When you sell a property, there are a number of fees that you may be required to pay. Here are some of the most common fees associated with selling a property:
- Real estate agent commission: If you use a real estate agent to sell your property, you will be required to pay their commission, which is typically a percentage of the sale price. The commission rate can vary but is typically between 1-3% of the sale price.
- Marketing and advertising fees: If you choose to market your property, you may be required to pay for advertising and marketing expenses such as photography, videography, and online listings.
- Conveyancing fees: You will need to hire a conveyancer or solicitor to handle the legal aspects of the sale, such as preparing the contract of sale and conducting property searches. Conveyancing fees can vary but are typically between $800-$2,500.
- Mortgage discharge fees: If you have a mortgage on your property, you may need to pay a discharge fee to release the mortgage when the property is sold. This fee can vary depending on your lender and can be up to a few hundred dollars.
- Capital Gains Tax: If the property has increased in value since you purchased it, you may need to pay capital gains tax (CGT) on the sale. The amount of CGT you will need to pay will depend on a number of factors, including how long you have owned the property and your individual tax situation.
It’s important to note that the fees associated with selling a property can vary depending on your individual circumstances and the state or territory in which you are selling the property. It’s a good idea to consult with a professional real estate agent and legal advisor to understand the fees that will be involved in selling your property.
Author: RealEstate
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