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 private sale- any additional costs?

So we have a possibility of doing a private sale for our condo with some friends of ours. we've agreed on a price and calculated the commission and are splitting the difference.

I know we'll still have to pay legal costs for closing but what I was wondering is whether there are any other costs that we'll have to consider with a private sale that wouldn't come up with an agent sale that we should factor in.

TIA
avatar
 5 Apr 2012 11:27 AM
 14 Feb 2007
 North Delta, BC
SBee
Addict
3,887
So just to clarify then---your friends have an agent but you don't?

Are you the buyer or the seller?

There shouldn't be any extra costs---they all fall under the rubric of 'legal costs.'
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 5 Apr 2012 1:32 PM
 29 Mar 2006
 Toronto, ON
jennypea
Postaholic
5,235
no, neither of us have an agent right now. we're not even on the market as we're selling in the fall or winter closer to the time our new home is built.

the friends are a couple living nearby in a condo and want something bigger but they haven't started actively looking. So it's more that they can work with our time frame and love our place
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 5 Apr 2012 2:35 PM
 5 Mar 2012
WhiteFeather
Rookie
164
If there is no agent then why is there any commission to split?
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 5 Apr 2012 2:42 PM
 22 Aug 2007
RedVelvet
Raving Lunatic
11,400
I think they figured out the commission IF they had agents, and then split the difference.

i.e. if commission would have been $10,000 if they went with a relator, they gave their friends a $5,000 discount on the home.



I think legal fees (and land transfer fees, which are probably included in the legal fees) would be the only cost.


Even though they are friends, please have a proper contract in place!
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 5 Apr 2012 2:55 PM
 31 Oct 2007
 Ottawa
MarieEve
Addict
4,383
We just sold our condo privately.

For the selling portion, you only have to pay legal fees.

The land transfer tax mentionned above is only paid when you buy a house.

For the purchase of your new house (if applicable..)
-down payment
-mortgage penalty if applicable
-legal fees
-land transfer tax
-property taxes/utilities that the seller might have pre-paid

I think thats pretty much it.
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 5 Apr 2012 8:47 PM
 29 Mar 2006
 Toronto, ON
jennypea
Postaholic
5,235
thanks for the advice everyone


Originally Posted By: RedVelvet
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 31 Oct 2012 11:59 PM
 30 Apr 2012
 buzzle.ca
buzzle
New Member
0

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