buyer agent gets 2.5% in Toronto market. If your agent charged you a total of 4%, for example, he/she gets to keep 1.5% and buyer agent gets the remaining 2.5% fee.

Staging costs

Will post a new blog explaining the other costs including staging costs in detail.

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