It’s easy to think of the buyer as the one who has to hand over all the money in a real estate deal, but the seller has his share of expenses, too. Generally, selling your home means that you are moving onto somewhere new, and the process can be very exciting.

However, it’s wise to keep all of the common costs associated with selling a home at the forefront of your mind, so you aren’t surprised. Here’s a list to look over.

If you are using an agent to sell your home, which is usually the case, you will owe a commission based on the sale price of your home. The real estate agent’s commission can vary and is typically between 4 and 7 percent.

Some might argue that this isn’t really a ‘cost’ because you don’t have to pay it unless the house is sold, but it’s still money that has to be paid by you during the course of the sale.

Since a house is such a large purchase, it’s wise to protect yourself by hiring a real estate lawyer. A lawyer will read over all the pertinent information and contracts, and make certain that all parties have followed the terms closely.

And of course, with legal advice and service comes legal fees and disbursements. If you aren’t sure where to find a good lawyer, your real estate agent may be able to help.

Since the home buyer will typically pay for a home inspection, sellers usually don’t bother, but some like to prepare themselves, and get a different opinion. By having a home inspection before you even put it up for sale, you’ll know all the troubled spots and you’ll know if the buyer’s inspector is being honest. Keep in mind, this step is completely optional.

Whether you have a home inspection or not, it’s important to take care of any repairs and renos before you list your place for sale. Your real estate agent can help you out by making suggestions based on his or her experience.

You will also get some valuable information if you go ahead and have the pre-sale home inspection. If you leave too many serious problems unfixed or unaddressed, your real estate agent may have difficulty finding an interested buyer.

This is not a guaranteed cost, but it may apply to your mortgage and you may have to pay extra for settling it before the term is up. This added cost isn’t going to stop you from selling your home, but you should still get in there and read the fine print on your mortgage to see if it applies, and how much?

If you are selling your home, you’re going to have to live somewhere else, and if you aren’t going to live with relatives, that will mean either buying or renting a new home. Either way, you will have to come up with the fees required to buy the new house or first and last month’s rent or a damage deposit for the rental. These aren’t technically part of the sale of your home, but they are part of the whole process.

http://www.fcac-acfc.gc.ca/eng/consumers/lifeevents/ownhome/selling-eng.aspFinancial Consumer Agency of Canadahttp://www.thesmartmoveteam.com/Blog/Common-Costs-Involved-When-Selling-Your-HomeThe Smart Move Team