costs involved in selling property

Viewing 4 posts - 1 through 4 (of 4 total)

bloggs_oz
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@bloggs_oz
Join Date: 2008
Post Count: 1
April 27, 2008 - 1:13 am
Hi guys,
Due to a relationship break up I'm considering selling a property that I own with my now ex-partner. I haven't sold a property before, so I'm not aware of what fees would be involved in this. Can someone help me out here? I'd like to get a rough idea of legal fees, any taxes, real estate agent fees, etc that would be involved.
The property is our primary place of residence. It's a semi-detached property in bayside suburbs of Melbourne.
We bought the property for $426k in 2005. We had it valued by the bank about 2 months ago at $550k.
If there's any other details that are needed let me know.
Thanks!
duckster
Participant
@duckster
Join Date: 2004
Post Count: 1,674
April 27, 2008 - 2:53 am
depends on if it was your primary place of residence with your wife.
If not capital gain tax has to be paid
The likely costs can be the selling commission to the real estate agent. Not sure on the percentage you would need to check see http://www.maggiethompson.ca/buysell.html#sell
or you could sell it yourself see http://www.jenman.com.au/BS_S_No_Agent.php
Marketing costs up to $2000 for real estate agent to advertise property
Having to go to a police station and declare every thing in the selling contract is complete and sign a stat dec is a bit of a pain
if you are buying another property that is where costs come in also
newbi2
Member
@newbi2
Join Date: 2008
Post Count: 227
April 27, 2008 - 6:57 am
Hey duckster,
Why the need to go to a police station or is it a victorian thing? I have bought and sold many in NSW and QLD and have never needed to do that. Just curious.
Mick
Builda
Participant
@builda
Join Date: 2008
Post Count: 8
April 27, 2008 - 7:08 am
Real Estate agent fees will range from 2% to 3%, depending on how hard you negotiate.
Also, this is one tip that is the best I have heard of to lock an agent in to his quoted price. That is, if the agent you list with says you will get $560,000 then you will only pay him full commission on that amount. For every $10,000 less then he starts losing percentage on his commission. This is the best way I have heard to prevent agents from overquoting.
You will also have solicitors fees – could be anywhere from $500 – $1500 depending on who you use but be sure to use a property solicitor.
Again, depending if it is your principal place of residence will determine the tax costs etc.