Paid by Seller
Realtor fees - Varies and negotiable. Anywhere from 7% on the first 100K of sales price and then 2.5% on the rest ..down
Legal fees $600-1000
Paid by Buyer
Appraisal for mortgage (often the lender will pick this up) but even if you are buying with cash you should get one $750 +/-
Legal fees $600-1000
Property Transfer Tax 1% on the first 200K and 2% on the remainder.
Insurance for the property - Critically important and most lenders will insist on it.
I forgot the PTT in the example below and have rejigged the numbers to account for that and a more realistic cost of selling.
Taking the PTT and 2.5% selling costs into consideration the difference is $110K for the renter and $79K for the buyer. A substantial difference!
Seller pays nothing. Everything is paid by the buyer.
ReplyDeleteHuh- how do work that one out except in a metaphysical way?
ReplyDeleteThe seller pays the realtors fees and their legal fees plus any penalties for breaking the mortgage early.
Perhaps you mean the seller is paying it all using the buyers' money.
Ah you sly thing!
Looting China
ReplyDelete"Since 1990 around 18,000 officials have fled taking an average of around $7 million per flight!"
Source:
http://pragcap.com/the-chanos-crash-timing-chinas-financial-meltdown
Lookout guys. "One million job openings expected over the next decade, so British Columbia can successfully attract more skilled workers every year."
ReplyDelete"Federal Immigrant Investor Program (FIIP): Seeks to attract experienced business people to invest in Canada's economy. Investors must have sufficient business experience and a minimum net worth of $1.6 million that was obtained legally and are required to make a minimum investment of $800,000."
http://www.newsroom.gov.bc.ca/2011/12/premier-appoints-new-immigration-task-force.html
Really? Didn't their immigration lawyers / consultants advised them to pay $90k ($120k if no banks' discounts) and be done with it?
"Since 1990 around 18,000 officials have fled taking an average of around $7 million per flight!"
ReplyDeleteAhhh! 100 of them, our leaky stadium roof is paid for. 400 of them, our deficits are solved.
UNFORTUNATELY THEY DECIDED TO BUY HOUSES ON VANCOUVER'S WEST SIDE.
DeleteAnon 9:49: the results of this task force may be surprising. Never mind the province has little control over immigration, save a small number of provincial nominees.
ReplyDeleteGlad to see they are stacking the task force with bipartisan appointees. Hilarious.
"Seller pays nothing. Everything is paid by the buyer."
ReplyDeleteA rational buyer can consider expected future returns including future cash outlays. Who pays is irrelevant: what matters is cash in minus cash out.