There are a number of costs associated with selling property that you need to be aware of.
Agent’s fee
The agent’s fee (or commission) is the fee or payment made to a real estate agent for negotiating a successful sale.
The amount charged is set on a property-by-property basis through a process of negotiation between the owner and the agent.
Different factors will influence the rate of commission including;
- the value of the property
- the degree of difficulty of the task
- the level of service required by the vendor
It is very important to note that the agent’s fee is ONLY payable when a successful sale is negotiated.
The cost generally ranges between 2-3% of the selling price.
Advertising
When we market your property for sale, charges are incurred for the placement of advertising. And there are a number of advertising elements to consider;
- Sign Boards
- Brochures
- Photographs & floorplans
- Newspaper advertising
- Home Preview Magazine
- The Internet
- Window displays
- Direct database marketing
- Editorial coverage
Your agent will discuss with you the most suitable advertising package for your property type and budgetary requirements.
It is important to note here that the extent & quality of advertising undertaken is one of the most important elements of selling your home. It will definitely have impact on the overall success of your marketing campaign. Therefore, it is far more important to choose the agent who can offer the best value for money and the maximum exposure to the marketplace rather than choosing the agent who offers you the cheapest deal.
Conveyancing
Fees for solicitors and conveyancers vary from State to State, and depend on the time and work that they have to carry out for your purchase.
The fees should include checking the contract, carrying out searches, and generally making sure that the transaction goes smoothly.
As a rough indication, you can expect initial costs of between $250-350 with additional factors such as disbursements on titles and settlement fee’s bringing the total conveyancing fee to around $450-600.
Registration of Mortgage
This is a government fee payable for the transfer of title. It is a set fee of $75.00.
For more information please contact the Land Titles Office.
Discharge of Mortgage
A discharge of mortgage is prepared and obtained from the lender when the loan is repaid. The discharge of mortgage will free the land affected by the mortgage.
A lodgment fee of $75 applies.
For more information please contact the Land Titles Office.